Tenet Healthcare Corp., Dallas, will unload another Philadelphia-area hospital, saying it has agreed to sell Graduate Hospital, Philadelphia, to University of Pennsylvania Health System, Philadelphia. The sale would reduce Tenets Philadelphia-area holdings to four hospitals if the deal closes successfully, which is expected by March 30. At one point, Tenet owned eight hospitals in the Philadelphia area. It also has put Roxborough Memorial Hospital, Philadelphia, and Warminster (Pa.) Hospital on the sales block. When the Graduate deal is completed, Tenet will own or operate 62 hospitals, including five hospitals held for sale.
UPHS, meanwhile, plans to form a joint venture with Good Shepherd Rehabilitation Network, Allentown, Pa. The joint venture will renovate and reconfigure Graduate as two post-acute hospitals -- a 58-bed rehabilitation hospital and 38-bed long-term acute-care hospital. It also will operate the systems outpatient centers and rehabilitation therapy for its three hospitals and three skilled-nursing facilities. Good Shepherd will hold a controlling 70% interest in Good Shepherd Penn Partners and will invest $35 million to renovate and equip the two new post-acute facilities. -- by Vince Galloro and Cinda Becker