According to the Post and Courier.
In March 2020, Prisma Health entered into an agreement to acquire KershawHealth, a unique hospital system based in Camden, SC, and Providence Health, a two-hospital system based in Columbia, SC, from LifePoint Health of Brentwood, Tenn.
Prisma Health planned to complete the transaction by changing its existing public benefit certificate. The public benefit certificate can protect federal supervision negotiations in exchange for state supervision if the organization can prove that the benefits of the transaction outweigh any disadvantages.
However, the amended public benefit certificate has sparked a legal challenge from Lexington Medical Center in West Columbia, SC, which argued that the certificate cannot be changed.
The South Carolina Administrative Court recently ruled that the sale of Prisma Health may not be completed with the amended certificate and may not qualify for federal antitrust immunity.
Prisma appealed the decision and is also seeking an opinion from the South Carolina Supreme Court to streamline the process.
Prisma said that if the deal is not closed by March 2, it will lose the deal and $ 10 million in down payments, according to the report.
More articles on healthcare transactions:
Rise to sell 7 Wisconsin hospitals, 21 clinics to Aspirus
HCA plans to acquire Georgia hospital for $ 73 million
CommonSpirit to sell 14 hospitals to Essentia Health
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