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GoLocalProv | Business | NEW: Georgia-Based Centurion Foundation Submits Application to Buy CharterCare From Prospect Medical

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GoLocalProv | Business | NEW: Georgia-Based Centurion Foundation Submits Application to Buy CharterCare From Prospect Medical


Friday, May 26, 2023

 

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Fatima Hospital. PHOTO: File

The Centurion Foundation (Centurion) and Prospect Medical Holdings, Inc. (Prospect) announced on Friday that they have completed their joint application to the Rhode Island Department of Health (RIDOH) and the Office of Attorney General (RIAG) seeking approval of Centurion’s proposed purchase of CharterCARE Health Partners from Prospect. 

The deal was initially announced last November.

The Hospital Conversions Act (“HCA”) application was submitted to RIDOH and RIAG and must be deemed “complete” by the both agencies before review under the HCA can begin. 

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In addition to the HCA Application, Centurion and Prospect contemporaneously submitted the required Change in Effective Control Applications to RIDOH. With approval from RIDOH and RIAG and upon completion of the transaction, the health system will be a locally governed non-profit with no further involvement from Prospect.

“This is an important step in the next phase of our future as a critical health care resource and employer in this area and allows us to build on Prospect’s significant investment in our system and in Rhode Island,” said Jeffrey Liebman, CharterCARE CEO. “We pledge to cooperate fully with the Department of Health and the office of Rhode Island Attorney General throughout the application review process. We want all Rhode Islanders to be confident that this proposal is in the best interest of our community, our employees and our physician partners.”

Latest in Process

Last year, Centurion and Prospect signed an Asset Purchase Agreement (APA) for Centurion to acquire the CharterCARE Health Partners (CharterCARE) system from Prospect. 

The APA includes CharterCARE’s related businesses, real estate assets, physician clinic operations and outpatient services:

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•          Roger Williams Medical Center in Providence, RI

•          Our Lady of Fatima Hospital in North Providence, RI

•          Blackstone Valley Surgicare in Johnston, RI  

•          CharterCARE Medical Associates in Providence, RI

•          CharterCARE Home Health Services in Providence, RI

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•          Roger Williams Cancer Center in Providence, RI

•          Southern New England Rehabilitation Center in North Providence, RI

•          St. Joseph Health Center in Providence, RI

The HCA review will carefully evaluate the ability of Centurion to provide Rhode Islanders with access to quality, affordable care, especially those in underserved communities, as well as its commitment to continue collective bargaining rights, to improve facilities and equipment, and to safeguard the interests of all employees and affiliated physicians.

Decisions on the HCA and CEC applications are expected within 180 days of its acceptance by RIDOH and RIAG following the agencies’ review.

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Centurion 

Centurion is an Atlanta, GA-based nonprofit 501(c)(3) corporation organized to finance, own, and operate healthcare facilities. Its’ charitable mission is to increase access to and lower the cost of community-based healthcare. Centurion focuses on reinvesting operating profits into its facilities, people, and the communities it serves.

Centurion has formed CharterCARE Health of Rhode Island, Inc. (“Centurion of Rhode Island”), as a nonprofit organization to acquire CharterCARE from Prospect. Upon closing, CharterCARE and its more than 2,500 employees will become a nonprofit health system seeking to increase access and lower the cost of healthcare services for the local community. Centurion of Rhode Island will maintain local leadership and will have a Board of Directors that includes local community leaders in the healthcare field. Visit www.CentrurionRI.org to learn more.

“We believe strongly in the community-centered mission of CharterCARE,” said Centurion President Ben Mingle. “We seek to become a contributing member of the Rhode Island health care system by preserving and enhancing CharterCARE’s role to provide high quality, affordable, and accessible inpatient and outpatient healthcare.”

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Rhode Island

Four found dead at house in West Greenwich, RI – Boston News, Weather, Sports | WHDH 7News

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Four found dead at house in West Greenwich, RI – Boston News, Weather, Sports | WHDH 7News


WEST GREENWICH, R.I. (WHDH) – An investigation is underway after four people were found dead inside a home in West Greenwich, Rhode Island, Friday. 

Officials say a co-worker of someone who lived at the house called police after the person didn’t show up to work for two days. 

Police say all appeared to have gunshot wounds.

