Healthcare Business News

Community Health Systems closes Florida, Pennsylvania hospital deals

By Rachel Landen
Posted: April 3, 2014 - 2:30 pm ET

Publicly traded Franklin, Tenn.-based hospital operator Community Health Systems this week completed its acquisition of Sharon (Pa.) Regional Health System. The chain also signed a 40-year lease of Munroe Regional Medical Center in Ocala, Fla.

The acquisition of Sharon Regional includes its 218-bed medical center, outpatient centers and affiliated physician practices that serve the northeast Ohio and northwest Pennsylvania region. Community Health Systems' second largest state presence is in Pennsylvania.

The long-term prepaid lease of 420-bed Munroe Regional also includes a clinical affiliation between the Ocala hospital and 946-bed UF Health Shands Hospital in Gainesville, Fla. CHS now has more affiliated hospital facilities in Florida than in any other state where it operates.

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The latest deal is the culmination of negotiations that began between Munroe Regional and Health Management Associates, which Community Health Systems acquired in January.

“The acquisition of Sharon Regional and the lease of Munroe Regional are important, strategic affiliations for our company as we work to develop networks in key states,” Wayne Smith, chairman and CEO of Community Health Systems, said in a release. “Both hospitals have served their respective communities with quality care for many years, and we appreciate the opportunity to work with the medical staffs and employees in their commitment to providing quality health services.”

Community Health Systems is one of the largest for-profit hospital chains in the U.S. in terms of revenue, ranking just behind HCA and not-for-profit Ascension Health in Modern Healthcare's ranking of hospital systems in June 2013 (PDF) using 2012-reported net patient revenue. Community Health Systems reported revenue of $13.029 billion for 2012 and revenue of $12.997 billion for 2013.

Follow Rachel Landen on Twitter: @MHrlanden

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