WAYNESBURG, Pa. and NASHVILLE, Tenn., Sept. 9 /PRNewswire/ -- Essent Healthcare and the Board of Trustees of Greene County Memorial Hospital have signed an Asset Purchase Agreement for the acquisition of the hospital by Essent.
This agreement represents the next step in completing the sale of the hospital to Essent. Both parties will now seek regulatory approval from the Pennsylvania Attorney General and complete the due diligence process. They are working towards completing this transaction in 30 days.
“This is an exciting day for our hospital and for our community,” says Don Headlee, Chairman of the Board of Trustees.
“The Board has placed its trust in Essent to secure a bright future for our 98-year-old community hospital. We’re confident the hospital will thrive under Essent’s ownership and guidance.”
Essent believes strongly in Greene County Memorial Hospital’s role as an essential healthcare provider for the people of Waynesburg and surrounding region. The 54-bed hospital, located approximately one hour south of Pittsburgh, is the only hospital within a 25-mile radius. Essent brings the financial and management resources the hospital needs to flourish.
“We envision Greene County Memorial growing into a regional medical center,” says W. Hudson Connery, President and Chief Executive Officer of Essent Healthcare. “We know that with the proper resources, this hospital will have a bright future.”
The Board of Trustees unanimously chose Essent from among a group of bidders earlier this year because of the company’s unique focus on community hospitals. Essent continues to be deliberate and focused in their identification and acquisition of hospitals that serve as essential providers of healthcare but lack access to the financial and management resources needed to operate successfully in today’s challenging healthcare market.
“We believe in Essent and their commitment to this hospital and this community,” Headlee says. “We look forward to a long, fruitful relationship with the company.”
About Greene County Memorial Hospital
Greene County Memorial Hospital was founded in 1907. In recent years, the hospital has been besieged by sharply increasing costs - especially in the latest healthcare technology - and declining reimbursements for its services. Its Board of Trustees began searching for a partner for the hospital late last year. More information about Greene County Memorial Hospital is available at www.gcmhcare.com
About Essent Healthcare
Essent Healthcare was founded in 1999 with the mission of acquiring community hospitals and providing them with the financial resources and the expertise they need to grow. Essent Hospitals include Merrimack Valley Hospital in Haverhill, Mass., Sharon Hospital in Sharon Conn., Nashoba Valley Medical Center in Ayer, Mass., and Paris Regional Medical Center in Paris, Texas. More information about Essent Healthcare is available at www.essenthealthcare.com.
Essent Healthcare
CONTACT: Molly Cate, +1-615-254-0575, or +1-615-948-0211, for EssentHealthcare
