Brentwood, Tenn.-based Quorum Health, the 35-hospital spinoff of Franklin, Tenn.-based Community Health Systems, is focused on restructuring its portfolio to improve financial performance.
Quorum began a divestiture spree last year, selling Sandhills Regional Medical Center in Hamlet, N.C., and Barrow Regional Medical Center in Winder, Ga., in the fourth quarter of 2016 and divesting Cherokee Medical Center in Centre, Ala., in March.
The company also inked definitive agreements this year to sell three hospitals — Trinity Hospital of Augusta (Ga.); Henderson County Community Hospital in Lexington, Tenn.; and McKenzie (Tenn.) Regional Hospital — and signed letters of intent to divest two others.
Although the company has made progress in restructuring its portfolio, Quorum CEO Thomas D. Miller said on an earnings call this week that the company is seeking to sell more hospitals.
"We are actually seeking to sell [an] additional six facilities at this time," Mr. Miller said on the earnings call. "There are larger facilities included in our potential divestiture list that do not align with our strategic plans for the future. Sales of these facilities will allow us to reduce our leverage and lay a foundation for a cost-efficient and profitable operating company."
Quorum's net loss widened from $5 million in the first quarter of 2016 to $27.6 million in the first quarter of this year.
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