La Palma Intercommunity Hospital Converts to Not-for-Profit Facility

La Palma Intercommunity Hospital Converts to Not-for-Profit Facility

01-14-2015

IMMEDIATE RELEASE

Contact: Rachel Hogue

Marketing Director

Rhogue@primehealthcare.com

La Palma Intercommunity Hospital Converts to Not-for-Profit Facility

(LA PALMA, JANUARY 14, 2015) – Prime Healthcare Services today announced that it has donated La Palma Intercommunity Hospital, an award-winning 141-bed acute care hospital located in La Palma, California to the Prime Healthcare Foundation, a 501(c)(3) not-for-profit public charity, as of Jan. 1 and free of any existing debt.

The move will allow La Palma Intercommunity Hospital to broaden its reach in the community and continue to serve its needs.

"Prime Healthcare has always been committed to the communities it serves," said Prem Reddy, M.D., FACC, FCCP, Chairman, President and CEO of Prime Healthcare Services and Founder of the Foundation. "The decision to convert La Palma Intercommunity Hospital to a not-for-profit hospital was based on our desire to better serve the residents and the surrounding communities who rely on the hospital for quality health care."

La Palma Intercommunity Hospital has recently been named one of the nation's 100 Top Hospitals® by Truven Health AnalyticsTM, a leading provider of information and solutions to improve the cost and quality of healthcare. The hospital was also listed as a Top Performer on Key Quality Measures by the Joint Commission for the fourth year, one of only 147 hospitals nationwide that achieved this distinction four years in a row.

"This is about providing our residents with the best medical care," said Sami Shoukair, M.D., Chief Medical Officer at La Palma Intercommunity Hospital. "With our patient-centered, physician-led model, we will continue our mission to offer compassionate and high quality healthcare to our community."

"All of us at La Palma Intercommunity Hospital look forward to operating as a non-profit subsidiary of the Prime Healthcare Foundation and continuing to provide excellent care to all members of the community," said Virg Narbutas, CEO of La Palma Intercommunity Hospital.

The Prime Healthcare Foundation, founded by Dr. Reddy and his Family in 2008, is dedicated to improving access to healthcare and increasing educational opportunities in healthcare. The Foundation has donated millions of dollars to support free community clinics, nonprofit organizations, scholarships and academic programs in healthcare.

The Foundation owns and operates seven hospitals in California and Texas. They were acquired in bankruptcy or near bankruptcy, donated to the Foundation, debt free and now are successful community assets. The Foundation maintains net assets of over $800 million dollars, entirely donated by Dr. Reddy.

With an initial contribution of $40 million, The Foundation is also supporting a new not-for-profit medical school, the California University of Science and Medicine in San Bernardino County.

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