October 12, 2015
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Springfield Hospital is one of five Delaware County hospitals operated by Crozer-Keystone Health Systems.
Crozer-Keystone Health System announced Monday that it is being purchased by Prospect Medical Holdings, a Los Angeles-based healthcare services company.
Crozer-Keystone, which operates five hospitals in Delaware County, has signed a letter of intent to enter into an agreement with Prospect. Both parties are "performing due diligence" to reach a definitive agreement, Crozer-Keystone officials said.
In a statement, Crozer-Keystone President Joan K. Richards called the agreement "an exciting development." Crozer-Keystone officials had announced last year that they were exploring opportunities for a merger.
The financial terms of the agreement were not announced. Further details are expected to be released once the purchase agreement has been finalized.
Crozer-Keystone operates Crozer-Chester Medical Center in Upland, Delaware County Memorial Hospital in Drexel Hill, Springfield Hospital, Taylor Hospital in Ridley Park and Community Hospital in the city of Chester.
"In Prospect, we have selected a partner that shares our mission to improve the health of the communities we serve and has the financial resources to make sure that the care we provide continues to rank among the best in our region," Richards said.
Prospect owns 13 inpatient hospitals and 40 clinics and outpatient centers. It manages healthcare services for some 270,000 members enrolled in its network of more than 8,900 primary car physicians and specialists.
