Prospect Medical Holdings Inc. has completed its acquisition of Eastern Connecticut Health Network (ECHN), which Prospect said helps ensure the community healthcare system’s future.
Michael Collins was named interim CEO to replace ECHN’s former president and CEO Peter Karl, who resigned effective Sept. 30 for health reasons. Karl had been arrested for DUI earlier in September.
Collins, a senior healthcare executive with more than 20 years of experience in hospital leadership roles, has been serving as chief integration officer for Prospect at ECHN for the past seven months.
The transfer of ownership of ECHN, holdings of which include Manchester Memorial and Rockville General hospitals, follows the receipt of all regulatory approvals by the for-profit Prospect, based in Los Angeles. Prospect paid $105 million for ECHN and plans to spend $75 million in capital improvements on those facilities over the next five years.
Prospect said in a news release that it’s committed to strengthening ECHN’s existing programs and to introducing new services and a new delivery model designed to help meet residents’ healthcare needs.
Prospect offers what it calls a unique and innovative healthcare delivery model, known as Coordinated Regional Care, which emphasizes coordination of care and population health management, with an emphasis on wellness and preventive care.
Prospect owns and operates 21 hospitals and more than 140 clinics and outpatient centers. It also manages the provision of healthcare services for more than 320,000 members enrolled in its networks of more than 11,000 primary-care physicians and specialists. Prospect has facilities in California, Connecticut, New Jersey, Pennsylvania, Rhode Island and Texas.
