DHOR closes acquisition of Parkview Community Hospital Medical Center

DHOR had been administering Parkview under a management and operations transfer agreement as of February 2019 whilst waiting for HUD approval.

Doctors Hospital of Riverside LLC (DHOR) has reportedly announced that it has completed acquisition and assumed ownership of Parkview Community Hospital Medical Center in Riverside, California, since July 1, 2019.

Jonathan Wu, MD, Chairman of AHMC Healthcare Inc., the Manager of DHOR LLC, reportedly stated that the organization is delighted to welcome Parkview Community Hospital Medical Center and its committed physicians and employees to its family of hospitals. The organization believes that Parkview is a natural fit for other Southern California facilities and will benefit from being part of its strong, locally concentrated regional system committed to offer quality acute care services to satisfy the healthcare needs of the communities being served by the firm, Wu further added.

Dr. Wu noted that the organization has already demonstrated its dedication towards Parkview by investing several million dollars to better its financial situation since DHOR began managing the hospital in February 2019.

Reportedly, the California Attorney General had approved the deal in January 2019. However, the change of ownership could not be concluded till the formal acceptance for transfer of loans by the U.S. Department of Housing and Urban Development (HUD) on June 27, 2019.

HUD was insuring two unsettled loans formerly obtained by Parkview. DHOR had been administering Parkview under a management and operations transfer agreement as of February 2019 whilst waiting for the HUD approval.

Apparently, as per the agreement, AHMC and DHOR have committed to invest a minimum of $25 million in the hospital over the next seven years, complete the expansion of the emergency department from 13 to 41 beds, and maintain Parkview as an intense care hospital with a 24-hour emergency department.

AHMC and DHOR have also committed to maintain comparable levels of charity care to the community, appoint a hospital community advisory board which will include medical staff members and community residents, and donate $10 million to the Parkview Legacy Foundation over time.

Source credit: https://www.businesswire.com/news/home/20190708005745/en/Parkview-Community-Hospital-Medical-Center-Acquisition-Officially

https://finance.yahoo.com/news/parkview-community-hospital-medical-center-210300617.html