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What Is The Buzz Surrounding Community Health Systems (NYSE:CYH)?

A group of concerned physicians have dropped their initiatives to purchase a hospital in Fort Wayne, from Community Health Systems (NYSE:CYH). The Journal Gazette mentioned that the more recently the ten doctors disbanded the group they had formed to try to purchase Lutheran Health Network. In a report issued in conjunction with CHS, the physicians stated they would not take any additional efforts to seek a purchaser that would be interested in buying the Lutheran network.

The details

Community Health has owned the Lutheran network since 2007. The proposal for company to sell the network came as it has continued to reduce hospitals as it plans to regain its financial status, which was weakened after the firm’s 2014 purchase of Health Management Associates. Since March 31, 2017 the company has reported deals to sell 30 hospitals in ten different transactions. The firm now owns, operates or leases 146 affiliated hospitals in as many as 21 states, compared to 194 affiliated hospitals in March 2016.

The Journal Gazette further highlighted that Lutheran Health Network has a past of inspiring remarkable passion from its medical staff, the Fort Wayne community and employees because of its outstanding record of offering quality healthcare for patients. Community Health management and the ex-members of Fort Wayne Physicians LLC identify the significance of continuing that dedication into the future.

While disagreements existed on some vital matters in recent months, the team agree on the significance of respecting the innovative perspectives they each have on Lutheran Health Network. The management is delighted that irrespective of these differences, some promising developments have advanced from recent talks, including a notable capital commitment for the network and wage increases for numerous hardworking personnel across the network.

Community Health reported that subsidiaries of the firm have finalized a definitive deal to offer Weatherford Regional Medical Center in Texas, and its related assets to subsidiary firms of HCA Healthcare. The deal is projected to close this year, subject to customary regulatory permissions and closing conditions. It should be known that Weatherford Regional Medical Center comes in the list of 30 planned hospital divestitures highlighted during the firm’s Q1 2017 earnings call.

Published by Donna Fago

I believe in writing content Informing investors with the knowledge they need to invest better today- I have been following the markets for many years and was asked to join the team at recently due to my passion for the markets.

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