After the August 2007 closure of the troubled nearby public hospital, Martin Luther King Jr.-Harbor Hospital (King-Harbor), St. Francis' proximity caused it to receive the greater number of former patients. The hospital has since expanded its emergency department by 14 beds and seen an increase in patients to 180 per day (from 155), with the intensive care unit seeing an average rise from 26 patients to 33. As King-Harbor was long a major hospital for the city's sickest and poorest residents, the increase in uninsured and under-insured patients has put stress on the finances of the facility.[6][7]
On December 3, 2015, Harris conditionally approved transferring the hospital property to BlueMountain Capital, which promised $250 million in capital improvements.[2] Daughters of Charity Health System soon became Verity Health System.
Verity Health System filed for bankruptcy protection in 2018. In 2019, Verity agreed to sell St. Francis to KPC Group in Riverside for $420 million, but the deal was not completed.
On April 9, 2020, Verity announced the sale of St. Francis to Prime Healthcare Services for over $350 million; Prime committed to investing $47 million in capital improvements, the deal was completed in August 2020.[8]
Description
As of 2015[update], St. Francis has 384 beds, 375 doctors, and about 20,000 patients a year.[2]