Hackensack University Medical Center, a non-profit research and teaching hospital in New Jersey, has filed an application for transfer of ownership of all Pascack Valley Hospital licenses to a joint venture to be formed by HUMC and Plano, Texas, based-Legacy Hospital Partners, Inc.
Pascack Valley Hospital, a former 291-bed hospital, declared bankruptcy in 2007; its assets were bought by HUMC and the Touro University College of Medicine, also based in Hackensack, N.J.
Pending the transfer, the new entity, Hackensack University Medical Center North at Pascack Valley, will be permitted to operate and maintain all types of hospital beds and licensed services formerly provided by Pascack Valley Hospital.
"Our distinguished quality of care record will become the foundation of acute care at HUMC North at PV, resulting in enhanced quality of care for the greater Westwood community," said John P. Ferguson, president and chief executive officer of HUMC. "The agreement with Legacy Hospital Partners, Inc. will further guarantee that innovative and high quality care is provided at HUMC North at PV."
The project will involve approximately $120 million in private investment, with no use of public dollars. The hospital will be refurbished and renovated and equipped with the latest technology, officials said.
HUMC North at PV anticipates operating 128 acute-care beds. The planned bed capacity is considerably smaller (56 percent less) than the licensed capacity of the former Pascack Valley Hospital (291 beds). Like the former Pascack Valley Hospital, HUMC North at PV will serve 14 municipalities located in the far northeastern corner of Bergen County, N.J.
Touro has also developed plans to locate its campus on the site.
"Legacy Hospital Partners, Inc.'s strategy is to partner with not-for-profit hospitals like Hackensack University Medical Center in the ownership and operation of community hospitals," said Dan Moen, CEO of Legacy Hospital Partners, Inc. "LHP stands ready to work with HUMC and TouroMed to bring the highest quality healthcare to the people of the Pascack and Northern Valley regions."