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GoLocalProv | Neronha's Consultant Gives Approval for Conversion of CharterCare's Ownership

Peter Neronha PHOTO: GoLocal
The consulting group hired by RI Attorney General Peter Neronha is giving the green light to the hospital conversion for Prospect Medical Holdings to transfer its ownership on CharterCare to another corporate entity.
The nearly 900-page report by Neronha’s consultant Affiliated Monitors, Inc (AMI) the report concludes, among other things, that Prospect Medical Holdings, Inc. has met its capital commitment requirements that were required under the preceding conversion that took place in 2014. The question was did CharterCare and its owner Prospect make the investments it promised over the past seven years.
“Following an independent, exacting, and comprehensive review, the Affiliated Monitors’ independent report has determined that Prospect Medical has met all the regulatory conditions set forth by the Rhode Island attorney general and Department of Health when Prospect’s acquisition of CharterCARE Health Partners was approved in J ....

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Ruggerio submits bill to pause for-profit hospital conversions for one year

Ruggerio submits bill to pause for-profit hospital conversions for one year
R.I. SENATE PRESIDENT Dominick J. Ruggerio has submitted a bill that would pause hospital conversions in Rhode Island for one year if the acquiree or acquirer was
a for-profit entity. / PBN FILE PHOTO/MICHAEL SALERNO
PROVIDENCE – Senate President Dominick J. Ruggerio on Tuesday said he s filed legislation that would impose a one-year moratorium on hospital conversions involving for-profit corporations. “The questions swirling around the financial instability of [Our Lady of Fatima Hospital] and [Roger Williams Medical Center] stem in no small part from their for-profit status,” said Ruggerio in… ....

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$30 Million Settlement Reached in Lawsuit Over DB Plan Funding

$30 Million Settlement Reached in Lawsuit Over DB Plan Funding
The case concerns the St. Joseph Health Services of Rhode Island Retirement Plan, which the lawsuit says failed to be a church plan under ERISA.
A settlement has been reached in litigation claiming that the St. Joseph Health Services of Rhode Island Retirement Plan had not been adequately funded.
Plaintiff Stephen Del Soto, in his capacity as receiver for and administrator of the plan, appointed by the Rhode Island Superior Court, filed the lawsuit on behalf of the plan and its participants. He alleged that, at some point, the retirement plan failed to be a “church plan” as defined by the Employee Retirement Income Security Act (ERISA), and entities administering or associated with the plan hid this to keep from adhering to ERISA funding rules. ....

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Settlement reached between Prospect Medical Holdings and St. Joseph Pension Fund

Settlement reached between Prospect Medical Holdings and St. Joseph Pension Fund
PROSPECT MEDICAL HOLDINGS has reached a settlement agreement that would end litigation related to the St. Joseph Health Services of Rhode Island Retirement Plan.
PROVIDENCE – Prospect Medical Holdings Inc. on Tuesday announced that it had reached a settlement with St. Joseph Pension Fund to purchase the remaining 15% minority interest in Prospect s Rhode Island hospitals held by CharterCARE Community Board. The agreement includes a $27.25 million payment and resolves litigation related to the pension fund provided by the…
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GoLocalProv | WSJ Raises Questions About CharterCARE's Parent Co. Finances, Battle Heats Up in RI

Battle over the hospital conversion of CharterCARE is emerging
In 2017, GoLocal unveiled the collapse of the pension fund of St. Joseph Hospital and since then, there have been three-plus years of litigation to recover assets from a host of business entities including the parent company of CharterCARE, Prospect Medical Holdings, and the Diocese of Providence.
Now, a financing structure by Prospect and the private equity firm Leonard Green which has a majority stake in the hospital group is drawing the attention of regulators and the media.
The Rhode Island Office of the Attorney General and the Rhode Island Department of Health have received the initial applications for a hospital conversion filed by a plethora of corporate entities tied to the change in control a change that could mean millions in payouts for Prospect executives and its pension funds the intertwined entities include Chamber Inc.; Ivy Holdings Inc.; Ivy Intermediate Holdings, Inc.; Prospect Med ....

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