Tenet Healthcare Corp., Dallas, will unload another Philadelphia-area hospital, saying it has agreed to sell 181-bed Graduate Hospital, Philadelphia, to the 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 the end of March. At one point, Tenet owned eight hospitals in the Philadelphia area, including Graduate, that were bought in 1998 from the bankrupt Allegheny Health, Education and Research Foundation, Pittsburgh. It also has put 137-bed Roxborough Memorial Hospital, Philadelphia, and 151-bed Warminster (Pa.) Hospital on the sales block.
UPHS, meanwhile, plans to form a joint venture with Good Shepherd Rehabilitation Network, Allentown, Pa., to renovate and reconfigure Graduate as two post-acute hospitalsa 58-bed rehabilitation hospital and a 38-bed long-term acute-care hospital.