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KANKAKEE – The acquisition of eight Illinois-based Ascension – including Ascension Saint Mary in Kankakee – is now complete.
Prime Healthcare, based in Ontario, Calif., officially took ownership of the Kankakee not-for-profit hospital on Saturday along West Court Street.
Ascension Saint Mary is one of eight Ascension hospitals in Illinois acquired by Prime.
Saint Mary’s employs about 700.
The deal also includes physician practices and four senior living and post-acute care facilities in greater Chicagoland.
Prime Healthcare was founded in 2001.
Prime Healthcare entered an asset purchase agreement for the facilities in July 2024. The companies have not disclosed the financial terms of the deal.
In addition to Ascension St. Mary, the deal also included Ascension St. Joseph, Joliet; Ascension Saint Joseph, Elgin; Ascension Saint Mary, Chicago; Ascension St. Francis, Evanston; Ascension Holy Family, Des Plaines; Ascension Mercy, Aurora; and Ascension Resurrection, Chicago.
Prime is also the owner of Ascension at Home operations in Kankakee and Joliet.
The Illinois Health Facilities and Services Review Board unanimously approved the acquisition following a review process.
“Prime Healthcare is honored to welcome these hospitals into our award-winning system, building upon our legacy of transforming healthcare and preserving access to life-saving services,” said Prime Healthcare president and CEO Sunny Bhatia.
Prime has offered employment to the majority of associates from the acquired facilities. The company has also pledged a $250-million investment for facility upgrades, capital improvements and technology enhancements.
The company will continue to offer charity care programs, upholding the commitment to serve vulnerable populations.
The Kankakee hospital maintains its not-for-profit status.
In its statement, Prime referred to its “national reputation for turning around financially struggling hospitals and preserving quality healthcare in more than 600 communities.”
At the end of its 2024 Fiscal Year in June, Ascension reported a $1.8 billion operation loss across its network. The $1.8 billion figure was actually an improvement from a $3 billion loss the previous year.
Truven Health Analytics has recognized Prime Healthcare as a 10 Top and 15 Top Health System. Prime was named one of America’s Greatest Workplaces for 2024, by Newsweek and Plant-A Insights Group