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August 1, 2017

Sharon Hospital acquisition complete

Contributed photo

Connecticut’s first for-profit hospital has officially switched back.

On Tuesday, New York-based Health Quest subsidiary Vassar Health acquired the 78-bed Sharon Hospital from Essent Healthcare of Connecticut, an affiliate of RCCH Healthcare Partners, for $5 million. The deal was first announced last September.

Sharon CEO Peter Cordeau, who will stay on as president of the hospital and a member of Health Quest’s executive team, said late last year that the deal had nothing to do with being a for-profit, but that it was needed to improve ties to the region.

Under RCCH, Sharon’s closest sister hospital was in Ohio. Now, with three Health Quest hospitals not far over the border, Sharon hopes to beef up physician recruiting efforts.

The acquisition, approved by the Office of Health Care Access last month, also brings six medical practices under Health Quest ownership.

Connecticut now has several other for-profit hospitals, including Waterbury, Manchester Memorial and Rockville, which were acquired last year by California-based Prospect Medical Holdings Inc.

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