The New Jersey Department of Health State Health Planning Board approved the sale of Secaucus, N.J.-based Meadowlands Hospital Medical Center to a New York developer for $12.2 million, according to nj.com.
The board unanimously voted 5-0 in favor of the sale to developer Yan Moshe, who owns two surgery centers in the state, during a Nov. 21 meeting.
"After carefully reviewing the data, department staff believes that this transfer of ownership of MHMC to NJMHMC will not result in any negative impact on the community or patients that the hospital has historically served, or on other area hospitals," the board wrote in its decision.
"This transfer, the only option presented to the department, would be the least disruptive to the area's healthcare delivery system at this time," the board added.
In his application filed with the state, Mr. Moshe stated he would purchase the hospital's property for $26 million and spend an additional $3 million on new equipment for the facility. While he said he plans to rebrand the hospital, he will maintain the same bed capacity and services and retain all current employees, the report states.
State officials previously issued concerns over the deal and if selling the hospital constituted the best option, stating patient admission and same-day and outpatient surgeries at the facility have fallen heavily in recent years.
Acting New Jersey HHS Commissioner Christopher Rinn will have 120 days to issue a final decision on the sale.