Judge approves sale of Jersey City's bankrupt Christ Hospital, dismisses local group's conditions (Charles Hack, The Jersey Journal, 7/3/12) The path has been cleared for the sale of Jersey City’s bankrupt Christ Hospital to a for-profit owner now that a Hudson County Superior Court judge approved the rescue deal Friday.... Velazquez dismissed three additional requests for monitoring from attorney Renee Steinhagen, put forward at Friday’s hearing on behalf of New Jersey Appleseed a government transparency advocacy group where she is executive director and community group Save Christ Hospital.
Jersey City community group seeks conditions on Christ Hospital sale (Terrence T. McDonald, The Jersey Journal, 6/29/12) A Jersey City community group formed after Christ Hospital announced its proposed acquisition by a for-profit company has asked a Superior Court judge to add three conditions before he finalizes the sale of the bankrupt medical facility.
Christ Hospital's new owners sever contracts with all insurers except Horizon Blue Cross (Charles Hack, The Jersey Journal, 6/29/12) The for-profit company set to take ownership of the bankrupt Christ Hospital in Jersey City today has severed contracts with most health insurers.... Among the insurers that confirmed they received termination notices effective June 29 are Aetna Health, Amerigroup New Jersey, Cigna Healthcare of New Jersey, United Healthcare and Oxford Health Plans.
N.J. lawmakers approve bill requiring for-profit hospitals to post financial records (Susan K. Livio, NJ.com, 6/25/12) As the number of for-profit hospitals continues to grow in New Jersey, a bill that would require they publicly disclose information about their investors, audits and other financial records won final legislative passage today.... The bill (A2143)...now heads to Gov. Chris Christie, who will decide whether to sign it.
National nonprofit releases hospital safety scores (Hudson Reporter, 6/17/12) Jersey City Medical Center was the only Hudson County hospital to receive an A grade. Jersey City’s Christ Hospital received a B. Leapfrog also gave Palisade Medical Center in North Bergen a B grade. Bayonne Medical Center received a C, as did Meadowlands Hospital Medical Center in Secaucus. The grade for Hoboken University Medical Center was still pending last week.... To read the full safety score report, visit www.hospitalsafetyscore.org.
Christ Hospital drops Aetna: 27,000 customers in Hudson County affected (E. Assata Wright, Hudson Reporter, 6/10/12) Christ Hospital is the latest Hudson County medical facility to drop Aetna U.S. Healthcare. “We want to let you know that Christ Hospital will leave our network on June 28, 2012,”... A spokesman for Christ declined to comment on the hospital’s decision.... Many employers that offer health coverage to their workers subscribe to Aetna because the company offers the cheapest rates when compared to most other insurers.
Bayonne Medical Center workers reach tentative contract agreement (Andrew Steadman, The Jersey Journal, 5/30/12) The current contract, which covers the 800 nurses and health care workers at the hospital, will expire tomorrow. However, under terms of the tentative new contract, workers will continue to work under contract at the hospital for another 26 months.
State holds hearing on Christ Hospital (E. Assata Wright, Hudson Reporter, 5/27/12) Jersey City residents who attended two public hearings on the fate of Christ Hospital were unified last week in their support of efforts to keep the facility open and transfer ownership to a new operator. A handful of those who attended the hearings, however, also urged the board to place conditions on the hospital’s presumptive new owner...
Most comments at hearing on Christ Hospital sale are positive; second session tonight at 6 (Matthew McNab, The Jersey Journal , 5/24/12) Most of last night’s attendees were employees of the Palisade Avenue hospital. Of the more than 15 people who spoke, virtually all spoke in favor of the sale, including Jersey City Mayor Jerramiah T. Healy.
State agencies to hold public hearings on Christ Hospital sale (E. Assata Wright, Hudson Reporter, 5/17/12) The office of the state Attorney General and the New Jersey Department of Health and Senior Services will hold two public hearings on the proposed sale of Jersey City's Christ Hospital to the owners of Bayonne Medical Center and Hoboken University Medical Center.... Such hearings are required by state law before a hospital's ownership can be transferred from one owner to another.
For-Profit Hospitals, a Transformative Trend for New Jersey (Beth Fitzgerald, NJ Spotlight, 5/16/12) Most of New Jersey's 72 acute care hospitals are nonprofits, with just a handful owned by for-profit companies. But the for-profit trend could spread as many hospitals continue operating near the breakeven point while facing the need for capital to modernize their aging physical plants and invest in medical technology.
