The Eastern Connecticut Health Network has secured a buyer, months after a sale to Tenet Healthcare went up in flames, sending uncertainty through the halls of several hospitals in Connecticut.
Corporators with ECHN voted to approve the sale to Prospect Medical Holdings earlier in the week.
Financial details of the acquisition have not yet been released and it still must be approved by state regulators.
ECHN had been searching for a corporate partner for the better part of a year when it joined with several major health care names in Connecticut that included Waterbury Hospital, Bristol Hospital, and Saint Mary's in Waterbury.
Two months ago, Prospect Medical Holdings and Waterbury Hospital announced that the latter had been acquired in a deal and that Prospect would pursue other facilities as well.
"This transaction will help strengthen ECHN’s ability to respond to changes in reimbursement and care delivery by operating our hospitals more efficiently and aligning our physicians to effectively utilize ECHN’s continuum of services," ECHN President and CEO Peter Karl said in a statement Friday.
ECHN operates Manchester Memorial Hospital and Rockville General Hospital in addition to several other major health care providers.
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The company employs about 3,000 people according to a company spokesperson and it's unclear what may happen to staffing levels as a result of Prospect's acquisition.
