Philadelphia-based Temple Health has acquired Redeemer Health’s 20% stake in Chestnut Hill Hospital, giving the academic system an 80% ownership interest in the hospital.
“This was a planned transaction that comes approximately two and a half years after Chestnut Hill Hospital was acquired by an alliance consisting of Temple Health, [Meadowbrook, Pa.-based] Redeemer and the Philadelphia College of Osteopathic Medicine,” a spokesperson for the health system told Becker’s. “Temple Health manages Chestnut Hill Hospital and now has an 80% ownership stake in the hospital.”
With the transaction, Redeemer has exited the alliance, while the Philadelphia College of Osteopathic Medicine retains a 20% ownership stake in the 148-bed hospital.
West Reading, Pa-based Tower Health sold the Philadelphia hospital in January 2023 for $28 million.
Earlier this year, Redeemer Health shared a $46 million financial turnaround plan after breaching a debt service covenant requirement. The plan included selling non-core assets to generate capital and reevaluating partnerships.
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