Distressed Assets May Jeopardize Autonomy During the M&A Process (Kathleen Roney, Becker's Hospital Review, 5/10/12) ...[R]ecent examples show that distressed assets may hurt a hospital's chance for freedom of choice in the transaction process.
Jersey City Medical Center no longer accepts Magna Care health insurance (Terrence T. McDonald, The Jersey Journal, 5/7/12) New York-based health insurance company MagnaCare, which claims to serve 15,000 clients in Hudson County, will no longer do business with the Jersey City Medical Center.
APRIL 2012:
South County Hospital mulls Westerly link (South County Independent, 4/26/12) South County Hospital is exploring the possibility of combining forces with beleaguered Westerly Hospital.... Like South County, Westerly is a nonprofit community hospital, unaffiliated with a health care system like Care New England or Lifespan.... Two other suitors have expressed interest in purchasing the hospital. Nonprofit hospital Lawrence & Memorial in New London has submitted a nonbinding offer to purchase some or all of Westerly’s assets. A for-profit hospital management company, Westerly Hospital Holdco, an affiliate of New Jersey-based IJKG Opco, also has come forward.
Christ Hospital Begins the Sale Process (Jersey City Independent, 4/26/12) A month after U.S. Bankruptcy Court judge Morris Stern approved the sale of Christ Hospital to Hudson Hospital Holdco, LLC., Christ Hospital says their hospital is finally on firm footing.
Two Jersey City hospitals receive state grants (Hudson Reporter, 4/23/12) Two hospitals in Jersey City are among eight financially distressed hospitals that will receive a portion of $30 million in grants, the state Department of Health and Senior Services announced on Friday. Christ Hospital in Jersey City Heights will receive $7 million and Jersey City Medical Center will receive a grant of $6 million.
Westerly Holdco Submits Offer for Westerly Hospital in Rhode Island (Becker's Hospital Review, 4/20/12) Westerly (R.I.) Hospital Holdco, a limited liability company, has submitted an official letter of intent for the acquisition of Westerly Hospital. Westerly Holdco's affiliate, NS Healthcare Holdco, submitted a separate offer to purchase Westerly Hospital's North Stonington (Conn.) Health Center.
Second suitor interested in Westerly Hospital (Judy Benson, theday.com, 4/19/12) A for-profit New Jersey hospital management company that specializes in acquiring financially troubled hospitals has submitted an official letter of intent to purchase The Westerly Hospital.
Jersey City hospital CEO says hospital weaning itself off stability grant (njbiz.com, 4/23/12) "My objective is to try to not apply for this grant next year and be independent of the stabilization grant — and I think we're in a position to be able to do that," [JCMC President & CEO Joseph] Scott said today.
Christ reborn: Are Bayonne’s, Hoboken’s pasts the future of Jersey City hospital? (Hudson Reporter, 4/1/12) Now that the three facilities will share the same for-profit owner, Christ is likely to be remade in their image...
MARCH 2012:
Bankruptcy judge awards Christ Hospital to Hudson Holdco, owner of hospitals in Bayonne and Hoboken (The Jersey Journal, 3/27/12)
Christ Hospital update: Judge, trustees, creditors still weighing options (Hudson Reporter, 3/26/12). "After receiving revised proposals from two Christ Hospital bidders last Friday, various stakeholders continue to sift through what was submitted to determine the best and most viable option for the bankrupt medical facility."
Christ Hospital bidders told to try again: Federal bankruptcy judge to break deadlock (Hudson Reporter, 3/25/12). "...Friday afternoon CHA/LibertyHealth System and Hudson Hospital Holdco were told to revise the bids the entities submitted to a U.S. Bankruptcy Court on March 15. Which bid will ultimately prevail in bankruptcy court will come down to a decision by Judge Morris Stern, who had yet to issue a ruling by late Friday afternoon."
After their chief competitor's top bid earlier this week, Christ Hospital board-backed Hudson Holdco surprises with higher offer for hospital (The Jersey Journal, 3/24/12). "[When bidding] was reopened, Hudson Holdco ended up with the top offer. Its $45.3 million bid tops CHA’s final offer by about $600,000."
In reversal, HUMC owner emerges as top bidder for bankrupt Christ Hospital (The Jersey Journal, 3/23/12). "A marathon session in U.S. Bankruptcy Court in Newark today ended with Hudson Holdco, the owners of Hoboken University Medical Center, emerging with the top bid for bankrupt Christ Hospital, at $45.3 million."
