The apartment complex, which the hospital had owned and operated for 21 years, was putting added financial strain on Culbertson Memorial.
“Ultimately, we decided to focus on our primary mission, which is to operate a hospital, and that we must do whatever is necessary to keep that hospital financially viable for the long term,” hospital CEO John Kessler said, according to the report.
The move comes as many other hospitals and health systems are seeking to expand their long-term care and outpatient care assets.
Read the full story here.
More articles on transactions and valuation:
Quorum refuses to negotiate sale of soon-to-shutter hospital, potential buyer says
Struggling New York hospital to be sold, town board says
Medical Properties Trust invests $2B in 24 hospitals
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit