Brentwood, Tenn.-based Quorum Health, the 35-hospital spinoff of Franklin, Tenn.-based Community Health Systems, has signed a definitive agreement to sell two Pennsylvania hospitals to Williamsport, Pa.-based UPMC Susquehanna.
Under the deal, which is expected to close by Sept. 30, Quorum will sell 70-bed Sunbury (Pa.) Community Hospital and 47-bed Lock Haven (Pa.) Hospital to UPMC Susquehanna.
Quorum began selling off hospitals last year in an effort to restructure its portfolio to improve financial performance. The company sold Sandhills Regional Medical Center in Hamlet, N.C., and Barrow Regional Medical Center in Winder, Ga., in the fourth quarter of 2016 and divested Cherokee Medical Center in Centre, Ala., in March. Quorum also inked definitive agreements this year to sell three hospitals — Trinity Hospital of Augusta (Ga.); Henderson County Community Hospital in Lexington, Tenn.; and McKenzie (Tenn.) Regional Hospital.
Quorum's net loss widened from $5 million in the first quarter of 2016 to $27.6 million in the first quarter of this year.
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