Memorial Hospital of York among four PA hospitals sold to PinnacleHealth System
YORK, Pa. — PinnacleHealth System has agreed to buy four area hospitals from Tennessee based Community Health Systems. Pinnacle is buying the 100 bed Memorial Hospital of York, 214 bed Lancaster Regional Medical Center in Lancaster, 148 bed Heart of Lancaster Regional Medical Center in Lititz and the 165 bed Carlisle Regional Medical Center in Carlisle. The purchase price was not disclosed.
The transaction is expected to close in the summer of 2017, subject to customary regulatory approvals and closing conditions. the four hospitals included in this transaction are part of the 25 planned hospital divestitures by Community Health Systems, one of the largest publicly traded hospital companies in the U.S.
The purchase agreement includes a commitment from PinnacleHealth to offer employment to all active employees in good standing when the transaction is complete. Privileges will continue for all physicians in good standing on the medical staffs.
“Our hospitals play a crucial role in providing convenient and quality health care for our patients,” said Brooks Turkel, market chief executive officer of Lancaster Regional Medical Center and Heart of Lancaster Regional Medical Center. “PinnacleHealth will help us maintain our critical positions as anchor institutions and employers in the community.”
PinnacleHealth has been a leading provider of inpatient and outpatient healthcare services in central Pennsylvania for more than 140 years. Its three acute-care hospitals serve a five-county region through their commitment to providing patient-centered, nationally recognized care at a lower cost. PinnacleHealth invests in its facilities, technology and physicians to provide patients with access to the most advanced treatment options, while its net operating revenue continues to grow and exceeds $1 billion.
Joe Grace, Director of Communications, said no documents or filings have been filed yet and the Attorney General’s Office is paying close attention to the matter.
Source: Community Health Systems, Inc.