Community Health Systems selling Louisiana hospital

Community Health Systems said Tuesday it will sell a 60-bed hospital in the small city of Leesville, La., to Allegiance Health Management as part of a broader sell-off the hospital chain is undertaking.

CHS said in a news release that the sale of Byrd Regional Hospital is among the health system's planned divestitures. The transaction, pending regulatory approvals, is expected to close in the second quarter of 2018.

CHS, a for-profit system based in Franklin, Tenn., is in part trying to reduce its debt load. The system reported outstanding debt of $13.9 billion in the third quarter of 2017. Its net loss from continuing operations grew to $108 million that quarter, from $77 million at the same time in 2016.

The announcement comes after CHS announced last month it plans to sell its 85-bed hospital in Jamestown, Tenn., Tennova Healthcare – Jamestown, to Rennova Health. In December, CHS said it would sell its 120-bed hospital in Dade City, Fla. to Adventist Health System.

In the company's third quarter earnings report, CHS announced it had completed sales on the 126-bed Highlands Regional Medical Center in Sebring, Fla. and the 181-bed Merit Health Northwest Mississippi in Clarksdale.

CHS CEO Wayne Smith told investors in San Francisco last month the company was looking to add $2 billion in revenue in the first half of 2018 through the sale of struggling hospitals.