Tower Health finds buyer for Chestnut Hill Hospital

Tower Health has found a buyer for Chestnut Hill Hospital.

An alliance composed of Temple Health, Redeemer Health and Philadelphia College of Osteopathic Medicine announced Monday that they have signed an agreement to purchase the Philadelphia facility.

A price for the pending sale was not disclosed.

“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,” Michael A. Young, president and CEO of Temple Health, said in a statement announcing the purchase.

The hospital, which is licensed for 148 beds, will be renamed Temple Health-Chestnut Hill Hospital following the sale. The facility will be managed by Temple Health.

The deal still needs to be approved by regulators and Tower Health bond holders before becoming official.

The purchase represents the first major move for the newly formed collaboration among Temple Health, Redeemer Health and Philadelphia College of Osteopathic Medicine.

“Our collaborative affiliation promises continued success for our organizations and those we partner with and, more importantly, for the patients and communities we serve,” Michael B. Laign, president and CEO of Redeemer Health, said in Monday’s statement.

Jay S. Feldstein, president and CEO of Philadelphia College of Osteopathic Medicine, said the effort will enhance the school’s ability to train the next generation of health professionals, while also allowing the hospital to continue to provide health care to the community it has served for more than a century.

Likewise, Tower Health President and CEO P. Sue Perrotty said she was glad the hospital will be able to keep its doors open.

“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,” she said in Monday’s statement.

Tower Health had previously signed a letter of intent to transfer Chestnut Hill Hospital to Trinity Health Mid-Atlantic, a Delaware County-based Catholic regional health system. However negotiations between the two died earlier this year.

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