Here are seven updates on Franklin, Tenn.-based Community Health Systems' recent hospital divestitures, lawsuits and financial performance reported by Becker's Hospital Review since Jan. 1.
1. CHS fights securities fraud case: 'There is not a whiff of evidence'
Community Health Systems and Quorum Health say there is no evidence to support a lawsuit brought by shareholders alleging Quorum's stock was trading at an inflated price after its spinoff from CHS due to the companies concealing financial information.
2. CHS buys more time for turnaround with $1B debt tender offer, Fitch says
Community Health Systems announced Jan. 23 that it will offer more than $1 billion of senior secured notes due in 2025.CHS said it intends to use the proceeds from the $1.46 billion offering of notes to purchase outstanding senior secured notes due in 2021, redeem all 2021 notes not tendered and pay related fees and expenses.
3. CHS nears end of divestiture spree after shedding more than 90 hospitals
Community Health Systems has been busy selling, spinning-off and closing hospitals over the past four years. CHS is near the end of its hospital sell-off spree, according to the company's presentation at the J.P. Morgan Healthcare Conference in San Francisco on Jan. 15. CHS officials said they expect the remainder of the divestitures to close by mid-2020.
4. CHS shares surge after releasing preliminary financial results
Shares of Community Health Systems surged Jan. 15 after the company offered a preliminary look at its 2019 financial results and provided guidance for 2020.
5. CHS reaches $53M deal in class-action stock drop lawsuit
Community Health Systems agreed to pay $53 million to resolve a class-action lawsuit filed by pension funds and shareholders.
6. CHS pilots VR program to improve clinical leadership
A pilot program launching at Community Health Systems will use virtual reality technology to strengthen clinical leadership in emergency resuscitation situations.
7. CHS divests 3 Virginia hospitals, appoints new CFO
Community Health Systems no longer operates hospitals in Virginia after selling three hospitals to Cincinnati-based Bon Secours Mercy Health.