(Copyright (c) 2024 Sunbeam Television. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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Rhode Island

Among US cities, Providence had fewest homes linger on the real estate market in November, Redfin says – The Boston Globe

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Among US cities, Providence had fewest homes linger on the real estate market in November, Redfin says – The Boston Globe


Nationally, over half, or 54.5 percent of home listings in November, lingered on the market for at least 60 days, up from 49.9 percent from the same time last year, Redfin reported. The total was the highest for any November since 2019.

Milwaukee, Wis., followed Providence at 38.8 percent, with Montgomery County, Penn., in third at 41.4 percent, according to the report released Monday.

Miami saw the highest percentage of “stale” listings, with 63.8 percent remaining on the market after 60 days, followed by Austin, Texas, and Fort Lauderdale, Fla.

The only New England city besides Providence included in the top 50 most populated metropolitan areas is Boston, which saw a rate of 44.2 percent.

“A lot of listings on the market are either stale or uninhabitable,” Meme Loggins, a Redfin real estate agent in Oregon, said in the report. “There’s a lot of inventory, but it doesn’t feel like enough.”

So what’s different about Providence?

There are a number of factors in play, including demand for rental properties, according to Alysandra Nemeth, a local Redfin real estate agent.

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Nemeth told the Globe on Friday several multifamily homes she sold in the last few months moved quickly.

“If you have a multifamily [listing] that comes up and you’ve got an investor or someone that’s looking to owner-occupy a property and rent some out … it’s the perfect scenario because there’s no shortage of people that are looking to rent within the area,” Nemeth said.

Nemeth thinks the lack of inventory in the Rhode Island market is also keeping listings fresh.

Data released by the Rhode Island Association of Realtors in December showed there was a less than two months worth of supply of single-family homes across the state — well below the six-month supply level considered indicative of a healthy real estate market.

Driven, in part, by the competition for properties, the median statewide home price soared more than 11 percent year over year to $480,000, according to the association.

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“It just continues to be a battle where, you know, if a good home comes on the market and it’s priced right, it’s probably going to go quicker, and entertain more offers than some other areas,” Nemeth said.

Providence’s location is also desirable for buyers, Nemeth said. There’s easy access to Boston and New York City, all with a considerably lower price point than those metro areas, Nemeth said.

And Providence has plenty of appeal of its own, too.

“There’s just a lot of, like, great culinary experiences in Providence — like the food here is amazing,” Nemeth said. “So that also goes hand in hand with it. There’s a lot going on. This city is probably like the next city to watch out for.”


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Christopher Gavin can be reached at christopher.gavin@globe.com.





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The 6 biggest business news stories to watch in Rhode Island in 2025 – The Boston Globe

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The 6 biggest business news stories to watch in Rhode Island in 2025 – The Boston Globe


Here are the biggest business news stories to watch in Rhode Island in 2026.

1. Will Hasbro leave Rhode Island for Boston?

Hasbro Inc. has been teasing Rhode Island’s leaders in mulling a move to Boston, and officials are tossing out all sorts of ideas — tax credits, an annual “Rhode Island Hasbro Day,” special access to airport lounges, subsidies for on-site child care — to see what might keep the century-old toy company anchored in its home state.

State leaders pitched Hasbro earlier this winter on six potential locations in three cities where Hasbro could relocate. But in that same meeting, leaders from Rhode Island Commerce and Governor Dan McKee’s office also pitched a series of incentives for the maker of Monopoly, My Little Pony, and Nerf, according to a report and videos released to the Globe on Monday in response to a public records request.

Hasbro spokespeople maintain that they have “no updates” on any potential relocation, but CEO Chris Cocks told employees in late 2024 that they would hear from the company’s leadership team sometime in the first quarter of 2025 about whether they’d be heading for greener pastures beyond Rhode Island.

Antonio Afonso, McKee’s chief of staff and the state’s “point person” on Hasbro, declined to be interviewed.

The Vanderbilt hotel in Newport, R.I. was once a mansion built in the early 1900s.Auberge Resorts Collection

2. The company buying up Newport restaurants

In Newport, there’s one man who seems to be everywhere: Nicholas S. Schorsch.

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A wealthy entrepreneur and investor, Schorsch has been on roll with his Heritage Restaurant Group since relocating to Newport from New York City 12 years ago, and has amassed a growing portfolio.

In 2024 alone, the group acquired restaurants Caleb & Broad, Flo’s Clam Shack, The Reef, The Red Parrot, The Brick Alley Pub, and many more. In late December, the group also announced it would acquire the historic Vanderbilt hotel, a Georgian Revival mansion. It’s not yet clear what the Heritage group paid for the hotel, but the transaction is expected to close in early 2025.

