Centurion Foundation, a charitable 501(c)(3) organization focused on financing, developing, and managing mission-critical facilities for healthcare, education, and government sectors, has successfully stabilized two key hospitals in Rhode Island that were previously at risk of closure. Roger Williams Medical Center and Our Lady of Fatima Hospital have now been returned to local, nonprofit ownership and management, ensuring continued access to essential healthcare services for the surrounding communities.
This achievement follows a complex and prolonged effort spanning four years, during which Centurion Foundation developed and executed a bond-financed strategy aimed at recapitalizing the hospitals. The initiative was designed not only to stabilize the institutions financially but also to transition them away from private equity ownership and restore their nonprofit status under local governance.
Previously, both hospitals were owned by Prospect Medical Holdings, a Los Angeles-based, private equity-backed hospital operator. The company’s financial struggles culminated in a Chapter 11 bankruptcy filing in 2025, placing several of its facilities—including the Rhode Island hospitals—at immediate risk of shutdown. Such closures would have had severe consequences for patients, healthcare workers, and the broader community, particularly given the critical role these institutions play as safety-net providers.
According to Ben Mingle, the successful turnaround represents a significant milestone for nonprofit-led healthcare solutions. He emphasized that the effort safeguarded thousands of jobs and preserved access to vital medical services for entire communities. Mingle also highlighted the collaborative nature of the initiative, noting the support of the State of Rhode Island, Bank of America, local community stakeholders, and the dedicated medical staff at both hospitals.
The financial restructuring required navigating a wide range of challenges, including regulatory approvals, legal complexities, political considerations, and significant funding requirements. The final financing package exceeded $100 million and was structured through privately issued bonds. In addition, the State of Rhode Island contributed an $18 million reserve fund to support the transition and provide added financial stability.
Mingle acknowledged that the process was both demanding and uncertain, requiring persistence and resilience from all parties involved. He noted that few organizations would have been willing or able to sustain such a lengthy and intricate effort. However, Centurion Foundation remained committed to the goal, driven by its mission to support nonprofit institutions and strengthen community infrastructure.
With the transition now complete, a new nonprofit entity—CharterCARE Health of Rhode Island (CHRI)—has been established to oversee the governance and operations of the hospitals. This organization will operate under local leadership and is tasked with ensuring long-term stability, accountability, and quality care delivery.
As part of the regulatory approval process, CHRI will adhere to more than 80 conditions set by state authorities, including oversight from the Rhode Island Attorney General and Department of Health. These conditions are intended to ensure transparency, financial responsibility, and continued service to the community.
CharterCARE Health of Rhode Island is a substantial healthcare provider, with 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. This scale underscores the importance of the hospitals within the regional healthcare system and highlights the impact of their continued operation.
The return of Roger Williams Medical Center and Our Lady of Fatima Hospital to nonprofit control represents more than just a financial recovery. It reflects a broader shift toward community-focused healthcare management, where decisions are guided by patient needs rather than investor returns. By restoring local oversight, the transition aims to create a more sustainable and patient-centered model for the future.
For healthcare workers, the stabilization provides renewed confidence and security, allowing them to focus on delivering high-quality care without the uncertainty that previously surrounded the hospitals’ future. For patients, it ensures uninterrupted access to essential medical services, particularly for vulnerable populations who rely on safety-net institutions.
Overall, Centurion Foundation’s intervention demonstrates the potential of nonprofit organizations to address complex challenges in the healthcare sector. By combining financial expertise with a commitment to community well-being, the organization has not only preserved critical infrastructure but also laid the groundwork for long-term growth and stability.
As these hospitals move forward under new leadership, they are better positioned to serve their communities, expand services, and adapt to evolving healthcare needs—free from the pressures that once threatened their existence.
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