New bids to be offered in federal court for bankrupt Christ Hospital (The Jersey Journal, 3/23/12). "[T]he board, after convening for an emergency meeting today, said it would reopen the process if CHA could provide proof it has $43 million, its latest offer, and that it could sustain operation of the 140-year-old Palisade Avenue hospital."
Jersey City Medical Center affiliate's bid for Christ Hospital is 'more favorable,' state official tells judge (The Jersey Journal, 3/23/12). "State Deputy Attorney General Susan Dougherty, pressed by Judge Morris Stern, said Bloomfield-based Community Healthcare Associates, which wants to purchase Christ Hospital and lease it to JCMC, is better 'from a healthcare planning perspective.' CHA 'anticipates that they will start consolidating services immediately,' Dougherty said, adding that Hudson Holdco, owners of HUMC, don’t intend to make those kinds of changes for five years."
PBGC takes over pension plans of Christ Hospital, Olan Mills (Businessinsurance.com, 3/23/12). "The Pension Benefit Guaranty Corp. has taken over pension plans sponsored by financially troubled New Jersey hospital and a commercial photography company. The pension plan sponsored by Jersey City, N.J.-based Christ Hospital, which filed for bankruptcy last month and whose assets will be acquired by another health care system, has $159 million in liabilities and $92 million in liabilities, of which the PBGC will guarantee $89 million. That $89 million loss is the PBGC's biggest in fiscal 2012."
Christ Hospital board of trustees endorses Hudson Holdco purchase bid (The Jersey Journal, 3/22/12). "'After thoughtful consideration and review of both proposals, it was decided that Hudson Holdco's bid would best ensure Christ Hospital's mission to continue providing quality patient care as a full-service acute care hospital,' vice president for foundation and marketing Paula Nevoso wrote. 'Both financial and non-financial considerations were reviewed by the board in coming to this decision.'"
The Announcement that a Decision has been made in the Auction of Christ Hospital is Misleading and Inaccurate (Christ Hospital, 3/21/12). "While it is correct that CHA bid $40 million for the hospital, it is but one component of the overall consideration to determine the winning bid. The next step in that process is for the Christ Hospital Board of Trustees to meet and review the two proposals.... The Board of Trustees’ final recommendation will be presented to the court on Friday, March 23, 2012."
Owner of Paterson medical mall is high bidder for Jersey City's bankrupt Christ Hospital (The Record, 3/21/12). "Warren J. Martin, the bankruptcy attorney for Christ Hospital, confirmed that CHA was 'the highest and best bidder,' surpassing Hudson Holdco, an affiliate of a for-profit company that owns Bayonne Medical Center and Hoboken University Medical Center. However, under bankruptcy laws, many factors are considered in addition to the winning bid, including the continuation of health care, the level of service provided and the potential owners’ ability to ensure a secure financial future for the hospital, Martin said.... Christ Hospital’s Board of Trustees is expected to meet Thursday to consider the proposals, Martin said. Following the board’s decision, the sale must be approved by U.S. Bankruptcy Judge Morris Stern in Newark. A hearing is scheduled for Friday." See also Source: Jersey City Medical Center affiliate has "highest and best" bid for Christ Hospital at $40 million (The Jersey Journal, 3/21/12)
No ruling yet on Christ Hospital sale (Hudson reporter, 3/20/12). "After a day and a half of closed-door meetings, a federal bankruptcy judge has yet to rule on a viable bidder for the struggling Christ Hospital in Jersey City. If a decision is not reached Tuesday it is possible the judge will not make a ruling until the end of the week...."
Auction to select new owners of Christ Hospital reconvenes (The Jersey Journal, 3/20/12). "Bidders hoping to purchase the bankrupt Christ Hospital in Jersey City have reconvened this morning after yesterday’s auction ended without a resolution, a source tells The Jersey Journal."
Meadowlands Hospital changes course (The Record, 3/17/12). "In a last-minute reversal, the owners of Meadowlands Hospital Medical Center decided not to bid on the bankrupt Christ Hospital in Jersey City and will look for expansion possibilities elsewhere, its chief executive said Friday."
