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SOURCE Prime Healthcare Services
PAMPA, Texas, Jan. 10, 2014 /PRNewswire/ -- Prime Healthcare Services and its founder Prem Reddy, MD, FACC, FCCP, have announced today that they have donated Pampa Regional Medical Center to the Prime Healthcare Foundation, a 501(c)(3) not-for-profit public charity, as of Jan. 1st, 2014. The hospital is donated to the Foundation debt free.
The move will allow Pampa Regional to broaden its reach in the community and continue to serve its needs. Since being acquired by Prime Healthcare in June of 2012, Pampa Regional Medical Center has undergone a revitalization, including a new CEO, recruitment of physicians, upgraded equipment, partnerships to benefit the community and infrastructure improvements.
"The conversion from for-profit to not-for-profit will help us protect the long term security of this hospital for the future," said Brad Morse, CEO of Pampa Regional, "This will allow us to continue to grow the Medical Community of Pampa and the surrounding area."
Pampa Regional Medical Center is a 115-bed acute-care community hospital serving a population of approximately 65,000 residents in the Texas Panhandle. In October, Pampa Regional earned full accreditation from the Joint Commission, the nation's leading accrediting organization. The Joint Commission bases the recognition on a hospital's compliance with state-of-the-art patient care and strict safety standards.
"Prime Healthcare has always been committed to the communities it serves," said Dr. Reddy, Chairman of the Board of the Prime Healthcare Foundation. "In our continuing mission to deliver high quality healthcare in a cost effective manner, this decision was based on our desire to better serve the residents and the surrounding communities."
Prime Healthcare Foundation was founded and entirely funded by Dr. Reddy and his family with current assets of over $700 million. It owns six non-profit acute care hospitals both in California and Texas. In addition, the Foundation offers various charities including health education, education scholarships, public healthcare education and free community clinics.
"We've had a year of growth and gotten national accreditation," Pampa Regional Board member Doug Ware said. "Transitioning to being a non-profit will allow us to more easily use revenues to continue the growth of the hospital, and the community will reap the benefits of having a more care available to them right here in Pampa."
Long-time medical staff member Rene Grabato, MD, said that he is pleased with the transition, knowing that Prime Healthcare provides the same excellent support to hospitals that are owned by the Prime Healthcare Foundation.
"We will get the same clinical support, the same financial support, but this ensures that Pampa Regional is truly a community asset," Dr. Grabato said. "Being part of the Foundation protects that asset.
Prime Healthcare Foundation
The Foundation is a 501(c)(3) not-for-profit public charity that was founded by Prem Reddy, MD, FACC, FCCP, and his family, reflecting their commitment to give back to the communities that they serve. Dr. Reddy has been the sole contributor to the Foundation, which is governed by an independent Board of Directors and owns and operates six not-for-profit hospitals: Encino Hospital Medical Center, Huntington Beach Hospital, Montclair Hospital Medical Center and Sherman Oaks Hospital – in California; and Knapp Medical Center and Pampa Regional Medical Center – in Texas.
Through their subsidiaries, Prime Healthcare Services and the non-profit Prime Healthcare Foundation have more than 30,000 employees and own and operate 25 hospitals in six states.
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