Chicago-based CommonSpirit Health is in discussions to negotiate an affiliation agreement to transfer ownership of 14 Midwest hospitals, according to financial documents released Nov. 16.
CommonSpirit said it is currently working toward an agreement with an undisclosed third party to transfer ownership of 13 critical access hospitals and one full-service tertiary hospital along with their associated clinics and home health operations. The hospitals are in North Dakota and Minnesota.
CommonSpirit first disclosed that the facilities were being held for sale in financial documents released in September. The disclosure came about four months after CommonSpirit and Duluth, Minn.-based Essentia Health abandoned a deal that would have transferred the 14 hospitals to Essentia.
CommonSpirit, formed in 2019 through the merger of San Francisco-based Dignity Health and Englewood, Colo.-based Catholic Health Initiatives, reported net income of $269 million on revenues of $8.5 billion for the three months ended Sept. 30. In the same period a year earlier, the 140-hospital system posted net income of $800 million on revenues of $7.7 billion.