CarePoint Health completes transition to nonprofit entity

North Jersey health system CarePoint Health transitioned ownership of its three hospitals to a community-based nonprofit, according to a May 9 announcement.

The formation of the nonprofit led by CEO Dr. Achintya Moulick was originally announced in October 2021; its funding will allow CarePoint Health to maintain critical care for Hudson County residents at Christ Hospital, Hoboken University Medical Center and Bayonne Medical Center.

CarePoint founder Vivek Garipalli donated his majority interest in the three hospitals to the nonprofit. According to the May 9 announcement, the transition to nonprofit control opens up opportunities to support Hudson County’s underserved patients moving forward.

“We are all eternally grateful that CarePoint Health’s hospitals have been preserved through the years with an unwavering commitment to serve the community especially during the COVID pandemic where hundreds of thousands of residents received treatment and care,” said Moulick. “This transition will allow our teams to continue to provide advanced and equitable care to the diverse, minority populations across the Hudson County community. Through the number of partnerships and initiatives over the last two years, we have built an advanced health care system as a leader and innovator in medicine with much more to come.”

CarePoint Health employs more than 3,000 people in Hudson County and cares for diverse population of patients, many of whom are uninsured. Throughout the COVID pandemic, Moulick and his team have treated approximately 25,000 patients, vaccinated over 75,000 residents and tested nearly 90,000 people, according to Garipalli.

“I’m honored to be leaving the health care system in the hands of a physician leader and diverse management team greatly experienced in working with our minority patient population. While this donation is the official end to my ownership of CarePoint Health, I look forward to cheering from the sidelines as the newly formed nonprofit continues to care for, sustain, and grow the hospital system to provide equitable care in Hudson County for many years to come,” Garipalli said.

In 2021, a piece of legislation from then-Assemblyman Nicholas Chiaravalloti, a Democrat who represented the 31st District, which includes Bayonne, would have required any for-profit hospitals in New Jersey to get approval from the state health department to transition to a nonprofit status. However, the bill fizzled at the end of that legislative session.