Cooper has completed its acquisition of Cape Regional Medical Center at the Jersey Shore
The acquisition is expected to increase Coopers University Health Care's ability to draw patients who need complicated care to its Camden facilities.
Cooper University Health Care has completed its acquisition of Cape Regional Medical Center, extending the Camden nonprofit’s reach to the Jersey Shore, Cooper said Monday. The new name for the hospital in Cape May Court House is Cooper University Hospital Cape Regional.
The acquisition is expected to increase Coopers’ ability to draw patients who need complicated care to its Camden facilities.
Cooper declined to disclose financial terms of the deal. Typically, a nonprofit acquirer does not pay for another nonprofit hospital in a situation like this, but sometimes it makes promises for a certain amount of investment in the facilities and programs it takes on.
Cape Regional, which is licensed for 242 beds in Cape May County, is coming off two years of operating losses. It lost $14.7 million on $171.3 million in revenue last year, following a loss of $10.2 million on $167.4 million in revenue in 2022.
By contrast, Cooper has been solidly profitable, with $162.5 million in operating income last year on $2.2 billion in revenue. In 2022, Cooper had just shy of $2 billion in revenue, with $129.6 million in operating profit.
Christine Winn, a Cooper senior vice president and chief regional officer for Cooper, will oversee Cooper operations in Cape May and Atlantic Counties, including Cooper University Hospital Cape Regional.
Cooper announced a preliminary agreement to acquire Cape Regional in Dec. 2022. It signed a definitive agreement in April 2023.