Doylestown (Pa.) Health, which is undergoing a strategic review as it battles to become more financially secure, said it is aiming to sell off a key asset in its 517-unit Pine Run retirement community.
The Pine Run asset, about an hour north of Philadelphia, is spread over two campuses and has been named among the top nursing homes in the country, Doylestown Health said. Currently, both the Doylestown management team and its financial advisers have received non-binding indications of interest for the Pine Care asset.
"During this process, the Boards of Trustees of Doylestown Hospital and Doylestown Health Foundation are committed to their fiduciary responsibility to explore every avenue that could provide financial relief to Doylestown Hospital and improve the financial recovery post pandemic," the system said in the Feb. 16 filing.
The system said at the time of reporting the strategic review that it is facing "extraordinary and unprecedented financial hardship."
Doylestown Hospital, the flagship unit of the healthcare system that also runs clinics and urgent care facilities, said it had an operating loss of $24.3 million for the fiscal year ending Sept. 30.