St. Johns Hospital in Santa Monica Gets Sold To Another Catholic Healthcare System, Providence Health and Services, Bids From Pa
Posted May 31 2013 3:01pm
Now the question is will billionaire Patrick Soon-Shiong still invest all the money he committed, or will he look for another hospital? Who knows. Providence is not for profit and operates 5 states with 27 hospitals. Their headquarters is located in Washington state.
The deal still needs approval by the state of California and the Roman Catholic Archdiocese of Los Angeles. BD
The bidding war to purchase Saint John’s Health Center in Santa Monica, Calif. ended last week when its current owner, Sisters of Charity of Leavenworth (SCL) Health System in Denver, announced it plans to sell the hospital to another Catholic chain, Providence Health & Services, located in southern California. Financial terms were not disclosed.
According to a Saint John’s Health Center Foundation press release, other bidders included UCLA Health System and two other large Catholic hospital chains, Ascension Health Alliance in St. Louis and Dignity Health in San Francisco, as well as Los Angeles billionaire Patrick Soon-Shiong, who had support from the Archdiocese of Los Angeles.
While the Saint John’s Health Foundation announced earlier in the month that they were endorsing Soon-Shiong’s bid on the hospital, Donna Tuttle, chair of the board of trustees for Saint John’s Health Center Foundation, said the foundation is now in support of the bid from Providence Health & Services, which owns St. Joseph Medical Center in Burbank, Calif., and four other southern California hospitals.
Tuttle added that the board favored a sale to Providence over the other health systems because Providence has a local presence in southern California.