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CHS to sell Tennessee hospital

Community Health Systems signed a definitive agreement to sell Tennova Healthcare-Lebanon (Tenn.) to Nashville, Tenn.-based Vanderbilt University Medical Center.

Franklin, Tenn.-based CHS expects the deal to close in the third quarter of this year. 

Tennova Healthcare Lebanon is one of several hospitals CHS is selling to improve its financial position and shrink its debt load.

CHS announced in late 2017 that it intends to sell a group of hospitals with combined revenue of $2 billion. The company made significant progress toward that goal last year.

During 2018, CHS completed 11 hospital divestitures and permanently closed three hospitals. The company has completed three hospital divestitures this year and has several other hospitals under definitive agreement to sell.

The hospital divestitures have helped CHS reduce its debt load. The company's long-term debt totaled $13.39 billion as of Dec. 31, down from $13.88 billion at the end of 2017.

More articles on healthcare industry transactions:

Sparrow Health System, Michigan Medicine sign affiliation agreement
Henry Ford CEO suspends Wayne State affiliation talks
Merger will save Connecticut hospital, lawmakers say

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