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Community Health Systems sells 8 hospitals to Steward Health Care

The company has been steadily selling off hospitals and other medical properties in order to raise $1.2 billion needed to pay down its debt.

Henry Powderly, Editor-in-Chief

Community Health Systems has sold off eight more hospitals as it continues to offload facilities in order to shore up their finances.

On Thursday, the Franklin, Tennessee-based healthcare provider said it had sold the facilities, located in Florida, Ohio and Pennsylvania, to Steward Health Care for an undisclosed price.

The deal is expected to close in the second quarter.

[Also: Struggling CHS to sell off home health, hospice division for $128 million]

"This transaction is a significant step in our strategic work to optimize our portfolio and operations for the future," CHS chief executive Wayne Smith said in a statement. "These hospitals play an important role in their communities and can benefit from Steward Health Care's community-based care model going forward."

The affected hospitals are the 19-bed Wuesthoff Health System-Melbourne in Melbourne, Florida; the 298-bed Wuesthoff Health System-Rockledge in Rockledge, Florida; the 154-bed Sebastian River Medical Center in Sebastian, Florida.; the 258-bed Sharon Regional Health System in Sharon, Pennsylvania; the 254-bed Easton Hospital in Easton, Pennsylvania; and the ValleyCare Health System of Ohio, which includes the 355-bed Northside Medical Center in Youngstown, Ohio and the 311-bed Trumbull Memorial Hospital and 69-bed Hillside Rehabilitation Hospital in Warren, Ohio.

The company has been steadily selling off hospitals and other medical properties in order to raise $1.2 billion needed to pay down its debt.

Twitter: @HenryPowderly
Contact the author: henry.powderly@himssmedia.com

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