WATERBURY, Conn. (WTNH) — Tenet Healthcare Corporation is buying Saint Mary’s Hospital. They announced the plan Tuesday.
Tenet is a leading healthcare services company which operates 79 acute care hospitals and 193 outpatient centers in 16 states.
The transaction presents an opportunity to provide continued access to comprehensive healthcare to the Waterbury community by an organization that has been serving the community for over one hundred years.
Following approval and completion of the transaction, Saint Mary’s Catholic heritage and the Ethical and Religious Directives under which the hospital currently operates will be honored and maintained. In addition, Saint Mary’s will continue to abide by the same charity care and uncompensated care policies as in the past and will fulfill the community benefit standards required of tax-exempt hospitals, which include improving access to care and the health status of the elderly, the poor, immigrants and other at-risk populations.
A Local Advisory Board will be established, and will provide input and oversight of hospital operations. The Advisory Board will have reserve powers regarding proposed subsequent transactions involving Saint Mary’s. In addition, the proposed terms of this transaction provide that all employees will be offered employment at the closing.
Proceeds from the transaction will be used to fully fund the Saint Mary’s pension and eliminate debt.
“We are very pleased that Saint Mary’s has selected Tenet,” said Trip Pilgrim, Senior Vice President at Tenet. “This proposal offers Saint Mary’s financial stability and sustainability, and offers the community the kind of high quality, comprehensive healthcare it deserves, all while retaining the heritage and legacy Saint Mary’s has established over the last century.”