The 35-hospital system, which is a spinoff of Franklin, Tenn.-based Community Health Systems, is focused on restructuring its portfolio to improve its financial performance. Cherokee Medical Center is the third hospital the company has divested in recent months. In December, the company finalized the sale of Barrow Regional Medical Center in Winder, Ga., and Sandhills Regional Medical Center in Hamlet, N.C.
Quorum plans to sell more hospitals in the coming months. On Thursday, Quorum inked a definitive agreement to sell 231-bed Trinity Hospital of Augusta (Ga.) to The Richmond County Hospital Authority. That transaction is expected to close by the end of June. The company expects to enter into a definitive agreement for the sale of another hospital by the end of the first quarter and has signed letters of intent covering four additional hospitals, Quorum President and CEO Thomas D. Miller said in an earnings statement released Wednesday.
Quorum ended 2016 with a net loss of $347.7 million, compared to a net income of $1.3 million in the year prior.
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