CharterCARE submits application to return to nonprofit hospital system
PROVIDENCE, R.I. (WLNE) — The Centurion Foundation, an Atlanta, Georgia-based nonprofit, submitted their application Friday to buy CharterCARE Health Partners from Prospect Medical Holdings, Inc., a for-profit company.
Otis Brown, a spokesperson for CharterCARE, said Centurion and Prospect sent their joint Hospital Conversions Act application to the Department of Health and Attorney General’s Office looking for approval of the proposed purchase.
Brown said the application must be deemed “complete” by both agencies before review under the Hospital Conversions Act can start.
Centurion and Prospect also simultaneously submitted the required Change in Effective Control Application to the Department of Health. If approved, CharterCARE would return to nonprofit status.
Brown said decisions on the Hospital Conversions Act and Effective Control Application are expected to take about 180 days of it’s accepted.
CharterCARE Health Partners employs more than 2,500 workers and oversees eight facilities, including Roger Williams Medical Center and Our Lady of Fatima Hospital.
In 2021, Prospect withdrew its transfer of ownership applications with the state over objections to financial conditions placed on the transaction by Attorney General Peter Neronha’s office.
Prospect was seeking state approval to let private equity firm Leonard Green sell its majority stake in the company.