Philadelphia-based St. Christopher's Hospital for Children, part of West Reading, Pa.-based Tower Health, has received a commitment for around $30 million in financial support.
Here are six things to know:
1. The two-year funding is from Philadelphia-based Temple Health, Children's Hospital of Philadelphia, Philadelphia-based Jefferson Health and Philadelphia College of Osteopathic Medicine, according to an Oct. 21 news release shared with Becker's.
2. This is the second round of funding provided to St. Christopher's from the institutions after they committed around $50 million to the hospital in June 2022. Independence Health Group helped bring the organizations together to support both rounds of funding for the hospital.
3. St. Christopher's received the first round of $50 million to help it regain financial stability after its 2019 purchase out of bankruptcy by Tower Health and Drexel University. "While the hospital worked successfully during that time to solidify other funding sources to serve a community facing significant, longstanding obstacles to accessing quality healthcare, we continue to seek long-term, sustainable support for St. Christopher's," the release said.
4. In July, Philadelphia Mayor Cherell Parker signed a bill that added St. Christopher's to the Philadelphia Hospital Assessment, a joint city, state and federal program that gives funding to hospitals with high Medicaid patient numbers. The five-year program aims to offset the effects of low Medicaid reimbursement rates.
5. St. Christopher's, which returned to nonprofit status in 2019, has increased fundraising from $500,000 in fiscal year 2020 to more than $4 million in fiscal year 2024.
6. While the 180-bed hospital is making improvements, Robert Brooks, president and interim CEO of St. Christopher's Hospital for Children, said its role as a primary safety-net children's hospital in Philadelphia and a low Medicaid reimbursement funding formula mean that the financial challenges for the hospital will continue.
"That makes partner support and philanthropy critical to supplementing any government and foundation assistance," Mr. Brooks said. "We know we face significant obstacles as we continue to deliver on St. Christopher's mission of improving the health and well-being of the community, in Philadelphia and far beyond."