PHILADELPHIA (KYW Newsradio) — Three health care organizations in the area — Temple Health, Redeemer Health and the Philadelphia College of Osteopathic Medicine — have come together to collectively acquire Chestnut Hill Hospital from Tower Health.
“Together, our organizations bring the expertise, resources, operational excellence and skilled clinical care to ensure that Chestnut Hill Hospital remains a durable and sustainable resource for the eastern Montgomery County and northwest Philadelphia communities,” Temple Health President and CEO Michael A. Young said in a statement.
Following the acquisition, Temple Health will manage the hospital, which will then be known as Temple Health-Chestnut Hill Hospital.
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The acquisition is pending final approval from regulators and Tower Health.
“Tower Health is pleased and grateful that Chestnut Hill Hospital will continue to serve the community as part of an alliance of highly-respected and locally based nonprofit health care institutions,” Tower Health President and CEO P. Sue Perrotty said in a statement.
The deal comes amid years of financial turmoil for the Berks County-based health system, which continues to operate sites including St. Christopher’s Hospital for Children in North Philadelphia.
Two of Tower Health’s hospitals in Chester County — Brandywine and Jennersville — abruptly shut their doors last year. ChristianaCare announced in June plans to purchase Jennersville Hospital. Brandywine Hospital has not been sold.
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Chestnut Hill Hospital has served the region for more than 100 years. Officials did not disclose the price of the sale.