SHARON, Pa. – Yates Medical Group announced in a statement emailed to news organizations early this morning that it “continues its efforts to acquire and save Sharon Regional Medical Center.”
Yates Medical, based in Erie, Pa., describes itself as a faith-based health-care organization that has been working since June 2024 “to secure the purchase of SRMC, including both its operations and the underlying land, and remain steadfast in our mission to provide high-quality, ethical, and patient-centered care.”
The statement offers no details regarding financial wherewithal. Nor does it coincide with any official filing in U.S. Bankruptcy Court in Houston that would make Yates Medical’s stated intentions part of the official record.
The announcement comes as the Jan. 6 closure date nears and hospital employees try to rally public support. The company’s CEO, Benjamin Yates, issued the statement.
“Our team consists of health care professionals with decades of experience, specializing in revitalizing struggling hospitals, both community-based and large-scale. We are united by a shared mission to operate ethically and efficiently while delivering high-quality patient care, with a goal of changing the face of health care in America,” the company says.
According to the Yates Medical Group website, the company is “in the process of acquiring multiple hospitals. Some of them have been struggling because of mismanagement and unethical owners. This has affected the local communities to which these hospitals belong. It has also affected the quality of healthcare delivered to the patients.”
The website does not name its acquisition targets.
Here is the additional text from the Yates Medical statement:
“Overcoming obstacles and delays in June 2024, we expressed our interest in acquiring SRMC. Despite numerous delays and challenges, including unrealistic deadlines imposed by the sellers, we remained dedicated to our goal. In July when there was a threat of a shutdown announcement of SRMC, we were approached to stop it as we were the only people who had expressed an interest in acquiring Sharon. We successfully intervened and prevented the shutdown through a combination of a heartfelt appeal, proof of funds and congressional support.
“It is important to note that we were the sole entity interested in acquiring SRMC. There was no talk of Meadville Medical Center, or any other groups being interested in acquiring the hospital. A few weeks after we averted the shutdown, we were told that the commonwealth of Pennsylvania had brought in Meadville as a buyer and that they were only going to give a license to them operate the hospital. This hampered our progress but did not deter us. We continued our efforts to secure the necessary capital for the acquisition, despite the obstacles.
“…Following Meadville Medical Center’s withdrawal from the process, we were once again approached and asked if we were still interested in acquiring SRMC and if so, how soon could we take over. We mobilized our team quickly and stated that we were ready to take over before Dec 19 to prevent a shutdown. We also mobilized the capital to finalize the acquisition, in record time. This seemed like the best way to keep the hospital open and to mitigate the damage that had been done by months of delays.
“Since then, we have met with Governor Shapiro’s office, local city leaders and other stakeholders. We have also been amenable to every request of the commonwealth of Pennsylvania, including operating the hospital as a Non-profit, funding the operating costs without help from the state, purchasing the land instead of leasing it, partnering with the community to ensure good oversight, maintaining all lines of service, operating the hospital in the most efficient manner etc. We have checked every box that the state has required and have the support of Congressman Mike Kelly and other local leaders.
“However, despite meeting all requirements and receiving strong support from local leaders, we are still awaiting an approval from the Pennsylvania Department of Health and the Attorney General’s office.
“Yates Medical Group remains the only organization with the funding, resources, and commitment to acquire SRMC’s operations and its land. Our offer would not only benefit the community but also safeguard the hospital’s future. We are committed to maintaining all services at SRMC, and our CEO has even made plans to relocate closer to the hospital to provide hands-on leadership. Our commitment to operating SRMC as a nonprofit hospital, with a focus on community investment and high-quality care, remains unwavering.
“…Yates Medical Group is ready and has been ready for months to take over SRMC and prevent any further disruption to the hospital’s services. We are simply awaiting an approval from the Commonwealth of Pennsylvania to be the operators and proceed with the acquisition. This is needed to apply for a change of ownership. Once this approval is granted, we are prepared to take over immediately to reverse the shutdown and ensure that SRMC continues to provide essential healthcare to the community.
Yates Medical Group, LLC.