Buyer for Christ Hospital in Jersey City to be chosen Monday (The Jersey Journal, 3/16/12). "On Monday, an auction at the Morristown offices of Christ Hospital attorneys will decide which bidder will acquire the financially beleaguered medical center.... After Monday’s auction, a hearing to confirm the results will be held Tuesday at 2 p.m. in U.S. Bankruptcy Court, 50 Walnut St., in Newark. According to [LibertyHealth CEO Joe] Scott, the bankruptcy judge can accept the winning bid or reject it."
North Jersey firms bid for ailing hospital (The Record, 3/16/12). "The bankrupt Christ Hospital in Jersey City has attracted bids from the owners of the for-profit Meadowlands Hospital as well as a company that operates a medical mall in Paterson. At stake is the possible conversion of the fourth hospital in Hudson County to for-profit care. That would leave just two medical centers in the county operating as non-profit — a concern for some lawmakers, community activists and hospital executives, who worry for-profit owners will drive up health-care costs and limit care for the overwhelming number of needy patients in the region."
Letter to the Editor: Saving Christ Hospital (Jersey City Independent, 3/14/12). Jeff Moll, managing Partner of Community Healthcare Associates writes: "As with any plan, the devil is always in the details.... CHA will purchase Christ and its assets and act as a landlord. We would then immediately sign a long-term lease with Jersey City Medical Center who would operate an acute care hospital in the facility. Just like what is operating now. We aren’t looking to make a land grab or set up 'options' to allow us to opt-out of running an acute care hospital in five years."
CHA, Jersey City plan to mix acute, ambulatory care at Christ Hospital (NJBIZ, 3/12/12). "In the space of the hospital, they will run a full-service acute-care hospital — obviously very similar to Christ Hospital and what they're doing — and they will bring their talents and expertise developed as a nonprofit.' [Co-founder and managing partner of CHA Jeffrey] Moll said Jersey City [Medical Center] will get roughly six months after moving into Christ Hospital to determine the amount of space in the main building required to operate the hospital, and CHA will then fill the rest of the building and several outbuildings with complementary health care services, such as a nursing home.'"
Judge will rule on who should buy Christ Hospital: Bidders to submit proposals this Thursday (Hudson Reporter, 3/11/12). "At least three potential buyers of the hospital will submit final bid proposals this Thursday to a federal bankruptcy court to determine which entity will become the hospital’s new owner. A bankruptcy judge is expected to issue a ruling on March 20 on which bid is the most viable. A final ruling on the best bid will be made on March 23, after the court receives input from the Christ Hospital board of directors and the hospital’s creditors. The winning bidder will still have to be approved by various state agencies."
Bill Seeks Financial Transparency for All NJ Hospitals (NJ Spotlight, 3/9/12). "Seeking an across-the board remedy for how hospitals -- the state’s nonprofits and for-profits alike-- disclose their finances, the Senate’s Health Committee on Thursday advanced a bill that would ensure that all New Jersey hospitals follow the same rules.... [T]he for-profit trend has spawned debate in Hudson County, where Bayonne Medical Center, Hoboken University Medical Center, and Meadowlands Hospital all have switched to for-profit status."
Freeholders: Jersey City's Christ Hospital must stay open as acute care facility (The Jersey Journal, 3/8/12). "Freeholders [unanimously] voted to pass the resolution...which said the community hospital has provided an 'invaluable and irreplaceable service' to Jersey City and surrounding area.... 'We will no longer be accepting the closure of any health facility especially Christ Hospital,' said Chairman Elia Rivera at the meeting."
N.J. Senate panel approves bill requiring for-profit hospitals to post financial information (Star-Ledger, 3/8/12). "Any hospital that wants a share of the state 'charity care' fund for treating uninsured patients would have to supply information detailing their operating budget, such as sources of income, its business holdings and salaries, and other information nonprofit entities are required to file with the IRS, according to bill sponsored by Senate Majority Leader Loretta Weinberg."
Christ Hospital to lose $111G in charity care aid in new state budget (The Jersey Journal, 3/7/12). "Charity care aid is based on the number of charity care patients a hospital treats over a prior period of time.... The Hoboken University Medical Center will receive $170,224 more in charity care funding next year. The other Hudson County hospitals to receive more in aid next year are Jersey City Medical Center ($144,483) and Bayonne Medical Center ($28,492)."
New York-area hospitals do poorly in patient safety (Consumer Reports, 2/12). See the Ratings. Christ Hospital rates 14th (of 81) in the NYC area due to its great performance in controlling infections. JCMC is 39th; Bayonne, Hoboken, Meadowlands, and Palisades are not rated due to incomplete information.
