Rhode Island's House of Representatives passed legislation yesterday that will eliminate a state law requiring for-profit companies to wait three years between hospital acquisitions, according to a Providence Journal report.
The House passed its bill and the Senate companion bill with a 68 to 1 vote. The Senate is expected to pass both bills today.
The legislation is especially timely since Boston-based Steward Health Care System plans the establishment of a multi-hospital system in Rhode Island. Steward, a for-profit group that includes 10 Massachusetts hospitals, is a portfolio company of private equity firm Cerberus Capital Management.
If the bills are not passed and the three-year waiting period is upheld, Steward has indicated it will not complete its planned purchase of Landmark Medical Center in Woonsocket, R.I.
R.I. Senate Approves Bill to Eliminate 3-Year Wait Between Hospital Purchases
Steward Backs Bill to Lift Time-Restraints on Rhode Island Hospital Acquisitions
The House passed its bill and the Senate companion bill with a 68 to 1 vote. The Senate is expected to pass both bills today.
The legislation is especially timely since Boston-based Steward Health Care System plans the establishment of a multi-hospital system in Rhode Island. Steward, a for-profit group that includes 10 Massachusetts hospitals, is a portfolio company of private equity firm Cerberus Capital Management.
If the bills are not passed and the three-year waiting period is upheld, Steward has indicated it will not complete its planned purchase of Landmark Medical Center in Woonsocket, R.I.
More Articles on the Rhode Island Hospital Sale Bill:
Moody's: Rhode Island Bill on Hospital Acquisitions Could Help Community HospitalsR.I. Senate Approves Bill to Eliminate 3-Year Wait Between Hospital Purchases
Steward Backs Bill to Lift Time-Restraints on Rhode Island Hospital Acquisitions