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deteriorating maintenance conditions at the hospitals and overdue bills to outside vendors. As a result, YNHH proposed a "Recovery Plan," wherein
Prospect would lower the purchase price in exchange for YNHH providing immediate managerial support in the wake of the attack. The deal would also require financial support from the state. The state indicated its support for the new plan in March 2024, however YNHH sued Prospect in May to terminate the deal, stating that Prospect violated their 2022 purchase agreement by failing to make rent payments on the hospitals, not paying their taxes, and driving away physicians and vendors. Prospect responded through a countersuit, alleging that YNHH deliberately stalled the closing of the deal in order to lower their monetary commitment.
335:
against
Prospect, YNHH began to raise concerns about Prospect's financial difficulties. These troubles were only worsened by the cyberattack, and led to a $ 7 million bailout by the state to keep the hospitals running. Problems included stalled Medicaid payments resulting from the attack, as well as
307:
In 2021, Leonard Green once again attempted to sell the chain, this time aiming to sell to
Prospect's other part-owners, David Topper and Sam Lee. Approval for LGP's attempted sale was held up by the Rhode Island attorney general, who, given the dire financial situation LGP was leaving the health
312:
to back up its two fiscally strained hospitals in the state. In response to the AG's conditions, LGP threatened to shut down the hospitals. The pressure of potential loss of healthcare services led the AG to lower the escrow obligation to $ 80 million while also requiring LGP to commit over $ 30
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Amid the hospital system's fiscal troubles, Leonard Green attempted twice to sell the company in 2015 and 2018, but failed due to the company's poor financials. Prospect then initiated a $ 1.31 billion
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320:(YNHH) began talks aimed at a sale of Prospect's three Connecticut hospitals to YNHH. The two companies in 2022 signed a $ 435 million agreement for the transfer of Waterbury Hospital,
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737:"Yale New Haven Health System and Prospect Medical Holdings in a legal battle over the $ 435 million hospital acquisition deal"
668:"Yale New Haven Health System and Prospect Medical Holdings in a legal battle over the $ 435 million hospital acquisition deal"
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In 2019, Prospect sold its
California, Connecticut, and Pennsylvania hospital real estate to
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Koda, Asuka; Martinez-Garcia, Alexandra; Viswanathan, Giri; McPhail, Adam (March 28, 2024).
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582:
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455:"In 2016, Rockville was a bustling local hospital. Then Prospect Medical took over"
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635:"Following cyberattack, YNHH seeks state funding, price cut to acquire hospitals"
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Prospect was founded in 1996 by a group of physicians in
California. In 2010,
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324:, and Rockville General Hospital. However, following a high-profile six-week
701:"State permits Yale New Haven Health System to acquire Prospect hospitals"
587:"The Role of Public REITs in Financialization and Industry Restructuring"
535:"The Role of Public REITs in Financialization and Industry Restructuring"
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system in, conditioned its approval on LGP placing $ 120-150 million in
601:
549:
309:
633:
Martinez-Garcia, Alexanrda; Viswanathan, Giri (October 13, 2023).
488:"CT approves Prospect Medical-YNHH deal, paving the way for sale"
773:"Prospect Medical sues Yale New Haven over stalled acquisition"
296:, for $ 1.386 billion in order to pay off debt. However, this
265:(LGP) acquired a 61.3% stake in Prospect in a $ 363 million
806:
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its debt and landed
Leonard Green $ 658.4 million in
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846:
Medical and health organizations based in
California
453:Golvala, Katy; Carlesso, Jenna (October 29, 2023).
246:in the United States, mainly in California and the
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486:Altimari, Dave; Carlesso, Jenna (March 27, 2024).
313:million to the system during the transition.
8:
300:transaction stuck Prospect's hospitals with
21:
361:Southern California Hospital at Culver City
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20:
365:Southern California Hospital at Hollywood
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851:American companies established in 1996
821:Hospital networks in the United States
348:Bellflower Behavioral Health Hospital
7:
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594:Institute for New Economic Thinking
542:Institute for New Economic Thinking
376:Eastern Connecticut Health Network
368:Van Nuys Behavioral Health Hospital
199:Eastern Connecticut Health Network
14:
405:Delaware County Memorial Hospital
351:Foothill Regional Medical Center
735:Koda, Asuka (August 30, 2024).
666:Koda, Asuka (August 30, 2024).
856:Companies based in Los Angeles
585:; Katz, Tamar (July 9, 2024).
533:; Katz, Tamar (July 9, 2024).
354:Los Angeles Community Hospital
1:
425:Roger Williams Medical Center
402:Crozer-Chester Medical Center
157:Mitchel Lew, M.D. (President)
771:Diaz, Naomi (July 2, 2024).
421:CharterCARE Health Partners
380:Manchester Memorial Hospital
322:Manchester Memorial Hospital
294:real estate investment trust
263:Leonard Green & Partners
430:Our Lady of Fatima Hospital
316:Also in 2021, Prospect and
61:; 28 years ago
872:
841:Healthcare in Pennsylvania
836:Healthcare in Rhode Island
384:Rockville General Hospital
357:Norwalk Community Hospital
248:Northeastern United States
831:Healthcare in Connecticut
275:dividend recapitalization
225:Prospect Medical Holdings
26:
22:Prospect Medical Holdings
826:Healthcare in California
778:Becker's Hospital Review
290:Medical Properties Trust
100:16 hospitals (2024)
493:The Connecticut Mirror
460:The Connecticut Mirror
277:, which allowed it to
318:Yale New Haven Health
285:and management fees.
154:David Topper (Co-CEO)
151:Von Crockett (Co-CEO)
749:on September 1, 2024
680:on September 1, 2024
408:Springfield Hospital
292:(MPT), a healthcare
16:US healthcare system
260:private equity firm
174:Number of employees
96:Number of locations
23:
602:10.36687/inetwp189
550:10.36687/inetwp189
467:on August 29, 2024
242:which operates 16
232:healthcare company
178:18,000 (2024)
168:Hospital operation
611:on March 31, 2024
583:Appelbaum, Eileen
559:on March 31, 2024
531:Appelbaum, Eileen
302:triple-net leases
222:
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863:
807:Official website
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267:leveraged buyout
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527:Batt, Rosemary
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789:September 3,
787:. Retrieved
783:the original
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684:September 3,
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651:September 3,
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373:Connecticut
330:hacker group
315:
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271:
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224:
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184:Subsidiaries
134:Rhode Island
129:Pennsylvania
79:Headquarters
36:Company type
18:
345:California
328:in 2023 by
326:cyberattack
236:Los Angeles
191:CharterCARE
119:Connecticut
106:Area served
84:Los Angeles
815:Categories
440:References
240:California
144:Key people
124:New Jersey
114:California
72:California
50:Healthcare
340:Hospitals
283:dividends
279:refinance
244:hospitals
234:based in
165:Services
46:Industry
333:Rhysida
254:History
229:private
207:Website
64: (
56:Founded
40:Private
310:escrow
609:(PDF)
590:(PDF)
557:(PDF)
538:(PDF)
227:is a
791:2024
755:2024
719:2024
686:2024
653:2024
617:2024
565:2024
506:2024
473:2024
216:.com
214:.pmh
74:, US
66:1996
59:1996
598:doi
546:doi
212:www
70:in
817::
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89:US
87:,
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68:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
