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Quorum Health completes sale of NC hospital

Quorum Health Corp., the 38-hospital spinoff of Franklin, Tenn.-based Community Health Systems, has sold 64-bed Sandhills Regional Medical Center in Hamlet, N.C., to First Health of the Carolinas in Pinehurst, N.C.

The divestiture is part of Quorum's quest to sell off its underperforming assets. In addition to the Sandhills Regional deal, Quorum has inked an agreement to divest Barrow Regional Medical Center in Winder, Ga. That transaction is expected to close by the end of the year.

Quorum expects to receive a combined $25 million for Sandhills Regional and Barrow Regional. Those funds will be used to pay down the company's debt.

During a third-quarter earnings call in November, Quorum President and CEO Thomas D. Miller said divestiture is a "top priority." He said the company plans to sell six more unspecified hospitals to drive down its debt.

More articles on healthcare industry transactions:

UMass Memorial moves forward with plan to merge 2 hospitals
CHS sells 2 hospitals for $425M as part of debt-reduction effort
Beth Israel, Lahey back in merger talks for the 4th time

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