CHS Sells Washington State Hospitals, Mulls More Sales
Franklin-based Community Health Systems is working to improve its balance sheet. It inked a deal to sell a hospital system in Washington state for $425M to MultiCare Health System. The sale involves the Rockwood Health System, which includes a 338-bed hospital in Spokane; a 123-bed hospital in Spokane Valley; and a multi-specialty clinic.
CHS will use proceeds to pay down debt, reports the Nashville Business Journal. The company is carrying debt of about $15B, and is considering as many as six other sales to help it ease that burden. CHS expanded considerably in 2014 with its acquisition of Florida-based Health Management Associates, but those properties have reportedly been a drag on overall company performance. [NBJ]