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BUSINESS
May 26, 2004 | By Josh Goldstein INQUIRER STAFF WRITER
The proposed purchase of Phoenixville Hospital by Community Health Systems Inc. could substantially change the health-care landscape of one of the fastest-growing and most affluent parts of this region. With Phoenixville - and an associated outpatient surgery center in Limerick - the Brentwood, Tenn., for-profit hospital chain would gain a dominant position along the Route 422 corridor and across western Chester County. The purchase would complement the three other hospitals that Community Health has acquired in that area over the last three years.
BUSINESS
January 24, 2001 | By Susan Weidener, INQUIRER SUBURBAN STAFF
Brandywine Hospital in Chester County announced yesterday that it would be sold to a for-profit hospital chain based in Nashville. David Moser, chairman of the Brandywine board of directors, said Community Health Systems Inc. was able to provide the $30 million needed to enhance technology and expand services at the hospital, which posted $6 million in losses last year. "We just felt it was time to turn over the leadership to a new team that may have a little different - and hopefully more effective - way of managing the resources we have," Moser said.
BUSINESS
April 15, 2004 | By Josh Goldstein INQUIRER STAFF WRITER
The University of Pennsylvania Health System signed a letter of intent yesterday to sell Phoenixville Hospital in Chester County to the for-profit Community Health Systems Inc. Community Health already owns three nearby hospitals, and this deal would give the Brentwood, Tenn., company a dominant market position in Chester County and western Montgomery County - one of the fastest-growing and most affluent parts of the region. Under the proposed deal, Community Health "would own and operate the hospital," said David L. Cohen, chairman of the Penn Medicine board, which oversees the health system and medical school.
BUSINESS
January 24, 2005 | By Josh Goldstein INQUIRER STAFF WRITER
After having one potential buyer drop out several months ago, Chestnut Hill HealthCare has reached a deal to be acquired by a for-profit joint venture. Under the deal, the small, independent health system anchored by Chestnut Hill Hospital in northwestern Philadelphia would be bought by the joint venture formed by Community Health Systems Inc., of Brentwood, Tenn., and the University of Pennsylvania Health System for $25 million. The sale of Chestnut Hill, which must be approved by Philadelphia Orphans' Court and the Pennsylvania attorney general, is expected to be completed in March.
BUSINESS
April 19, 2011 | By Marley Seaman, Associated Press
NEW YORK - Hospital operator Community Health Systems Inc. on Monday revised its $3 billion offer for rival Tenet Healthcare Corp. to an all-cash bid. Community Health is now offering $6 per share in cash. In December, it had gone public with a bid of $5 per share in cash and $1 per share in stock. At the time, the offer was a premium of about 40 percent to the Dallas company's shares. But Tenet's board rejected that offer and adopted a "poison pill" measure to fend off the bid. In the region, Tenet owns Hahnemann Hospital and St. Christopher's Hospital for Children.
NEWS
April 14, 2004 | By Nancy Petersen INQUIRER STAFF WRITER
In a splashy ceremony at Brandywine Hospital last week, Gov. Rendell signed legislation that could bring trauma care back to Chester County - though at a lower level than the county had previously enjoyed. But whether that lower level will satisfy an organization that has sued the hospital's owner over the closing of the trauma center remains to be seen. When the Brandywine Hospital and Trauma Center was sold to Community Health Systems in June, 2001, the deal called for Chester County's only trauma center to stay open for at least three years.
NEWS
May 17, 2001 | By Nancy Petersen INQUIRER STAFF WRITER
The pending sale of Brandywine Hospital and Trauma Center to a for-profit chain based in Tennessee appears to be on the fast track following a hearing yesterday in Chester County Orphans Court. After hearing testimony from the primary parties involved, Judge Lawrence E. Wood said he would sign an order approving the sale to Community Health Systems Inc. of Brentwood, Tenn., as soon as he receives final documents from the hospital's lawyer. Yesterday, Wood heard from executives of the hospital and Community Health Systems, who explained why the sale was desirable and how the interests of patients and the community would be served.
NEWS
April 4, 2002 | By Will Van Sant INQUIRER SUBURBAN STAFF
To struggling Memorial Hospital of Salem County, economic salvation could come in the form of a multibillion-dollar conglomerate from Tennessee. And to that conglomerate - the for-profit national hospital chain of Community Health Systems Inc. - the tiny hospital in New Jersey's least-populated county would be the entry point into a state that has no for-profit general hospitals. At stake is far more than Salem's survival. The $35 million deal could change the state's health-care landscape, making the 140-bed facility New Jersey's sole for-profit acute-care hospital.
BUSINESS
July 14, 2001 | By Bob Fernandez INQUIRER STAFF WRITER
A Tennessee for-profit hospital chain said yesterday that it had agreed to make its second acquisition in Chester County by purchasing the Southern Chester County Medical Center in West Grove, which employs 350 and has 59 beds. Terms were not disclosed. Community Health Systems Inc., of Brentwood, Tenn., had purchased the Brandywine Hospital and Trauma Center, near Coatesville, earlier this year. Richard White, the medical center's board chairman, said in a statement that the deal was a "very good outcome" which had come after an evaluation of 22 potential acquirers that were for-profit companies or tax-exempt health-care organizations.
NEWS
August 11, 2004 | By Reid Kanaley INQUIRER STAFF WRITER
Stephen M. Tullman, the new chief executive officer of Phoenixville Hospital, arrived last week with a youthful smile and a deep pocket of cash. Tullman, 52, appointed by the hospital's new for-profit owner, Community Health Systems Inc., has the task of deciding how to spend $82 million to $117 million to renovate or rebuild the hospital. "You have to spend it the right way. You only get one shot," said Tullman, who is in the process of moving from Southern California. Under terms of its purchase of Phoenixville Hospital from the nonprofit University of Pennsylvania Health System, Community Health has eight years to complete an overhaul of the 111-year-old, 143-bed hospital that serves northern Chester County.
