West Reading, Pa.-based Tower Health is looking for a partner to buy the entire system, putting the future of St. Christopher's Hospital for Children at risk, according to The Philadelphia Inquirer.
Tower Health and Drexel University acquired St. Christopher's Hospital for Children in Philadelphia in December 2019 for $50 million. The 188-bed hospital was put up for sale after it and Philadelphia-based Hahnemann University Hospital filed for Chapter 11 bankruptcy in June 2019.
Less than two years after the sale was completed, Tower, which manages St. Christopher's as part of the joint venture, is looking for a buyer as it faces financial losses, according to the report.
Drexel University President John Fry is looking for ways to maintain St. Christopher's as a teaching location for Drexel College of Medicine's students. He resigned earlier this month from Tower Health's board to avoid conflicts of interest, according to the report.
Philadelphia-based Temple University Health System may also run the hospital. It uses St. Christopher's as a teaching location.
"Preserving St. Chris is important for Philadelphia, because it plays a vital role in the city's healthcare network for children," Temple University Health System CEO Michael Young told the Inquirer. "We are currently in discussions to see whether it’s possible for Temple to have a role in doing so."
Read the full article from The Philadelphia Inquirer here.