Centurion Foundation Secures Future of Two Rhode Island Safety-Net Hospitals Through Non-Profit Transition
In a major development for healthcare access in Rhode Island, the Centurion Foundation has successfully stabilized two critical safety-net hospitals that were previously at risk of closure. Through a complex, multi-year effort, the organization facilitated the financial restructuring and transition of Roger Williams Medical Center in Providence and Our Lady of Fatima Hospital in North Providence back to local, non-profit ownership and management.
This achievement not only preserves essential healthcare services for thousands of residents but also safeguards hundreds of jobs, ensuring continuity of care for patients who rely heavily on these institutions.
A Critical Intervention Amid Financial Instability
The two hospitals had been under the ownership of Prospect Medical Holdings, a Los Angeles-based, private equity-backed healthcare operator. In 2025, Prospect filed for Chapter 11 bankruptcy protection, casting uncertainty over the future of several facilities under its portfolio—including the Rhode Island hospitals. As financial pressures mounted, the risk of closure became imminent, raising concerns among healthcare professionals, local leaders, and community members.
Recognizing the urgency of the situation, the Centurion Foundation stepped in to orchestrate a solution that would both stabilize operations and transition ownership away from private equity control. The effort required extensive coordination across financial, legal, regulatory, and political domains.
A Four-Year Effort to Restore Local Control
The path to recovery was neither swift nor simple. Over the course of four years, Centurion Foundation worked diligently with stakeholders to develop a sustainable model that would return the hospitals to community-based governance. At the heart of this effort was a bond-financed recapitalization strategy designed to eliminate debt burdens and establish a stable financial foundation.
The final financing package exceeded $100 million in privately financed bonds, complemented by an additional $18 million reserve fund provided by the State of Rhode Island. This combination of public and private support proved instrumental in completing the transition.
According to Centurion Foundation CEO Ben Mingle, the initiative represents a significant victory for nonprofit-driven healthcare. He emphasized that the successful outcome was made possible through collaboration with multiple partners, including the State of Rhode Island, Bank of America, and local communities.
“This is a triumph by a non-profit organization over a private equity giant,” Mingle said, highlighting the broader implications of the transition. “It secures jobs and critical healthcare services for patients and entire communities.”
Establishment of a New Non-Profit Governance Structure
As part of the restructuring, a new non-profit entity—CharterCARE Health of Rhode Island (CHRI)—has been formed to oversee the governance and management of the hospitals. This organization will operate under local leadership, ensuring that decision-making remains closely aligned with community needs.
CHRI will be responsible for managing an annual operating budget of approximately $330 million. The organization employs around 2,400 healthcare professionals and is supported by a network of more than 600 affiliated physicians, including both primary care providers and specialists.
The transition to CHRI marks a significant shift toward community-focused healthcare delivery, with an emphasis on long-term sustainability rather than short-term financial returns.
Regulatory Oversight and Accountability
To ensure accountability and maintain high standards of care, the transition was subject to rigorous regulatory review. The new non-profit entity must comply with more than 80 conditions set forth by state authorities, including the Rhode Island Attorney General’s Office and the Rhode Island Department of Health.
These conditions are designed to protect patient interests, maintain service quality, and ensure financial transparency. They also reflect lessons learned from prior ownership structures, reinforcing the importance of oversight in safeguarding public health assets.
Protecting Jobs and Ensuring Continuity of Care
One of the most immediate and tangible benefits of the transition is the preservation of jobs. Hundreds of healthcare workers—including doctors, nurses, technicians, and administrative staff—can now continue their work without the looming threat of unemployment.
Equally important is the continuity of care for patients. Safety-net hospitals like Roger Williams Medical Center and Our Lady of Fatima Hospital play a vital role in serving vulnerable populations, including low-income individuals, uninsured patients, and those with complex medical needs. Their continued operation ensures that these communities retain access to essential healthcare services.
A Model for Future Healthcare Transitions
The successful rescue and restructuring of these hospitals may serve as a model for similar situations across the United States. As private equity involvement in healthcare continues to draw scrutiny, the Centurion Foundation’s approach demonstrates how nonprofit organizations can step in to stabilize and preserve critical infrastructure.
The initiative underscores the importance of collaboration between public entities, financial institutions, and community stakeholders. It also highlights the potential for innovative financing mechanisms—such as bond structures—to address complex challenges in the healthcare sector.
Looking Ahead
With the transition now complete, the focus shifts to long-term growth and improvement. Under the leadership of CHRI, both hospitals are expected to enhance service offerings, invest in infrastructure, and strengthen community engagement.
For Centurion Foundation, the project represents a milestone in its mission to support mission-critical facilities in healthcare and beyond. By prioritizing patient care and community well-being over profit, the organization has helped secure a more stable future for two institutions that are vital to Rhode Island’s healthcare system.
As Mingle noted, the journey was demanding but worthwhile. The result is a renewed sense of stability and purpose for the hospitals—and a reaffirmation of the role that nonprofit organizations can play in preserving essential public services.
About Centurion Foundation
Founded in 1996, Centurion Foundation has completed more than 40 transactions nationwide, totaling more than $2 billion across the healthcare, higher education, and government sectors. A charitable 501(c)(3) organization, Centurion’s mission is to help other non-profits achieve their charitable purpose through customized real estate acquisition, development, and financing solutions designed to improve operations, reduce the cost of occupancy, and free up capital for mission-critical work.
