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CHS sells New Jersey hospital

A newly formed nonprofit run by Bloomfield, N.J.-based Community Healthcare Associates completed its purchase of Salem, N.J.-based Memorial Hospital of Salem County from Community Health Systems, according NJBiz.com.

Franklin, Tenn.-based CHS acquired the 126-bed hospital in 2002 for $35 million. After operating the hospital for more than a decade, CHS entered an agreement to sell the hospital to Ontario, Calif.-based Prime Healthcare Foundation for $15 million. That deal fell through in May 2017.

In late 2018, CHS agreed to sell the hospital to Salem County Hospital Corp. The deal closed Jan. 31.

"Our plan to retain and expand the delivery of quality healthcare services in Salem County has been carefully crafted, presented, reviewed and updated by key stakeholders, including current medical staff, current hospital leadership, community advocates, and others, all of whom are integral to the hospital's success," Bill Colgan, CHA's managing partner, said in a statement to NJBiz.

Mr. Colgan said CHA would also try to expand the hospital's existing partnerships with other healthcare providers, including Camden, N.J.-based Cooper University Health Care.

More articles on healthcare industry transactions:

Baylor Scott & White, Memorial Hermann end merger talks
Dignity Health, CHI merge into $29B system
HCA completes $1.5B acquisition of Mission Health

 

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