The Centurion Foundation, an Atlanta-based nonprofit organization, has completed its long-awaited acquisition of Providence, R.I.-based Roger Williams Medical Center and Our Lady of Fatima Hospital from Prospect Medical Holdings, marking the end of a multiyear process involving regulatory reviews and financial negotiations.
The transaction establishes a new nonprofit system, CharterCARE Health of Rhode Island, which will oversee the hospitals and related assets. The deal was financed with $101 million in private bonds, along with an $18 million supplemental reserve fund created with support from state officials.
The acquisition concludes a process that began in 2022, when Centurion signed an asset purchase agreement to acquire Prospect’s CharterCare Health Partners system, which includes the two hospitals and several affiliated services.
The path to closing was lengthy and complicated.
In early 2026, Rhode Island officials proposed extending the deadline for the transaction after Centurion missed a Jan. 15 bankruptcy court-ordered closing date. The extension allowed additional time to finalize the purchase while also permitting the state to evaluate alternative bidders if necessary. The hospitals continued operating during the process with support from a $50 million escrow account established in 2021.
With the transaction complete, CharterCARE Health of Rhode Island will operate as a 501(c)(3) nonprofit with local governance. The organization’s board and hospital advisory boards will include a majority of local physicians and community leaders.
The system will have an annual operating budget of about $330 million and employ roughly 2,400 healthcare workers, including more than 600 primary care and specialty physicians. The system also includes CharterCARE Medical Associates, a multispecialty physician network with more than 20 practice locations across the state.
“It has been an arduous journey to secure the future of these essential hospitals, their employees and physicians, and the patients who rely on them,” Centurion Foundation CEO Ben Mingle said in a March 6 news release. “Our acquisition is a new beginning for these valued institutions, one that is free from private equity influence.
Jeffrey Liebman will lead CharterCARE Health of Rhode Island as CEO and work with state regulators and payers to implement a strategic and operational plan aimed at improving financial performance and expanding certain services.
The hospitals will operate under more than 80 regulatory conditions imposed by the Rhode Island attorney general and the state Department of Health, including oversight from national consulting firm SOLIC Capital Advisors.
“CharterCARE hospitals have remained busy throughout this sale process, validating their importance to the healthcare delivery system, and providing exceptional care with high-quality and patient satisfaction ratings,” Mr. Liebman said. “We will now begin to implement a comprehensive strategic and operational plan, which has been endorsed by state officials and investors, that will enhance operations and financial performance, as well as help to expand access to select programs and services.”
The post New health system launches in Rhode Island; CEO named appeared first on Becker's Hospital Review | Healthcare News & Analysis.
Source: Read Original Article
