Steward Health Care System announced it has signed an Asset Purchase Agreement to acquire eight community hospitals affiliated with Community Health Systems ("CHS"). The transaction is expected to close in the second quarter of 2017, subject to customary regulatory approvals and closing conditions.
The hospitals involved in the transaction are:
• Northside Medical Center in Youngstown
• Trumbull Memorial Hospital in Warren
• Hillside Rehabilitation Hospital in Warren
• Sharon Regional Health System in Sharon
• Easton Hospital in Easton
• Wuesthoff Medical Center in Melbourne
• Wuesthoff Medical Center in Rockledge
• Sebastian River Medical Center in Sebastian
"We look forward to bringing our integrated care model to communities in Ohio, Pennsylvania, and Florida," said Ralph de la Torre, MD, Chairman and CEO of Steward Health Care.
Under its Accountable Care Organization (ACO) model, Steward has emphasized integrated care, proving its ability to keep patients healthier and reduce hospitalizations for acute care, which keeps overall costs down and improves outcomes. Founded in Q4 2010, Steward acquired several Massachusetts hospitals from the Caritas Christi Health System. Over the past seven years, Steward created a physician-led delivery system providing high-quality local health care to residents in Massachusetts communities. Steward accomplished this by investing more than $800 million in health care infrastructure, physicians, technology, and facilities all while raising quality standards for patients.