RAMCO HEALTHCARE HOLDINGS GAINS APPROVAL FROM STATE BOARD FOR ACQUISITION OF TWO CHICAGO HOSPITAL PROPERTIES

Reddy Rathnaker Patlola to Own All Real Estate for West Suburban Medical Center, Weiss Memorial Hospital

Experienced Business Executive to Also Partner in Operating Company with Manoj Prasad, hospital turnaround expert, to lead operations

PRINCETON, N.J., June 10, 2022 /PRNewswire/ -- New Jersey business executive Reddy Rathnakar Patlola appeared before the Illinois Health Facilities and Services Review Board and obtained regulatory approval for his company Ramco Healthcare Holdings, LLC to purchase 100 percent of the real estate associated with two Chicago area community hospitals as part of a partnership with a hospital turnaround expert who will run the operations of those healthcare facilities. 

As part of the proposed transaction for West Suburban Medical Center in Oak Park, IL and Weiss Memorial Hospital on Chicago's North Side, Mr. Patlola will also be a Partner in the operating company which will be led by business partner Manoj Prasad, who has more than 20 years of successful hospital turnaround experience. The new operating company will be AUM Global Healthcare Management LLC, d.b.a. Resilience Healthcare. Prasad will serve as the chief executive officer of Resilience Healthcare.

Ramco is buying the properties from Pipeline Health System, a Los Angeles based healthcare company. Following the transaction, Ramco will enter into and maintain a long-term multi-year lease with Resilience for the real property to ensure Resilience can maintain operational control over the hospitals. Mr. Patlola described to the Illinois Health Facilities and Services Review Board his plan to invest in the various building infrastructure and market available office space to physician practices in the community.

The total purchase price is $92 million for the real estate, which includes all Pipeline assets in the greater Chicago area. No part of the purchase price is being attributed to Resilience or any other operating entity that is part of the transaction.

In his appearance before the Illinois Health Facilities and Services Review Board, Patlola stated "I firmly believe health care is a human right" and that he is "excited at the opportunity to work with Dr. Prasad in  ensuring continued access to healthcare for this community."

Following State Regulatory approval, Ramco Healthcare Holdings, LLC continues to work with Pipeline Health System to finalize the deal and close the transaction in the coming weeks, with an expected transition of operational and property control to immediately follow.

CONTACT: Courtney Avery, (773) 230-8819, [email protected]

SOURCE Ramco Healthcare Holdings, LLC