The group also operates Newport Craft Brewing, La Forge Casino Restaurant, La Costa Lobster Rolls and Tacos, Cluck Truck, Cluck House, A Mano Pizza & Gelato, Wiener Wagon, and Wally’s Wieners. It also owns Newport Lobster Company, one of the largest seafood wholesalers in the area, and runs concessions at Easton’s Beach.

Many of the restaurants Schorsch has acquired were family-run operations where the owners were nearing retirement age. His purchase, some say, was a lifeline so they could step away from their businesses. But critics are concerned about the powerhouse the group is becoming, saying that much control over businesses on Aquidneck Island could raise prices and stifle competition.

3. The expansion of Brown University Health

Rhode Island’s largest health care system, Brown University Health, previously known as Lifespan Corp., acquired St. Anne’s Hospital in Fall River and Morton Hospital in Taunton from bankrupt Steward Health Care for $175 million in 2024. This year, the hospital owner plans to expand in Foxborough, Mass., by bolstering two outpatient clinics it purchased from Steward that could generate $43 million annually by fiscal year 2027. The clinics could be an opportunity, officials told investors in December, to expand cancer care and ambulatory surgery into Massachusetts. They also plan to broaden their specialty physician groups.

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Demolition on the Washington Bridge in Providence, R.I.Jonathan Wiggs/Globe Staff

4. Continued fallout from the Washington Bridge closure

The Washington Bridge westbound on Interstate 195 abruptly closed more than a year ago, leaving drivers scrambling, and a long list of questions about went went wrong. The bridge — meant to last at least two more decades — needs to be demolished and rebuilt. Demolition is expected to take another year, and there is no timeline currently for when a new span will be completed. Chicago-based Walsh Construction Company will compete with a joint venture of American Bridge Company from Pennsylvania and New York-based MLJ Contracting Corp. to build the new bridge.

The state has sued 13 companies who were previously hired by the state to inspect the bridge, or do construction or design work. Several defendants have already pushed back on the suit, calling it a political “blame game.” A judge is expected to consider their motions to dismiss the lawsuit this month.

5. More shakeups at the state Housing Department

On New Year’s Eve, Tara Booker, the executive director of homelessness response for the R.I. Department of Housing, submitted her resignation. In a phone conversation with the Globe, Booker declined to comment as to why she would leave, and said she would remain at her post “through at least Jan. 31, and potentially longer.”

“I have a transition plan,” said Booker. “I don’t really want to comment on anything right now. I’m still working and want a productive transition.”

Booker also declined to comment on any winter shelter plans, which is a program she has overseen at the department since she was hired in March 2024. She is one of several of the department’s high-ranking leaders who have given their notice in the last year. Over the summer, former secretary Stefan I. Pryor resigned. Under his leadership, the department faced internal struggles and incomplete projects, and was circumventing procurement rules that may have cost taxpayers tens of thousands of dollars, the Globe reported. In November, after less than a year on the job, deputy housing secretary Deborah Flannery resigned.

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Leaders in the General Assembly, including Senate President Dominick Ruggerio, said they have been “disappointed” in the department’s former leadership. In late November, agency consultant Deborah Goddard was appointed by Governor Dan McKee as the department’s fourth housing secretary since it was created in 2022. Her appointment will need the Senate’s approval.

Like her predecessors, Goddard will face a housing crisis that has been worsening for more than 30 years, developers who may want to build affordable housing but are facing red tape, and inflation.

Work at the “Superman” building in Downtown Providence has been limited.Lane Turner/Globe Staff

6. A funding request from the ‘Superman’ building developer

It’s been two years since the state unveiled plans to redevelop the long-vacant “Superman” building in downtown Providence ― the tallest building in the state ― into apartments with room for commercial space. It was seen as a major win for the McKee administration, but not much has been done since. When asked if the idea of redeveloping 111 Westminster St. from office space into 285 residential units was dead, Senate President Dominick Ruggerio said, “They’re hanging on by their fingernails.”

“They want money,” Ruggerio told the Globe. “The problem is, they never told us how much.”

In August, Providence Mayor Brett Smiley told the Globe that the owner of the Industrial National Bank Building is asking for more than $10 million in additional support to convert the 26-story skyscraper into apartments, but wouldn’t say exactly how much.

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Alexa Gagosz can be reached at alexa.gagosz@globe.com. Follow her @alexagagosz and on Instagram @AlexaGagosz.





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