Stonebridge Healthcare Offers $675 Million for 3 Tower Health Hospitals

Stonebridge Healthcare Offers $675 Million for 3 Tower Health Hospitals

Tower Health is just not having a good year. According to the Philadelphia Business Journal, Tower Health, which lost $65.6 million in fiscal 2022 and is carrying approximately $1 billion in debt, has been attempting to shed some of its assets as part of its ongoing turnaround efforts. It’s had to sell three hospitals this year already, and now it might divest another three.  Stonebridge Healthcare, a hospital turnaround firm, has offered $675 million to purchase Reading Hospital, Phoenixville Hospital and Pottstown Hospital, all in Pennsylvania and owned by Tower Health. The deal is set to expire on December 9th, 2022, so we’ll have to wait until then for a final announcement. Under... Read More »
Gundersen Health System, Bellin Health to Merge

Gundersen Health System, Bellin Health to Merge

After six months of negotiations, two Wisconsin-based health systems, Gundersen Health System and Bellin Health, have announced a merger agreement and expect to combine operations by December 1. The merger will create one of the largest health systems in the Midwest. Bellin Health is an integrated healthcare delivery system established in 1908 and based in Green Bay, Wisconsin. It has more than 5,000 employees and offers services in cardiac, orthopedics, sports medicine, digestive health, mental health and primary care medicine. It comprises Bellin Hospital (167 beds), Bellin Psychiatric Center, 29 Bellin Health primary and specialty care physician clinics and retail health clinics known... Read More »
Sanford Health and Fairview Health Look to Merge and Form a $14 Billion Health System

Sanford Health and Fairview Health Look to Merge and Form a $14 Billion Health System

Maybe the third time’s a charm? After striking out on two potential mergers over the past three years, Sanford Health has signed a letter of intent with Fairview Health Services to combine and create a new health system. The deal is still in the negotiation phase and needs a green light from regulators, but the two organizations expect the deal to close in 2023. If Sanford Health and Fairview cross the finish line, the merger will create a wide-reaching health system in the midwest with a combined $14 billion in annual revenue. Sanford Health has 47 medical centers and more than 200 Good Samaritan Society senior care locations. With the addition of Fairview, it will gain 11 hospitals,... Read More »
MultiCare Health System Expands Reach in Washington

MultiCare Health System Expands Reach in Washington

MultiCare Health System, a not-for-profit healthcare organization based in Washington, has acquired a new hospital in the state. The health system purchased Yakima Valley Memorial Hospital, a 226-bed hospital in Yakima, Washington, which has a population of approximately 100,000. The hospital also owns primary care practices, a cancer care center called North Star Lodge, Ohana Mammography Center, a hospice and respite care agency called Cottage in the Meadow, a pain management center, the only level-3 NICU in central Washington and Children’s Village, which provides advanced services for children with special health care needs. Yakima Valley Memorial Hospital generated $478.7 million in... Read More »
Orlando Health Acquires Acute Care Hospital in Puerto Rico

Orlando Health Acquires Acute Care Hospital in Puerto Rico

Not-For-Profit Orlando Health has announced a new deal for an acute care hospital in Puerto Rico. The Orlando, Florida-based health system is buying Sabanera Health Dorado from PRISA Group, a family-owned developer based in Puerto Rico, and Triple-S Management Corporation, a healthcare insurance company located out of San Juan. There were no terms disclosed in the transaction. Sabanera Health is a 105-bed acute care hospital that provides primary family care, emergency intensive and urgent care, vascular surgery, orthopedics, sports medicine, and medical oncology. The medical facility has a total of 104 rooms, with eight intensive care units, two neonatal intensive care units, 79... Read More »
Hartford Healthcare Acquires Urgent Care Network in Connecticut

Hartford Healthcare Acquires Urgent Care Network in Connecticut

One of the major health systems in Connecticut has expanded its urgent care network. Partnering with Go-Health Urgent Care for the deal, Hartford Healthcare has purchased Branford, Connecticut-based Stony Creek Ventures LLC and its two urgent care facilities in Branford and Orange. Go-Health Urgent Care is an on-demand consumer-centric care platform that serves as the digital and physical front door to the healthcare ecosystem. It has locations in 14 states. In 2017, Hartford Healthcare and Go-Health Urgent created a joint-venture partnership to build an urgent care network in Connecticut. The partnership has nearly two dozen locations in Connecticut now, which will grow with the addition... Read More »