Tag Archives: Rona Curphy

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Banner Health completes acquisition of Casa Grande hospital

Banner Health and Regional Care Services Corporation, the parent company of Casa Grande Regional Medical Center (CGRMC), have signed an Asset Purchase Agreement (APA), an important milestone that moves the acquisition process of Casa Grande Regional Medical Center by Banner forward. The APA describes the financial details of the acquisition.

The completion of the APA follows the Letter of Intent that was signed and announced by the two organizations on Dec. 30, 2013, together with Banner’s agreement to provide interim funding for CGRMC operations. The acquisition is anticipated to be completed in May, 2014.

“Not only are we joining the leading health system in Arizona, but we’re also joining a system that is recognized as one of the top clinical care systems in the nation,” said Rona Curphy, president and CEO of CGRMC. “I’m excited for our patients, employees, doctors and the city of Casa Grande and surrounding areas that will be gaining an outstanding partner committed to improving the health of our community,” she added.

As provided in the APA, CGRMC filed for reorganization under Chapter 11 in the federal bankruptcy court in Tucson on Tuesday, Feb. 4. While a difficult decision, it was agreed by the respective organizations that this was the best approach to ensuring that the interests of CGRMC’s patients, employees and creditors were fully protected during the acquisition process. The CGRMC Foundation was exempted from this reorganization. Banner has agreed to continue funding for CGRMC operations during the bankruptcy and through the closing of the acquisition. Completion of the acquisition is subject to approval of the APA and associated plan of reorganization by the bankruptcy court.

“This medical center is a critically important community asset, and we believe an important outcome will be that more people will choose to stay in Casa Grande for the outstanding care that is available at Casa Grande Regional Medical Center,” said Banner Health’s Arizona East Region President Becky Kuhn.

The process of transitioning CGRMC operations into Banner Health will begin with meetings during the next few weeks between Banner leaders in conjunction with CGRMC employees and doctors. These meetings will help complete a comprehensive plan to guide the transition. “The goal is to ensure that there is as little disruption as possible, and I have committed to our staff, doctors and community that I will keep them informed of developments every step of the way,” said Curphy. “We are confident that activities associated with this acquisition will not disrupt the outstanding patient care that we will continue to provide,” she concluded.

121277693

Casa Grande Medical Center, Banner Strike Deal

Regional Care Services Corporation, the parent company of Casa Grande Regional Medical Center (CGRMC), and Banner Health have signed a letter of intent for the acquisition of Casa Grande Regional Medical Center by Banner.  The acquisition is subject to obtaining all necessary regulatory approvals, and is expected to be completed during the spring of 2014. Banner has also agreed to provide interim funding as needed in order for CGRMC to continue regular operations until the acquisition is complete.

Rona Curphy, President and CEO of CGRMC, stated, “We are excited to partner with Banner Health in order to continue providing outstanding and high quality care to our community. CGRMC’s mission has always been to make a positive difference in the lives of those we serve through compassion and excellence in patient care. This fits perfectly with Banner’s mission as well. Furthermore, joining with Banner allows CGRMC the best opportunity to grow this facility in the long term. We look forward to a bright future.”

In choosing to join Banner, recognized as one of the leading health systems in the nation for clinical quality, the CGRMC board is confident that Casa Grande and its surrounding communities will continue to have access to outstanding medical care and service.

“We couldn’t be more pleased to have this opportunity to build on the strong foundation provided by Casa Grande Regional Medical Center to expand Banner’s non-profit mission of excellent patient care to the community of Casa Grande,” said Peter S. Fine, Banner Health President and CEO. “Community residents can count on the full suite of clinical performance processes and technologies that are the foundation of Banner’s ability to provide industry-leading care.”

In the coming weeks a comprehensive plan will be developed to successfully navigate this purchase through the myriad of regulatory and financial details.