Parent of Indiana Hospitals Considering Sale
Community Health Systems owns Porter Regional Hospital in Valparaiso. (photo courtesy of The Times of Northwest Indiana)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowTennessee-based Community Health Systems Inc. (NYSE: CYH), which owns 11 hospitals throughout northern Indiana, has announced it is exploring the possibility of a sale. Our partners at The Times of Northwest Indiana report the company has suffered major financial losses over the past year.
The company says discussions with potential "financial sponsors" are at a very preliminary stage. "There can be no certainty that the exploration will result in any kind of transaction," the company said in a news release.
"Community Health Systems’ primary focus continues to be on delivering high-quality health services in the communities where we operate," said Wayne Smith, chairman and chief executive officer of Community Health Systems. "Our management team is completely committed to efforts that advance clinical excellence, operational and financial performance and growth strategies that will benefit our organization and the customers we serve."
The company in March completed its deal to acquire a majority ownership in Indiana University Health La Porte Hospital and IU Health Starke Hospital in Knox. Last month, the Community Health Systems reported a second quarter net loss of $1.4 billion.