By Philip Sean Curran, Staff Writer
The leadership of Princeton HealthCare System, the nonprofit that owns University Medical Center, will explore the possibility of merging with a larger health system, including ones outside the state.
HealthCare System President and CEO Barry Rabner said Thursday that hospital officials would seek advisers to help guide them on the process. Part of that will involve developing criteria for identifying what he termed “potential partners.”
The search will not be confined to New Jersey, Mr. Rabner said.
So far, there have been no decisions to join with someone else. The process of exploring the options, deciding whether or not to merge and then completing the merger, could take up to two years, he said.
In terms of regulatory approval, the state Department of Health and the New Jersey Attorney General’s Office would need to approve a merger.
Most of the 73 hospitals in the state are part of a larger system, Mr. Rabner said.
Princeton HealthCare System has 3,100 employees and 1,100 doctors on its medical staff. The nonprofit organization is carrying $300 million in long-term debt from the costs related to constructing a new hospital in Plainsboro on Route 1.
The organization made $90 million on the sale of its various real estate holdings, including the former hospital site on Witherspoon Street in Princeton.
In a statement last week, Princeton HealthCare System said it “is committed to transparency and we will keep our community informed of our progress and welcome their input along the way.”
