Embattled Franklin, Tennessee-based Community Health Systems is continuing their professed 30-hospital divestiture plans, with subsidiaries of the company announcing the sale of Highlands Regional Medical Center, a 126 bed hospital in Sebring, Florida to HCA Healthcare.
The deal is expected to close this fall, pending regulatory approval. Highlands is one of 30 planned hospital divestitures that was included in CHS' first quarter 2017 earnings call.
In late May, CHS announced it was selling five Pennsylvania hospitals to the Reading Health System, also part of the divestiture plan. That transaction is expected to close during the third quarter. The hospitals include Brandywine Hospital in Coatesville, Chestnut Hill Hospital in Philadelphia, Jennersville Hospital in West Grove, Phoenixville Hospital in Phoenixville and Pottstown Memorial Medical Center in Pottstown.
During their May 1 earnings call, CHS reported a net loss of $199 million, compared with net income of $11 million during the same period in 2016. It also reported an 11.5 percent drop in admissions this first quarter compared to last year.
Community Health Systems, Inc. is one of the largest publicly traded hospital companies in the United States who, through its subsidiaries, owns, leases or operates 137 affiliated hospitals in 21 states and approximately 22,000 licensed beds.
They have been steadily unloading hospitals for months now in order to resolve debt. It has also sold 80 percent ownership in its home care division.