10 Things to Know About Prime Healthcare Services Ontario, Calif.-based Prime Healthcare Services is one of the largest and most rapidly expanding, private for-profit hospital operators in the country. Here are 10 things to know about Prime Healthcare. 1. Prime Healthcare currently operates 25 acute-care hospitals across California, Kansas, Nevada, Pennsylvania, Rhode Island and Texas. Overall, Prime Healthcare has more than 30,000 employees and 4,675 patient beds. 2. Prime Healthcare appears to be using an aggressive merger and acquisition strategy to expand its presence. Recent deals include an agreement to acquire Garden City (Mich.) Hospital, the purchase of Landmark Medical Center in Woonsocket, R.I., and the planned acquisition of several New Jersey hospitals, including Saint Michael's Medical Center in Newark and Saint Mary's Hospital in Passaic. 3. Although industry experts have observed some larger for-profit hospital operators are becoming more selective in the smaller providers they acquire, Prime Healthcare seems to still be willing to take on financially troubled facilities. For example, Saint Mary's Hospital — which Prime Healthcare has applied to acquire— has been struggling financially for a number of years and currently has about $39 million in long-term outstanding debt and $5.1 million in a working capital line of credit. 4. This past September, the hospital operator issued $475 million in debt, partly to help finance its hospital acquisitions. The debt was broken down into a $250 million senior secured term loan and a $225 million asset-based credit facility, with the term loan going toward acquisition financing. 5. Prime Healthcare has also invested a considerable amount in infrastructure improvements. From 2005 to 2012, the organization invested approximately $65 million in capital improvements and equipment for its facilities.
Prime Healthcare | 3300 East Guasti Rd | Ontario, CA. 91761 Primehealthcare.com | Tel: (909) 235-4400