Affiliation Between Adventist Health and Cash-Strapped Rideout Health Approved
20 March 2018 | The Sacramento Business Journal reported today that the California attorney general’s office has approved an affiliation agreement between Roseville, California-based Adventist Health and Marysville, California’s Rideout Health network of health facilities.
The affiliation comes after news of serious financial struggles at Rideout Health which, according to Marysville’s Appeal-Democrat, laid off over 100 employees last year and cut its hospice, home health and medical supply services. Rideout Health’s financial woes were compounded when Moody’s Investors Service Inc. downgraded its credit rating due to cash flow issues last year.
The deal which is set to be finalized April 1 means that Rideout’s assets including 219-bed Rideout Regional Medical Center, a Heart Center and Cancer Center as well as Rideout’s outpatient clinics, will be integrated into Adventist Health’s network.
“We are delighted that the attorney general has approved for us to move forward. Adventist Health is eager to bring our distinctive mission of whole person health to invest in the future of Rideout Health’s community, a goal both organizations have shared from the start,” said Scott Reiner, chief executive of Adventist Health. “We are confident that the partnership will have a positive impact on patients and the broader Yuba-Sutter community.”
Adventist Health runs 19 hospitals and over 280 clinics on the West Coast and in Hawaii. It also operates home care and hospice agencies. According to the Sacramento Business Journal, it is the third-largest private company in the Sacramento region with $3.95 billion in 2016 revenue. The system is affiliated with the Adventist Church.