NEW HAVEN, Conn. — The Yale New Haven Health System (YNHHS) announced it had signed an agreement to acquire three hospitals across the state and two other medical services in Connecticut.
Yale made the announcement Thursday morning, saying they have signed an agreement to acquire Connecticut Health Systems from Prospect Medical Holdings.
With the acquisition, Yale New Haven Health has agreed to buy the assets and operations associated with Waterbury Hospital (Waterbury HEALTH), Manchester Memorial Hospital (ECHN), and Rockville General Hospital.
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In addition, the organization will also acquire Prospect Provider Group of Connecticut (Alliance Medical Group and Eastern Connecticut Health Network Medical Group (ECHN), and Visting Nurse and Health Services of CT.
“Health care monopolies are simply not in the public interest," said Sen. Matt Lesser. "They raise prices for consumers and limit access. It’s high time for us to reckon with and confront this challenge. If our existing regulatory tools aren’t up to the challenge, we need to bring back hospital rate setting to limit the monopolistic harm of these behemoths."
YNHH said the acquisition will return ECHN and Waterbury Hospital to a not-for-profit status and that it would continue to provide access to care at their campuses and outpatient care locations.
Christopher O'Conner, president and CEO of YNHHS, said that now, more than ever, it's critical to find ways to creatively sustain local access to high-quality healthcare.
“This transaction offers unique advantages to the residents of the communities served and allow for continued patient access to critical healthcare services while being strengthened by the quality-of-care YNHHS is known for nationally," said O'Conner.
YNHHS said its working with the Office of Health Strategy and the Department of Public Health to get regulatory approval, including filing a Certificate of Need with the state this fall.
Pending approval, the three hospitals will become part of YNHHS akin to Greenwich and Bridgeport Hospitals, along with Lawrence + Memorial Health.
President and CEO of Waterbury HEALTH (Waterbury Hospital) Justin Lundbye said they remain committed to caring for its communities and are adapting to an evolving healthcare landscape.
"Along with ECHN, we are proud of what we’ve accomplished, including investing millions of dollars in our communities, preserving jobs, increasing quality ratings, and being leaders in Connecticut’s response to the pandemic. We are confident YNHHS will continue this legacy," said Lundbye.
ECHN and Waterbury HEALTH employ roughly 4,400 employees.
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Jennifer Glatz is a digital content producer at FOX61 News. She can be reached at jglatz@fox61.com.
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