An alliance composed of Temple Health, Redeemer Health, and Philadelphia College of Osteopathic Medicine (PCOM) has signed a definitive agreement whereby a newly formed entity owned by the Alliance will acquire Chestnut Hill Hospital as part of an asset purchase transaction with Reading, PA-based Tower Health pending review and approval by regulators and the Tower Health bond holders.
“Together, our organizations bring the expertise, resources, operational excellence and skilled clinical care to ensure that Chestnut Hill Hospital remains a durable and sustainable resource for the eastern Montgomery County and northwest Philadelphia communities,” said Michael A. Young, MHA, FACHE, President & CEO of Temple Health. Temple Health will manage the newly-named Temple Health-Chestnut Hill Hospital following the acquisition.
Temple Health, Redeemer Health, and PCOM formed the Alliance to pursue collaborative affiliations that will benefit patients and add value to the communities they serve. “Our collaborative affiliation promises continued success for our organizations and those we partner with, and more importantly, for the patients and communities we serve,” said Michael B. Laign, President & CEO of Redeemer Health.
“This endeavor will help strengthen PCOM’s clinical and graduate medical education capabilities and enhance our ability to train the next generation of health professionals,” said Jay S. Feldstein, DO, President and CEO of Philadelphia College of Osteopathic Medicine. “Most importantly, Chestnut Hill Hospital will continue to serve as a critical resource for the surrounding communities.” Chestnut Hill Hospital has served the northwest Philadelphia and east Montgomery County area for more than 100 years.
“Tower Health is pleased and grateful that Chestnut Hill Hospital will continue to serve the community as part of an alliance of highly-respected and locally-based non-profit healthcare institutions,” said Tower Health President and CEO P. Sue Perrotty.
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