Potential buyers of Landmark Medical Center in Woonsocket, R.I., have begun making sales pitches in Superior Court, according to a Woonsocket Call report.
Franklin, Tenn.-based Capella Healthcare decided not to bid, leaving three healthcare systems to vie for the Center and its sister facility, the Rehabilitation Hospital of Rhode Island in North Smithfield.
Brentwood, Tenn.-based RegionalCare Hospital Partners offered a total investment of up to $69.8 million in Landmark Medical Center and RHRI over five years. Franklin, Tenn.-based Transition Healthcare increased its offer from $14 million to $47.5 million and Ontario, Calif.-based Prime Healthcare Services raised its offer from $31.9 million to up to $53.5 million. Birmingham, Ala.-based HealthSouth made a bid for only RHRI.
Jonathan Savage, a lawyer assigned as special master to find a buyer for Landmark, said capital will not be the only deciding factor. The three potential buyers have different relationships with the United Nurses and Allied Professionals, the union that represents healthcare employees at Landmark and RHRI. Transition and PHS have made a successor collective bargaining agreement with the union, but RegionalCare has not and faces opposition from the organization.
Bidders can modify their offers until Judge Michael Silverstein, who will ultimately choose the buyer, formally concludes the hearing.
Read the Woonsocket Call report on sales pitches for Landmark Medical Center.
Read more coverage on Landmark Medical Center:
- Capella Healthcare May Bid For Rhode Island's Landmark Medical Center
- Financially Troubled Rhode Island Hospital Sues BCBS For Underpayments
- Tennessee's RegionalCare Makes Unsolicited Offer to Acquire Cheyenne Regional Medical Center
Franklin, Tenn.-based Capella Healthcare decided not to bid, leaving three healthcare systems to vie for the Center and its sister facility, the Rehabilitation Hospital of Rhode Island in North Smithfield.
Brentwood, Tenn.-based RegionalCare Hospital Partners offered a total investment of up to $69.8 million in Landmark Medical Center and RHRI over five years. Franklin, Tenn.-based Transition Healthcare increased its offer from $14 million to $47.5 million and Ontario, Calif.-based Prime Healthcare Services raised its offer from $31.9 million to up to $53.5 million. Birmingham, Ala.-based HealthSouth made a bid for only RHRI.
Jonathan Savage, a lawyer assigned as special master to find a buyer for Landmark, said capital will not be the only deciding factor. The three potential buyers have different relationships with the United Nurses and Allied Professionals, the union that represents healthcare employees at Landmark and RHRI. Transition and PHS have made a successor collective bargaining agreement with the union, but RegionalCare has not and faces opposition from the organization.
Bidders can modify their offers until Judge Michael Silverstein, who will ultimately choose the buyer, formally concludes the hearing.
Read the Woonsocket Call report on sales pitches for Landmark Medical Center.
Read more coverage on Landmark Medical Center:
- Capella Healthcare May Bid For Rhode Island's Landmark Medical Center
- Financially Troubled Rhode Island Hospital Sues BCBS For Underpayments
- Tennessee's RegionalCare Makes Unsolicited Offer to Acquire Cheyenne Regional Medical Center