CharterCARE Health and Prospect Medical launch partnership

CharterCARE Health and Prospect Medical launch partnership

PROVIDENCE - CharterCARE Health Partners and Prospect Medical Holdings announced that they have officially launched their "innovative" partnership offering "a new way forward for Rhode Island health care." The new joint venture took effect June 20.

Prospect CharterCARE Inc., the new joint venture company and corporate parent of Roger Williams Medical Center in Providence and Our Lady of Fatima Hospital in North Providence, will do business as CharterCARE Health Partners. It is jointly owned by Prospect and CharterCARE.

The company will operate Roger Williams Medical Center, Fatima Hospital, St. Joseph Health Center and Elmhurst Extended Care and will develop, through acquisitions and partnerships, a coordinated regional health network that will include physician practices, urgent care centers, nursing homes and ancillary health providers such as diagnostic labs, according to a news release.

Prospect, which has a majority interest in the new company, will provide an immediate infusion of capital which will be used to pay off the two hospitals' long-term debt and invest in the facilities and equipment, as well as support development of the new network.

Prospect and CharterCARE equally share seats on the new company's eight-member governing board. Edwin Santos, current chairman of CharterCARE, will serve as the new board's chairman.

"We are thrilled to begin our joint partnership in Rhode Island," said Thomas Reardon, president of Prospect East Holdings. "Prospect will focus on collaboration among hospitals, physicians, medical groups urgent care centers, nursing homes, and other providers, in cooperation with health plans. Our goal is to provide Rhode Islanders with the health care they need at the right time, in the right place, compassionately and efficiently."

According to Santos, "our new joint venture is going to provide exciting new opportunities for physicians and other health providers to affiliate with a health system that is financially strong, committed to quality in all it does and ready to meet both the challenges and opportunities in today's rapidly changing health care marketplace."

The partnership between Prospect and CharterCARE has been hailed by hospital executives and town officials as the move that will help keep Fatima Hospital as a viable part of the local community for decades to come.