Franklin, Tenn.-based Community Health Systems is taking many steps, including divesting hospitals, to improve its finances and reduce its heavy debt load.
Here are three things to know.
1. On April 1, CHS completed the sale of 120-bed Bayfront Health Dade City (Fla.) to Altamonte Springs, Fla.-based Adventist Health System. The hospital, which is now part of Adventist's West Florida Division, was renamed Florida Hospital Dade City.
2. Bayfront Health Dade City is one of several hospital divestitures CHS has in the works. As part of a turnaround plan put into place in 2016, CHS announced plans in 2017 to sell off 30 hospitals. CHS completed the divestiture plan Nov. 1. To further reduce its debt, CHS said it intends to sell another group of hospitals with combined revenue of $2 billion.
3. CHS signed a definitive agreement in late January to sell Tennova Healthcare-Jamestown (Tenn.) to West Palm Beach, Fla.-based Rennova Health. In February, CHS agreed to divest Leesville, La.-based Byrd Regional Hospital to Allegiance Health Management in Shreveport, La. In late March, CHS signed a definitive agreement to sell three of its Tennessee hospitals to Jackson-based West Tennessee Healthcare.
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