Daily News | Temple Health and partners agree to to buy Chestnut Hill Hospital from Tower Health
Temple University Health System, Redeemer Health, and Philadelphia College of Osteopathic Medicine have formed a consortium to buy Chestnut Hill Hospital from Tower Health, the nonprofit health systems announced Monday.
If the sale to Temple and partners is completed it will free Tower from another of of the money-losing hospital it acquired in 2017 for $426 million, leading to massive losses at the health system based in Berks County.
More importantly, Tower’s cash reserves, which it needs for the day-to-day operations of its businesses, have continued to dwindle. Four years ago, Temple University’s board embarked on an effort to restructure its health system, including the potential sale of Fox Chase Cancer Center and Jeanes Hospital, with the goal of securing its future as a vital provider of health care services in its core North Philadelphia market.
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