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Quorum sells 72-bed Alabama hospital

Brentwood, Tenn.-based Quorum Health has divested 72-bed L.V. Stabler Memorial Hospital in Greenville, Ala., to the Health Care Authority of the City of Greenville-L.V. Stabler Hospital, a public corporation.

Quorum signed a letter of intent to sell the hospital to the City of Greenville in July, and the parties signed a definitive agreement in September.

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. From March through September, the company sold Cherokee Medical Center in Centre, Ala., Trinity Hospital of Augusta (Ga.), Sunbury (Pa.) Community Hospital and Lock Haven (Pa.) Hospital.

The company has several other deals in the works. Quorum inked definitive agreements earlier this year to sell three hospitals: Henderson County Community Hospital in Lexington, Tenn.; McKenzie (Tenn.) Regional Hospital; and Vista Medical Center West in Waukegan, Ill.

Quorum, the 31-hospital spinoff of Franklin, Tenn.-based Community Health Systems, saw its net loss narrow from $245.1 million in the second quarter of 2016 to $30.6 million in the same period of this year. The company will release its financial results for the third quarter Nov. 8.

More articles on healthcare industry transactions:

CHS divests Florida hospital to HCA
Tri Valley Health to affiliate with Avera Health
Bankrupt North Carolina hospital attracts 7 bidders

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