Healthcare DIVE April 22, 2024
CEO Tim Hingtgen told investors in February that divestitures could yield more than $1 billion for the hospital operator.
Dive Brief:
- Community Health Systems has entered into a definitive agreement to sell Tennessee-based Tennova Healthcare-Cleveland to Hamilton Health Care System for approximately $160 million in cash, the for-profit system said Thursday.
- Under the proposed deal, Hamilton Health Care will acquire the 351-bed hospital, along with its physician clinics and outpatient services. The deal is expected to close in the third quarter, subject to regulatory approval.
- CHS executives said during recent earnings calls that divestitures would allow the health system to fund acquisitions and provide liquidity for debt management.
Dive Insight:
Franklin, Tennessee-based hospital operator CHS struggled in fiscal...
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