Prospect Medical Holdings has signed an agreement to transfer ownership of Crozer Health to CHA Partners, a full service real estate company.  

Crozer Health, which operates four hospitals in Delaware County, Pennsylvania, encompasses a total of 558 beds. 

It employs 4,429 staff, which includes approximately 1,116 providers. 

The latest move marks the commencement of formal proceedings to finalise the acquisition, which will see Crozer's facilities return to non-profit status, Fierce Healthcare reported.  

CHA Partners, known for acquiring five hospitals in New Jersey, is a private equity company established in 2018, with a mission to preserve healthcare services and employment within its communities.  

The company also manages medical office buildings and ambulatory surgical centres, as well as skilled nursing facilities.  

In this transaction, CHA will collaborate with Healthcare Preferred Partners (HCPP), recognised for its expertise in managing health systems and facilitating improvements in urban areas facing challenges. 

The specifics of the Crozer Health acquisition have not been disclosed, as the deal is still in its preliminary phase.  

The agreement with Prospect Medical Holdings follows a previous arrangement with the Pennsylvania attorney general's office, which provided a nine-month window to secure a buyer for Crozer.  

An earlier attempt to sell Crozer to ChristianaCare Health System was unsuccessful in mid-2022. 

WHYY cited an email from Crozer CEO Tony Esposito as saying: “This is a positive step for our physicians, employees, and the communities we serve, as it will help secure Crozer Health’s future as a critical healthcare provider in Delaware County. 

“Prospect and Crozer Health leadership will be working closely with CHA and HCPP over the next several months to complete the transfer of ownership. This process will involve due diligence, regulatory reviews, and obtaining all necessary approvals.”