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Community Health Systems To Sell Three Hospitals In Florida For $280 Million

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Community Health Systems has signed a deal to sell three of its hospitals in Florida for $280 million in cash.

The provider of healthcare and outpatient services said it will sell facilities in Brooksville, Crystal River and Spring Hill, along with their associated assets, to Tampa General Hospital and some of its affiliates.

The $280 million cash consideration doesn’t include anticipated purchase price adjustments for net working capital as well as capital leases assumed by the buyer. Including those figures, the cash consolidation is closer to about $290 million.

The deal is expected to close later this year.

Shares advanced 6% to $4.69 in after-hours trading.

 

Source: Market Watch

After 121 Hospital Sales Over 6 Years, CHS Doubles Down On ASC, Outpatient Growth

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Franklin, Tenn.-based Community Health Systems has sold 121 hospitals over the last six years and is nearing the end of a multiyear divestiture plan, and at the same time, the system has invested heavily into the outpatient space, the Nashville Post reported Feb. 19.

Over the same time period, CHS has spent nearly $440 million in developing three ASCs and three freestanding outpatient-based emergency departments, with more in the pipeline.

 “The system pivoted to the outpatient space because the centers are less capital-intensive,” said  Community Health Systems CEO Tim Hingtgen. “We continue our emphasis on the development of service lines, thereby further increasing our acuity levels on the inpatient side. And our investments on the outpatient side are designed to expand entry points into our networks, providing more convenient out-of-hospital care environments that satisfy evolving consumer expectations about the availability and accessibility of healthcare services.”

CHS still operates 85 hospitals in 16 states.

 

Source: Becker’s ASC Review