Crozer, which was rated “BBB-” by Standard & Poor’s credit rating service, was advised to raise cash in order to boost its profits, according to the report. The hospital looked to its real estate in order to raise the money.
In order to raise profits without affecting service, Crozer has sold a group of buildings in Springfield, Pa., to raise $40 million, according to the report. The health system now leases the property from the new owner.
Analysts interviewed in the report said that other struggling hospitals could follow Crozer’s lead to increase profits.
Read the Inquirer’s report about Crozer-Keystone’s real estate sales.
