- Community Health Systems (CHS) and Tenet Healthcare, two of the nation's largest for-profit hospital systems, have announced they are divesting multiple small- to medium-sized hospitals on Monday.
- CHS announced the completion of a sale of 8 hospitals to Steward Health Care as well as the completion of a sale of two hospitals to Curae Health, Inc. and announced a new sale of one hospital to CHRISTUS Health. The system said in 2017 it planned to sell an additional 25 hospitals.
- Tenet is selling three of its Houston-based acute care hospitals and one long-term acute care hospital to HCA Healthcare, which is also among the largest U.S. hospital systems.
The news comes amid the usual flurry of first quarter earnings reports. Texas-based Tenet in February reported a quarterly revenue loss of 3.3% and attributed it to a lack of demand.
HCA had flat revenue of $10.6 billion in the first quarter of 2017 and net income for the quarter at $659 million.
CHS has been divesting dozens of its hospitals since 2015. Its financial struggles began with its 2014 $7.5 billion acquisition of Health Management. This move contributed to its $15 billion debt.
For more on the CHS news, click here. For more on the Tenet new, click here.