Sale of Roger Williams Medical Center and Fatima Hospital Now Completed
The New Owner is CharterCARE Health of Rhode Island, A Local, Nonprofit, Independent Organization.
(March 6, 2026; Providence, RI) The Centurion Foundation has completed the acquisition of Roger Williams Medical Center, Our Lady of Fatima Hospital, and several related assets from the bankrupt Prospect Medical Holdings following several years of regulatory review and complex financial structuring. The acquisition was financed with $101 million in private bonds raised through Bank of America under the sponsorship of the Rhode Island Health and Education Building Corporation (RIHBEC), with critical assistance from Governor Dan McKee, House Speaker Joseph Shekarchi, and Senate President Val Lawson through the creation of an $18 million supplemental reserve fund requested by investors.
As part of the sale transaction, a new 501 (c)3 non-profit organization, CharterCARE Health of Rhode Island (CHRI), has been created to provide local governance and management. The CHRI Board and advisory boards for both hospitals have a majority membership of local physicians and community leaders. CHRI will comply with more than 80 conditions of regulatory approval, as mandated by the Rhode Island Attorney General and the Department of Health, including retaining a national consulting firm, SOLIC Capital Advisors, to provide operational and financial management guidance to the board.
CharterCARE Health has an annual operating budget of $330 million, employs 2,400 health professionals, and has an affiliated medical staff comprised of more than 600 primary care and specialty providers. This includes CharterCARE Medical Associates, a large multi-specialty network owned by CHRI that operates more than 20 practice locations across the state.
Centurion Foundation CEO Ben Mingle, stated. “It has been an arduous journey to secure the future of these essential hospitals, their employees and physicians, and the patients who rely on them. This moment would not have been possible without the state’s approval and strong backing from Governor McKee, Speaker Shekarchi, Senate President Lawson, Attorney General Neronha, and members of the General Assembly. Our journey is far from over, but our acquisition is a new beginning for these valued institutions, one that is free from private equity influence and that is a strong foundation to continue a tradition of health care excellence and community focus.”
CHRI’s independent board of directors includes Ben Mingle, Chairman, and members Gregory Grove, Maria Leonard, Jeffrey Liebman, Louis Mariorenzi, MD, Gerald Marsocci, MD, J. Sue Painter, Edwin Santos, and Vijay Sudheendra, MD.
Both hospitals also have their own community advisory boards, including patients, to provide feedback and guidance to the full CharterCARE board.
Jeffrey Liebman will lead the CHRI management team as Chief Executive Officer and will work closely with the Department of Health, other regulators, and reimbursement sources, including Medicare and Medicaid. Liebman stated, “CharterCARE hospitals have remained busy throughout this sale process, validating their importance to the health care delivery system, and providing exceptional care with high-quality and patient satisfaction ratings. This is a tribute to our dedicated and compassionate employees who have remained laser-focused on patient care. We will now begin to implement a comprehensive strategic and operational plan, which has been endorsed by state officials and investors, that will enhance operations and financial performance, as well as help to expand access to select programs and services”.
In a joint statement from CHRI medical staff Presidents, Dr. Peter Pizzarello, Jr., at Our Lady of Fatima Hospital and Dr. Braidy Shambaugh at Roger Wiliams Medical Center, stated, “We are gratified that CHRI is now out from under private equity ownership and able to place medical quality and patient care ahead of corporate profits. We are proud to be affiliated with CHRI, and we look forward to ensuring that physicians' voices and perspectives are always heard at the board and management tables.”
CHRI will implement a broad-based communication campaign to inform all Rhode Islanders of this exciting development. Visit Chartercarehealth.org to learn more.