Tower Health, a six-hospital system in West Reading, Pa., is looking for a partner to buy the entire system, but the biggest health systems in Philadelphia and Pittsburgh are not interested, the Philadelphia Inquirer reports.
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.