Through the first nine months of fiscal 2021, Tower Health's operating loss reached $228.4 million. In its most recent financial report, Tower Health said it received multiple indications of interest from potential buyers and is working to review the proposals by mid-July. Tower Health, a seven-hospital system, has been looking for a "like-minded" suitor to purchase it and improve its finances. It is unclear what made them change their minds, according to the report. Lehigh Valley and StoneBridge teamed up to determine if they could reach a mutually beneficial deal.Įarlier this month, the two organizations told the Business Journal that they had decided not to make an offer. In a reversal from earlier this month, two Pennsylvania healthcare organizations have decided to submit a bid to buy the financially struggling West Reading, Pa.-based Tower Health, according to the Philadelphia Business Journal.Īllentown, Pa.-based Lehigh Valley Health Network and Lahaska, Pa.-based StoneBridge Healthcare, a healthcare company that plans to buy acute-care hospitals, changed stances and have now made an offer for Tower Health. Past Issues - Becker's Clinical Leadership & Infection Control.Current Issue - Becker's Clinical Leadership & Infection Control.Becker's Cardiology + Heart Surgery Podcast.Becker's Ambulatory Surgery Centers Podcast.Becker’s Digital Health + Health IT Podcast.Digital Innovation + Patient Experience and Marketing Virtual Event.Transform Hospital Operations Virtual Summit.Conference Reviewers: Request for More Information.29th Annual Meeting - The Business & Operations of ASCs.8th Annual Health IT + Digital Health + RCM Conference.20th Annual Spine, Orthopedic & Pain Management-Driven ASC Conference.Clinical Leadership & Infection Control.Executives at the University of Pennsylvania Health System and UPMC told investors last week. Tower Health was also hit with a three-notch credit downgrade by Fitch Ratings in March, reflecting significant ongoing financial losses from the COVID-19 pandemic and operational challenges following the 2017 acquisition of five hospitals. Tower Health, which has six hospitals in the Philadelphia area, is looking for a bigger nonprofit to lift it out of its financial misery, but the biggest health systems in Philadelphia and Pittsburgh say they’re not interested. Tower Health's operating losses have neared $600 million. Tower Health has been looking for a "like-minded" suitor to purchase the health system and help it improve its finances for months. The move will affect about 200 physicians and staff. The news comes a few days after Tower Health announced it would restructure and consolidate its medical group to improve its finances. Post also said that bond holders and creditors should get publicly involved to help save the hospitals and their investments. As it stands now, bond holders and creditors have not taken a public stand in trying to save these hospitals." "We would want to get the creditors and bondholders involved in these discussions because they can put pressure on Tower.
"If these hospitals close or staffing is reduced what would happen would be catastrophic for the communities they serve," Mr. Post argues the services could improve the finances of the three hospitals. The services being pitched are child care, elder care and wellness programs. The attorney, Barton Post, said he is working with the Chester County Medical Society and the Pennsylvania Medical Society to develop a model that would incorporate new services into the hospitals under a nonprofit umbrella. Past Issues - Becker's Clinical Leadership & Infection ControlĪ retired attorney is pitching a plan to save three hospitals owned by Tower Health, a cash-strapped hospital system based in West Reading, Pa., according to The Mercury.
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