From NJ Spotlight, October 8, 2015
In the span of three years, the number of hospitals that the state owns could go from zero to two — both in Newark, potentially allowing it determine exactly what healthcare in that city will look like for decades to come.
The New Jersey Health Care Facilities Financing Authority has emerged as a potential bidder for Saint Michael’s Medical Center in Newark, just two years after the University of Medicine and Dentistry of New Jersey handed over University Hospital to the state.
The state authority, which provides tax-exempt financing for hospital construction, was identified as a potential bidder in an email between attorneys involved in the hospital’s bankruptcy proceedings. Additional bidders include two California for-profit hospital chains — Prime Healthcare, which has pursued Saint Michael’s for nearly three years, and Prospect Medical Holdings, which recently bought East Orange General Hospital – as well as Barnabas Health, a nonprofit regional healthcare giant.