At the beginning of this month, the New Jersey Senate passed S782, in which state for-profit hospitals would have to file certain financials — such as audited financial statements for the past three years, a list of investors and joint ventures, compensation and other data — with the New Jersey Department of Health and Senior Services.
Moody's analysts said since non-profit hospitals are already required to report these financials, this law would let them access better information to compete with for-profit competitors.
Currently, there are nine hospitals in New Jersey that have already converted from non-profit to for-profit or have the potential to do so. (Note: Mountainside Hospital is already a for-profit hospital and may be exploring a new for-profit buyer, hence why it is on both charts.)
Current New Jersey For-Profit Hospital Consolidations
|
Hospital |
Current For-Profit Owner |
Year of Merger/Acquisition |
|
Memorial Hospital of Salem County |
Community Health Systems |
2002 |
|
Mountainside Hospital |
Merit Health Systems |
2007 |
|
Bayonne Medical Center |
IJKG PropCo |
2008 |
|
Meadowlands Hospital |
MHA |
2010 |
|
Hoboken University Medical Center |
HUMC Holdco |
2011 |
Potential New Jersey For-Profit Hospital Consolidations
|
Hospital |
Potential For-Profit Owner |
|
Mountainside Hospital |
Joint venture between non-profit Hackensack University Medical Center and LHP Hospital Group |
|
Pascack Valley Hospital |
Joint venture between non-profit Hackensack University Medical Center and LHP Hospital Group |
|
St. Joseph's Healthcare System |
Ascension Health Care Network/Oak Hill Capital Partners |
|
St. Mary's Hospital |
Ascension Health Care Network/Oak Hill Capital Partners |
|
St. Clare's Hospital |
Ascension Health Care Network/Oak Hill Capital Partners |
More Articles on For-Profit Hospitals:
Not Just a For-Profit Perk: SERPs Boost Non-Profit Hospital Exec Pay
Fitch: For-Profit Hospitals' EBITDA Benefited From EHR Incentives
CHS CEO Wayne Smith Elected Chair of Federation of American Hospitals