PRMC becomes not-for-profit

PRMC becomes not-for-profit

01-21-2014

Prime Healthcare Services and its founder Prem Reddy, MD, FACC, FCCP, announced Tuesday that they have donated Pampa Regional Medical Center to the Prime Healthcare Foundation, a 501(c)(3) nonprofit public charity, effective Jan. 1, 2014. The hospital was donated to the foundation debt-free.

The move will allow PRMC to broaden its reach in the community and continue to serve its needs. Since being acquired by Prime Healthcare in June of 2012, Pampa Regional Medical Center has undergone a revitalization, including a new CEO, recruitment of physicians, upgraded equipment, partnerships to benefit the community and infrastructure improvements.

“The conversion from for-profit to not-for-profi t will help us protect the long term security of this hospital for the future,” said Brad Morse, CEO of PRMC. “This will allow us to continue to grow the medical community of Pampa and the surrounding area.”

PRMC is a 115-bed acute-care community hospital serving a population of approximately 65,000 residents in the Texas Panhandle. In October, Pampa Regional earned full accreditation from the Joint Commission, the nation’s leading accrediting organization. The Joint Commission bases the recognition on a hospital’s compliance with state-of-the-art patient care and strict safety standards.

“Prime Healthcare has always been committed to the communities it serves,” said Reddy, chairman of the board of the Prime Healthcare Foundation. “In our continuing mission to deliver high quality healthcare in a cost effective manner, this decision was based on our desire to better serve the residents and the urrounding communities.”

Prime Healthcare Foundation was founded and entirely funded by Reddy and his family with current assets of more than $700 million.

It owns six non-profit acute care hospitals both in California and Texas. In addition, the foundation offers various charities including health education, education scholarships, public health-care education and free community clinics.

“We’ve had a year of growth and gotten national accreditation,” PRMC board member Doug Ware said. “Transitioning to being a non-profi t will allow us to more easily use revenues to continue the growth of the hospital, and the community will reap the benefi ts of having more care available to them right here in Pampa.”

Long-time medical staff member Rene Grabato, MD, said he is pleased with the transition, knowing that Prime Healthcare provides the same excellent support to hospitals that are owned by the Prime Healthcare Foundation.

“We will get the same clinical support, the same financial support, but this ensures that Pampa Regional is truly a community asset,” Grabato said. “Being part of the foundation protects that asset.”

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