Franciscan Health Olympia Fields is in the process of being purchased by Prime Healthcare.
Franciscan Health Olympia Fields has served the South Suburbs for more than two decades and is Franciscan Alliance’s only hospital in Illinois. It previously operated St. James Hospital in Chicago Heights.
Prime Healthcare announced on Friday, Jan. 16, it has entered into an asset purchase agreement. The purchase will further expand Prime’s presence in the Chicago market and reinforce its commitment to preserving access to high-quality, compassionate care in communities that need it most.
“Our agreement with Franciscan Alliance reflects Prime Healthcare’s enduring mission to save, strengthen and invest in community hospitals while honoring Franciscan’s deep commitment to serving the poor and vulnerable,” said Dr. Sunny Bhatia, president and chief medical officer of Prime Healthcare. “We are grateful for the trust Franciscan has placed in us and are committed to stewarding this hospital with compassion, integrity, and a commitment to clinical excellence and compassionate care for all.”
The proposed transaction would add the 214-bed Franciscan Health Olympia Fields and Specialty Physicians of Illinois LLC to Prime Healthcare’s national system recognized for clinical excellence, health equity and social responsibility.
The proposed transaction is subject to review and approval by the Illinois Health Facilities and Services Review Board, as well as other customary regulatory approvals. Until closing, Prime Healthcare and Franciscan Health Olympia Fields will continue to operate independently.
Consistent with Prime’s long-standing practice, the system will offer employment to a substantial number of employees and will continue charity care and community benefit programs, fulfilling its mission of “saving hospitals, saving jobs, and saving lives.”
“Franciscan Health Olympia Fields has a legacy of service, and we believe Prime Healthcare is uniquely positioned to carry that mission forward,” said Frank J. McHugh, interim president and CEO of Franciscan Health Olympia Fields. “Prime’s proven ability to strengthen hospitals while honoring values-based care gives us hope and confidence in the future of access and quality for the South Suburbs.”
Franciscan Alliance was organized 140 years ago by members of the Sisters of St. Francis of Perpetual Adoration. Today it’s based in Indiana where most of its care is provided. Prime Healthcare is a physician-founded and physician-led national health system with 51 hospitals and a proven record of saving and improving struggling hospitals and uplifting communities.
Prime has been named a 10 Top Health System by Truven Health Analytics and its hospitals have been named among the nation’s 100 Top Hospitals more than 70 times.
Since 2010, Prime has provided more than $16 billion in community benefit and charity care, preserving essential healthcare services for more than 600 communities nationwide.
Franciscan Alliance selected Prime Healthcare following a comprehensive review process that included due diligence and careful evaluation of mission alignment, ethical commitment and long-term sustainability. Prime’s experience operating Catholic hospitals in Illinois, along with its demonstrated commitment to quality, community service and ethical care delivery, were central to Franciscan’s decision.
“Prime is committed to goals that align with our values and are the best to carry on our legacy,” McHugh said.
Prime Healthcare is nationally recognized for quality care and patient safety, receiving more Patient Safety Excellence Awards from Healthgrades than any other health system over the past decade, and earning hundreds of honors from organizations including Premier, The Leapfrog Group, and the Lown Institute, which named Prime a Top 10 Health System for health equity and social responsibility.
In 2018 Prime Healthcare’s affiliated non-profit Prime Healthcare Foundation established the California University of Science and Medicine, one of the nation’s newest medical schools with a mission to educate the next generation of physicians and encourage them to practice in underserved areas.
