While Woonsock, R.I.-based Landmark Medical Center's proposed buyer, Prime Healthcare Services, undergoes a federal investigation into its Medicare billing practices, the union representing the hospital's staff has reached a new potential buyout agreement with Hudson (N.J.) Holdco, according to a report by the Valley Breeze.
Hudson Holdco, a for-profit entity that has acquired and turned around three failing New Jersey community hospitals, offered to purchase both Landmark and its sister facility, Rehabilitation Hospital of Rhode Island in North Smithfield, in November. However, it was rejected because of ongoing negotiations with Ontario, Calif.-based Prime Healthcare.
Holdco's latest offer to United Nurses and Allied Professionals, which represents 600 staff members at both hospitals, includes a moratorium on layoffs for one year, cutting service lines for two years and selling the hospital for three years. Union members will vote to ratify the agreement within the next few days, according to the report.
Landmark's judge-appointed Special Master John Savage said he had "every confidence" the original deal with Prime Healthcare would move forward, according to the report.
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Hudson Holdco, a for-profit entity that has acquired and turned around three failing New Jersey community hospitals, offered to purchase both Landmark and its sister facility, Rehabilitation Hospital of Rhode Island in North Smithfield, in November. However, it was rejected because of ongoing negotiations with Ontario, Calif.-based Prime Healthcare.
Holdco's latest offer to United Nurses and Allied Professionals, which represents 600 staff members at both hospitals, includes a moratorium on layoffs for one year, cutting service lines for two years and selling the hospital for three years. Union members will vote to ratify the agreement within the next few days, according to the report.
Landmark's judge-appointed Special Master John Savage said he had "every confidence" the original deal with Prime Healthcare would move forward, according to the report.
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