DALY CITY, CA — Seton Hospital, Daly City’s largest employer, has found a potential buyer in KPC Health.
In a bid of $610 million — a U.S. bankruptcy court judge approved the southern California-based KPC Health to purchase Seton hospital system — Seton Coast Side in Moss Beach, St. Francis medical center in Lynwood, St. Vincent medical center and St. Vincent dialysis center, both in Los Angeles.
The hospital’s current owners, Verity Health, approved the bid on April 15th.
“We were on the brink of the hospital closing. Let me say that again. We were on the cusp of the hospital closing,” said Sup. David Canepa.
San Mateo County Supervisor David Canepa has been working on finding a competent buyer, since Verity Health announced their decision to sell the hospitals back in September 2018.
After meeting several times with KPC health, Canepa is confident that this is the right organization to take on the hospitals.
“I feel very, very comfortable. They told me that there were going to be no job losses. They committed to me that they are going to stay focus on patient care.”
According to a press release, Dr. Kali Chaudhuri, chairman of the KPC Group and KPC Health, says, “We look forward to working with verity health on a successful acquisition and welcoming these important community hospitals into our integrated healthcare system.”
Peter Baronoff, CEO of KPC health and managing director of the KPC Group, adds, “KPC remains very optimistic about the future of these hospitals, their employees, and the value they bring to delivering quality health care to many California communities.”
Since 2015, workers and patients of Seton had to deal with the sale of the hospital to two different owners, with a potential third on the way.
With the fear of the closure, the city council of Daly City headed at that time by Fil-Am mayor Juslyn Manalo made a commitment to those workers and patients.
“We wanted to ensure that when this happens whoever was to purchase this entity or hospital the community wanted the hospital to remain.”
To ensure more transparency — Councilwoman Manalo would like more input from the community.
“Let’s do a town hall together around what’s going to happen in the future. And I invite the new owner together to talk about what lies ahead.”
KPC Health is waiting for the attorney general’s approval of the court-approved bid.