Ascension Healthcare to Sell Nine Illinois Hospitals

The Illinois Health Facilities and Services Review Board has unanimously approved Ascension's sale of nine hospitals and four care sites to Prime Healthcare for approximately $375 million, pending final approval from the Archdiocese of Chicago, due to Ascension's status as a Catholic health system. Prime Healthcare plans to invest $250 million into facility upgrades and technology improvements, including transitioning to a custom Epic EHR system. While seven of the hospitals will convert to for-profit status, two will remain nonprofit, and Prime has committed to maintaining services for at least three years. However, the sale includes plans to close Ascension St. Elizabeth due to low patient volume, a move supported by Ascension. Prime Healthcare, which currently operates 44 hospitals across 14 states, views this acquisition as a significant opportunity to expand its operations and serve vulnerable populations in the Chicago area. The deal comes as Ascension faces substantial financial losses, reporting $1.1 billion in net loss for 2024 and $2.7 billion for 2023.