RIVERSIDE, Calif.--(BUSINESS WIRE)--Doctors Hospital of Riverside LLC (DHOR), an affiliate of AHMC Healthcare Inc., completed its acquisition and assumed ownership of Parkview Community Hospital Medical Center, located in Riverside, Calif., as of July 1, 2019.
“I am excited to welcome Parkview Community Hospital Medical Center and its dedicated employees and physicians to our family of hospitals,” said Jonathan Wu, MD, Chairman of AHMC Healthcare Inc., the Manager of Doctors Hospital of Riverside LLC. “We are committed to helping ensure the long-term future of Parkview and providing sufficient resources to continue its mission and vision. We believe Parkview is a natural fit for our other Southern California facilities and will benefit from being part of our strong, locally focused regional system dedicated to providing quality acute care services to meet the healthcare needs of the communities we serve.”
Dr. Wu added, “We have already demonstrated our commitment to Parkview by investing several million dollars to improve its financial position since we began managing the hospital in February 2019.”
The California Attorney General approved the transaction in January 2019, but the change of ownership could not be completed until the U.S. Department of Housing and Urban Development (HUD), which insures two outstanding loans previously obtained by Parkview, formally approved the transfer of loans on June 27, 2019. DHOR had been managing Parkview under a management and operations transfer agreement since February 2019 while awaiting HUD approval.
As part of the transaction, DHOR and AHMC have committed to maintain Parkview as an acute care hospital with a 24-hour emergency department, invest a minimum of $25 million in the hospital over the next seven years, and complete the expansion of the emergency department from 13 to 41 beds. DHOR and AHMC have also committed to donate $10 million to the Parkview Legacy Foundation over time, maintain comparable levels of charity care to the community, and appoint a hospital community advisory board that includes community residents and medical staff members.
“The change of ownership will allow the community to continue receiving local, quality medical care at Parkview Community Hospital Medical Center, with the opportunity for enhanced services, including the emergency room expansion,” said Patricia Reynolds, Chair of the Parkview Community Hospital Medical Center Board of Directors. “The Board has been pleased with the progress that Parkview has made since DHOR began managing the hospital and we look forward to continuing those efforts under the new ownership as we strive to benefit those we serve, including our staff and community partners.”
About AHMC Healthcare Inc.
AHMC Healthcare Inc., which was formed in 2004, is one of the largest regionally owned integrated health systems in the nation, and its affiliated hospitals are recognized leaders in providing value-based and wellness-focused healthcare services to the community. AHMC Healthcare Inc. has a long track record of successfully and effectively operating safety net hospitals and serving the diverse healthcare needs of community residents. AHMC Healthcare Inc. and its affiliated hospitals form a regional network of hospitals with more than 1,000 beds. These include Anaheim Regional Medical Center, Garfield Medical Center, Greater El Monte Community Hospital Medical Center, Monterey Park Hospital and Whittier Hospital Medical Center. The hospitals are also affiliated with Alhambra Hospital Medical Center and San Gabriel Valley Medical Center. Additionally, AHMC is affiliated with two post-acute facilities and with Central Health Plan (a Medicare Advantage HMO). AHMC also is affiliated or aligned with several independent practice associations (IPAs), an accountable care organization (ACO), and a medical school, as well as accredited educational institutions providing medical, post-graduate and ancillary healthcare practitioner training. For more information, go to www.ahmchealth.com.