CHA Partners controlled the former Memorial Hospital of Salem County for four years before it was sold to Inspira Health in Dec. 2022.
Salem Medical Center, now part of Inspira Health Network, was controlled for four years by CHA Partners, which now wants to acquire Crozer Health.“Our goals for Salem Medical Center included transitioning the hospital back to a nonprofit corporation, maintaining all acute care services, and expanding the emergency department to effectively manage behavioral health patients,” Colgan wrote in a letter emailed to The Inquirer Wednesday.into a regional nonprofit health system.
CHA is expected to replicate its Salem playbook at Crozer, with the end goal of making Crozer part of a larger nonprofit system. However, Crozer is far more complicated than Salem, and turning it into a viable business will require help from the government, private health insurers, and the real estate firm that holds the mortgage on Crozer’s property, according to industry experts.Prospect Medical Holdings Inc. Crozer was struggling financially when Prospect bought it.
The Salem Health and Wellness Foundation, established with $32.2 million in net proceeds from the sale to Community Health Systems, provided a $14.5 million grant and a $14.5 million loan to help get the renamed Salem Medical Center off the ground. Salem County Hospital Corp., a nonprofit, owned the hospital, but for-profits managed it.
Before the sale to Inspira, the foundation provided an additional $10 million in loans, bringing its total support to $39 million. The foundation forgave $20 million of its loans as part of that sale, but CHA still owes it $3 million. The foundation won a Superior Court judgment in May for the $3 million, plus interest and legal fees.that doesn’t show up until a seller has exhausted all other options. Typically, that involves a bankruptcy. CHA is based in Bloomfield, N.J.
All were closed hospitals that CHA turned into medical complexes. “In each case, the community would have lost a critical health-care asset if not for CHA’s efforts,” Colgan said.
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