University of Pennsylvania Health System in Philadelphia and Pittsburgh-based UPMC told investors they are not interested in acquiring Tower Health due to its financial woes.
Thomas Jefferson University in Philadelphia also just received approval to purchase Philadelphia-based Einstein Healthcare Network, so it is also likely out of the running, according to the report.
Tower Health has been looking for a “like-minded” suitor to purchase it and help improve its finances. Tower Health’s operating losses have neared $600 million, according to the report.
Tower Health was hit with a three-notch credit downgrade by Fitch Ratings in March, reflecting significant ongoing financial losses from the COVID-19 pandemic and operational challenges following the 2017 acquisition of five hospitals.
More articles on healthcare industry transactions:
Trinity buys majority stake in Premier Health
Troubled Pennsylvania health system looks for a buyer
OU Medicine inks merger to form academic health system
