Dear Members of the PCOM Community:
I am pleased to announce that an Alliance composed of PCOM, Temple Health and Redeemer Health has reached a definitive agreement to acquire Chestnut Hill Hospital as part of an asset purchase transaction with Reading, Pennsylvania-based Tower Health, pending review and approval by regulators and the Tower Health bondholders. This agreement allows the Alliance to bring our combined expertise, resources, operational excellence and skilled clinical care to northwest Philadelphia and eastern Montgomery County.
The newly-named Temple Health - Chestnut Hill Hospital will remain a freestanding, licensed acute care hospital under a newly-formed not-for-profit company owned and controlled by the Alliance. Temple Health is the majority equity holder and will manage Temple Health - Chestnut Hill Hospital following the acquisition, anticipated to be completed this year.
This is an exciting development for PCOM and much more than a financial transaction. This cooperative relationship among Alliance members is a novel solution for preserving a hospital that has been serving its community for over 100 years. Likewise, each member of the Alliance has an interest in sustaining this community health resource and each brings distinct value to the table. Temple Health provides experience in clinical integration and operational efficiencies across campuses. Redeemer Health adds referral networks and renowned work in women's health. Our College adds academic support: residency programs in internal medicine and surgery as well as expanded clinical education opportunities for our doctor of osteopathic medicine and physician assistant studies students. We also proffer our expertise in primary and community health care.
This Alliance has the potential to bring world-class patient care and graduate and clinical education experiences into this vital community resource. I am optimistic about this endeavor and look forward to sharing more with you in the coming months.
Jay S. Feldstein, DO '81
President and Chief Executive Officer
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