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Quorum Health to divest Alabama hospital

Brentwood, Tenn.-based Quorum Health has signed a letter of intent to sell L.V. Stabler Memorial Hospital, a 72-bed facility in Greenville, Ala., to the City of Greenville.

The transaction is expected to close by Sept. 30.

L.V. Stabler Memorial is one of several hospitals Quorum plans to divest. The company 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. The company divested Cherokee Medical Center in Centre, Ala., in March and Trinity Hospital of Augusta (Ga.) in June.

The company has several other deals in the works. Quorum inked definitive agreements earlier this year to sell four hospitals — Henderson County Community Hospital in Lexington, Tenn.; McKenzie (Tenn.) Regional HospitalSunbury (Pa.) Community Hospital; and Haven (Pa.) Hospital.

Quorum, the 34-hospital spinoff of Franklin, Tenn.-based Community Health Systems, saw its net loss widen from $5 million in the first quarter of 2016 to $27.6 million in the first quarter of this year.

More articles on healthcare industry transactions:

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19 recent hospital transactions and partnerships

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