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NEWS
November 13, 2014 | By Melanie Burney, Inquirer Staff Writer
Memorial Hospital of Salem County made New Jersey history when a major for-profit health-care system bought the struggling facility. The law was changed to clear the way for the 2002 purchase of the nonprofit hospital for $34 million by Community Health Systems. Lawmakers were optimistic Memorial would expand into a thriving health network in the region. But now, a dozen years later, the excitement has apparently waned and lawmakers are painting a dismal outlook for the hospital.
NEWS
September 13, 2014 | By Marie McCullough, Inquirer Staff Writer
An unencrypted desktop computer containing personal information on 3,780 patients was stolen during a break-in at a Temple University physicians' office in late July, the university said in a statement Thursday. The computer, in the department of surgery, contained files with patient information that could be used for identity theft, including name, age, billing codes, and, in some cases, the name of the referring physician. The files did not contain Social Security numbers or financial data, according to the university.
NEWS
August 22, 2014 | By Marie McCullough, Inquirer Staff Writer
Computer hackers traced to China stole personal data belonging to 4.5 million patients who used hospitals owned by Community Health Systems, which includes 20 hospitals in Pennsylvania and one in South Jersey. The stolen information included patient names, addresses, birth dates, and telephone and Social Security numbers, but not credit card or medical information, according to a report filed with the federal government by Community Health. "The company is providing appropriate notification to affected patients and regulatory agencies as required by law," the report said.
BUSINESS
April 11, 2013 | By Steve Rothwell, Associated Press
NEW YORK - Technology stocks roared back Wednesday, driving the Standard & Poor's 500 and Dow Jones industrial average to record highs. The industry has lagged the broader market this year but surged after the network-communication company Adtran reported earnings that were double what Wall Street analysts expected. That boosted optimism that businesses will increase spending on technology equipment. The chipmakers Micron and Intel jumped, as did other network-equipment makers such as Cisco and JDS Uniphase.
BUSINESS
May 18, 2012 | By Harold Brubaker, INQUIRER STAFF WRITER
Profitability at hospitals in Philadelphia and its Pennsylvania suburbs improved slightly last year, but the revenue growth rate continued sliding, according to an annual report by the Pennsylvania Health Care Cost Containment Council to be released Thursday. The report, which is appearing as hospital interests are lobbying hard in Harrisburg to undo funding cuts proposed by Gov. Corbett in February, showed that the overall operating profit margin at 41 area for-profit and nonprofit hospitals edged up to 4.4 percent from 4.3 percent.
NEWS
November 21, 2011
Theodore J. Forstmann, 71, a longtime Wall Street financier who was a major player during the wave of corporate takeovers in the 1980s, including the battle for RJR Nabisco, died of brain cancer Sunday, said a statement from the sports agency IMG. Mr. Forstmann was chairman and chief executive officer of IMG and senior founding partner of the investment firm Forstmann Little & Co. Forstmann Little bought IMG in 2004. Forstmann Little, which was founded in 1978, completed leveraged buyouts of companies including Dr Pepper, Yankee Candle, General Instrument, and Community Health Systems.
NEWS
September 12, 2011 | ASSOCIATED PRESS
Shares of Tenet Healthcare Corp. sank Monday after the hospital operator said it expects 2011 earnings to be at the low end of its previously announced guidance, due in part to growth in Medicaid admissions, which offer relatively low reimbursement. THE SPARK: Tenet earlier said it expects adjusted earnings before interest, taxes, depreciation, and amortization to range between $1.17 billion and $1.27 billion. Tenet, which operates Hahnemann University Hospital and St. Christopher's Hospital for Children in Philadelphia, said Medicaid patient admissions made up 75 percent of its growth so far in the third quarter.
BUSINESS
May 3, 2011 | By Joseph N. DiStefano, Inquirer Staff Writer
Is there a difference between "I won't sell" and "Pay me more"? Take Cephalon Inc. , which gave an emphatic "no" to a $5.7 billion takeover bid from Canada's aggressive Valeant Pharmaceuticals International last month. Frazer-based Cephalon insisted it had all the drugs and cash it needed to make the big time on its own. Then it turned around and accepted a $6.8 billion proposal from Israel-based Teva Pharmaceutical Industries Ltd. on Monday, even though the higher bid means more pressure to end programs and jobs.
BUSINESS
April 21, 2011 | By Joseph N. DiStefano, Inquirer Staff Writer
Drexel University president John A. Fry won't help hospital chain Community Health Systems Inc. , where he's been a board member since 2004, in its effort to buy reluctant Tenet Healthcare Corp. , whose Hahnemann University Hospital is affiliated with Drexel's medical school. Fry "is recusing himself from participation in any discussions, deliberations, or decisions at CHS relating to Tenet and will continue to do so," Drexel spokeswoman Lori Doyle says.
BUSINESS
April 19, 2011 | By Marley Seaman, Associated Press
NEW YORK - Hospital operator Community Health Systems Inc. on Monday revised its $3 billion offer for rival Tenet Healthcare Corp. to an all-cash bid. Community Health is now offering $6 per share in cash. In December, it had gone public with a bid of $5 per share in cash and $1 per share in stock. At the time, the offer was a premium of about 40 percent to the Dallas company's shares. But Tenet's board rejected that offer and adopted a "poison pill" measure to fend off the bid. In the region, Tenet owns Hahnemann Hospital and St. Christopher's Hospital for Children.
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