CHA originated a transaction whereby Salem County Hospital Corp. dba Salem Medical Center (“SMC”), a duly-qualified not-for-profit 501(c)(3) entity, acquired the acute-care hospital license of the Memorial Hospital of Salem County, the financially-strapped acute care hospital located in Salem, New Jersey owned by a Nashville, TN-based hospital operator. Lending its healthcare-related financial, operational and real estate expertise, CHA’s business plan enabled CHA to lease the entirety of the hospital to SMC, thereby providing SMC the opportunity to continue to provide community-based healthcare services within the region without interruption.
Building and hospital program highlights include:
- Preservation of community-based healthcare services
- New program development, including Bariatrics, Detox and Behavioral Health
- Multi-million dollar equipment and facility upgrades
- Installation of new computer and electronic medical records systems
- Financial Agreement with the local municipality