Editorial: For-profit ownership can treat ailing N.J. hospitals (NJBIZ, 3/5/12)
Meeting on tap for group opposed to sale of Christ Hospital in Jersey City to for-profit company (The Jersey Journal, 3/4/12)
FEBRUARY 2012:
Prime Healthcare Services Announces Management Change (Prime Press Release, 2/23/12)
Roxborough Memorial Hospital has new owner [Prime] (Philadelphia Inquirer, 2//23/12)
Jersey City Medical Center workers seek support from City Council in seeking 'fair wage increase' (The Jersey Journal, 2/23/12)
'Political forces' led California's Prime Healthcare to withdraw its bid for Christ Hospital: court documents (The Jersey Journal, 2/16/12)
Is Christ Hospital still for sale? (Hudson Reporter, 2/12/12)
Hospital’s Bankruptcy Stokes Talks on Merger in Hudson County (NJ Spotlight, 2/8/12)
Opponents of scuttled Christ Hospital sale seek role in hospital's future (The Jersey Journal, 2/7/12)
Union official at Christ Hospital in Jersey City receives 'threatening' letter after hospital sale falls through, police reports say (The Jersey Journal, 2/7/12)
Prime Healthcare drops bid for N.J. hospital (California Watch, 2/7/12)
Save Christ Hospital's Press release from 2/7/12 press conference.
For-profit hospital trend dangerous for Hudson County, Guest Column by Save Christ Hospital partner Renée Steinhagen, Director of NJ Appleseed (Star-Ledger, 2/7/12)
Christ Hospital in Jersey City files for bankruptcy, pledges to remain part of community (The Jersey Journal, 2/7/12)
Christ Hospital bankruptcy filing comes at a time of change for North Jersey's health care network (The Record, 2/6/12)
Rally to address possible bankruptcy filing by Christ Hospital in Jersey City (The Jersey Journal, 2/5/2012). See our Media Advisory for details about the press conference.
Dead on arrival: What sank the Christ Hospital sale? (Hudson Reporter, 2/5/12)
Moody's predicts more N.J. hospitals will merge, seek buyers (The Jersey Journal, 2/3/12)
Christ Hospital Board of Trustees Unanimously Authorizes Filing Chapter 11 Reorganization If Necessary; Calls Into Question Other Bid Proposals (Jersey City Independent, 2/2/12)
California health-care chain withdraws offer to buy Christ Hospital in Jersey City (The Jersey Journal, 2/2/12)
Prime Healthcare, Acknowledging Public Concern, Withdraws Bid For Christ Hospital (Jersey City Independent, 2/1/12)
Save Christ Hospital's Press Release on the collapse of the Prime deal (2/1/12).
Prime Healthcare pulls out (The Jersey Journal, 2/1/12); Breaking: Prime Healthcare withdraws its bid (Hudson Reporter, 2/1/12); and Controversial Jersey City Hospital Sale Scuttled (WNYC, 2/1/12)
JANUARY 2012:
Stack urges Christ Hospital to accept $104 million bid from Jersey City Medical Center (The Jersey Journal, 1/27/12). See also Sen. Stack supports proposal for Liberty Health System to acquire Christ Hospital (Hudson reporter, 1/27/12).
Jersey City Medical Center offers to buy nearby Christ Hospital for $104 million (The Jersey Journal, 1/26/12). See also Jersey City Medical Center and health care company make joint offer to buy Christ Hospital (Hudson Reporter, 1/26/12), and Jersey City Medical Center Remains Committed To Purchasing Christ Hospital (Jersey City Independent, 1/26/12).
Jersey City neighborhood associations form 'community oversight board' to monitor Christ Hospital sale (Hudson Reporter, 1/24/12)
Save Christ Hospital's Media Advisory on formation of community oversight board (1/24/12)
Hoboken, Bayonne hospitals no longer accept Aetna, United Healthcare (The Jersey Journal, 1/23/12)
Councilman Steve Fulop Asks that sale of Christ Hospital not be rushed (1/5/12). Also published as a Jersey Journal Op Ed.
LibertyHealth President and CEO Joseph F. Scott: Liberty Health shouldn't have been mentioned in letter of intent "LibertyHealth firmly believes that the sale of Christ Hospital should be through an open and transparent process.... Further, having reviewed the current bids, LibertyHealth intends to submit a bid..." (The Jersey Journal, 1/3/12)
Archived news, 2011
