Business & Tech

Phoenixville Hospital To Be Sold To Reading Health System

BREAKING: Phoenixville Hospital and four other area hospitals will be sold to Reading Health System, officials announced Tuesday afternoon.

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Justin Heinze, Patch StaffVerified Patch Staff Badge

PHOENIXVILLE, PA — Phoenixville 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 Phoenixville: Brandywine Hospital in Coatesville, Chestnut Hospital in Philadelphia, Jennersville Regional Hospital in West Grove, and Pottstown Memorial Medical Center.

“The opportunity to become part of the larger regional network of Reading Healthcare System is
exciting news for our hospital," Steve Tullman, CEO of Phoenixville Hospital, said in a prepared statement. “Working together we will strengthen the clinical services available to patients in our community and region.”

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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.

>>Phoenixville Hospital Earns 'C' Patient Safety Grade

The transaction with Reading Health is expected to close at some point this summer.

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Community Health has 158 hospitals in 22 states, with a total of nearly 27,000 licensed beds, according to information provided by the company.

Phoenixville Hospital was bought by Community Health in 2004.

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