CHS agrees to sell five more hos­pi­tals in Penn­syl­va­nia

Modern Healthcare - - REGIONAL NEWS - — Dave Barkholz

Strug­gling Com­mu­nity Health Sys­tems has agreed to sell five hos- pitals in Penn­syl­va­nia to the not-for­profit Read­ing Health Sys­tem. The five hos­pi­tals are among 30 hos­pi­tals that Franklin, Tenn.-based CHS has agreed to sell to re­duce $15 bil­lion in debt. Terms were not dis­closed.

They are 169-bed Brandy­wine Hos­pi­tal in Coatesville, 148-bed Chest­nut Hill Hos­pi­tal in Philadel­phia, 63-bed Jen­nersville Hos­pi­tal in West Grove, 151-bed Phoenixville (Pa.) Hos­pi­tal and 232-bed Pottstown (Pa.) Me­mo­rial Med­i­cal Cen­ter. Ear­lier this year, CHS agreed to sell two other of its hos­pi­tals in Penn­syl­va­nia to Bos­ton-based Stew­ard Health Care Sys­tem as part of an eight-hos­pi­tal deal.

CHS is sell­ing hos­pi­tals with sin­gle-digit op­er­at­ing mar­gins to im­prove its earn­ings and raise money to pay down its out­sized debt. The sys­tem, the na­tion’s sec­ond-largest in­vestor-owned hos­pi­tal com­pany with 146 hos­pi­tals, posted a net loss of $1.7 bil­lion in 2016.

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