Business & Tech
Chestnut Hill Hospital Being Sold To Reading Health System
Chestnut Hill Hospital and four other area hospitals will be sold to Reading Health System, officials announced Tuesday afternoon.
CHESTNUT HILL, PHILADELPHIA – Chestnut Hill Hospital will be sold to Reading Health System, officials announced late Tuesday afternoon. The agreement includes the sale of four other hospitals owned by Community Health Systems, in addition to Chestnut Hill: Brandywine Hospital in Coatesville, Phoenixville Hospital in Phoenixville, Jennersville Regional Hospital in West Grove, and Pottstown Memorial Medical Center.
Community Health, a for-profit medical business based in Franklin, Tennessee, had been rumored to be looking for a buyer for its five area hospitals since last September.
According to Bloomberg, the company was in financial trouble last fall and has a lot of long term debt.
Find out what's happening in Chestnut Hill-Mt. Airyfor free with the latest updates from Patch.
The transaction with Reading Health is expected to close at some point this summer.
Community Health has 158 hospitals in 22 states, with a total of nearly 27,000 licensed beds, according to information provided by the company.
Find out what's happening in Chestnut Hill-Mt. Airyfor free with the latest updates from Patch.
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