CHS stated in a information launch that the sale of Byrd Regional Hospital is among the many well being system’s deliberate divestitures. The transaction, pending regulatory approvals, is predicted to shut within the second quarter of 2018.
CHS, a for-profit system based mostly in Franklin, Tenn., is partially making an attempt to cut back its debt load. The system reported excellent debt of $13.9 billion within the third quarter of 2017. Its web loss from persevering with operations grew to $108 million that quarter, from $77 million on the identical time in 2016.
The announcement comes after CHS introduced final month it plans to promote its 85-bed hospital in Jamestown, Tenn., Tennova Healthcare – Jamestown, to Rennova Health. In December, CHS stated it could promote its 120-bed hospital in Dade City, Fla. to Adventist Health System.
In the corporate’s third quarter earnings report, CHS introduced it had accomplished gross sales on the 126-bed Highlands Regional Medical Center in Sebring, Fla. and the 181-bed Merit Health Northwest Mississippi in Clarksdale.
CHS CEO Wayne Smith told investors in San Francisco last month the corporate was wanting so as to add $2 billion in income within the first half of 2018 by the sale of struggling hospitals.
Tara Bannow covers hospital finance for Modern Healthcare in Chicago. She beforehand coated all facets of healthcare for the Bulletin, a every day newspaper in Bend, Ore. Prior to that, she coated greater schooling for the Iowa City Press-Citizen. She earned a bachelor’s diploma in journalism in 2010 from the University of Minnesota.