Three nonprofit hospitals have partnered to purchase Philadelphia-based Chestnut Hill Hospital, The Philadelphia Inquirer reported Aug. 8.
Philadelphia College of Osteopathic Medicine, Meadowbrook, Pa.-based Redeemer Health and Philadelphia-based Temple University Health System agreed to acquire the hospital owned by West Reading, Pa.-based Tower Health. Temple would own 60 percent of the hospital, while the other two partners would each own 20 percent.
"Together, our organizations bring the expertise, resources, operational excellence and skilled clinical care to ensure that Chestnut Hill Hospital remains a durable and sustainable resource for the eastern Montgomery County and northwest Philadelphia communities," Michael Young, president and CEO of Temple Health, said in a press release.
Temple Health will manage the hospital.
Regulators and bondholders of Tower Health are still reviewing the deal. Prices have not yet been disclosed.