Roxborough Memorial Hospital Sold to California Company

is under new management.

California-based Prime Healthcare Services announced Wednesday it acquired the 140-bed Ridge Avenue hospital, according to a news release.

"We look forward to improving the already excellent care provided at Roxborough Memorial Hospital and continuing the strong relationships with the local physicians and community," Prime Healthcare Chairman Dr. Prem Reddy said in a statement. "I'm especially pleased to be associated with the residency programs and school of nursing and plan to continue their admirable and important work."

Opened in 1890, Roxborough Memorial Hospital was owned by Solis Healthcare.

According to The Philadelphia Inquirer, current CEO Robert G. Souaid, will stay onboard.

Prime Healthcare Services specializes in purchasing hospitals under financial hardship.

According to the Philadelphia Business Journal, Roxborough Hospital posted a net loss of $2 million in 2010.

"As one of the top 15 hospital systems in the nation, Prime Healthcare is the right partner for Roxborough Memorial Hospital," Souaid said in the release. "With Prime Healthcare's expertise, the hospital will continue its focus on community hospital-based healthcare delivery, and its commitment to excellence."

To read the Inquirer article, click here.

To read the Business Journal article, click here.