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DOWNEY - PIH Health announced Tuesday that it has officially acquired Downey Regional Medical Center, now known as PIH Health Hospital - Downey.
The announcement follows a process that included PIH Health seeking and gaining approval from the Attorney General's office to include the Downey hospital in its integrated healthcare network.
The two hospitals signed a Management Services Agreement months prior, opening the doors for an eventual partnership between the two nonprofit providers.
"This announcement is the culmination of the hard work of many and we are excited about the new possibilities that will result from the acquisition," said Brian Smolskis, chief operating officer for PIH Health Hospital - Downey. "Throughout this process - from the moment we announced our Management Services Agreement with DRMC, to the Attorney Genera's approval of the transaction - our shared community, our employees, partners and physicians have supported this effort."
Hospital officials said there will be a transition period for the operations to be coordinated and the name change to be fully implemented, including new signage and branded materials incorporating PIH Health Hospital - Downey into the healthcare network. A public open house of the Downey campus is planned for early 2014.
The acquisition announcement comes on the same day that the Affordable Care Act's healthcare exchange opens in the United States.
"October 1 is a significant date for PIH Health, as well in the history of healthcare," said PIH Health president and CEO James West. "This is the day the Affordable Care Act signals the official opening of the public exchange market for insurance. We can think of no better way to commemorate this significant step than to officially welcome PIH Health Hospital - Downey into our regional healthcare delivery network, positioning PIH Health to meet the expanding needs of the communities we serve."