KYW Newsradio: 3 area health care systems awaiting approval to purchase Chestnut Hill Hospital

PHILADELPHIA (KYW Newsradio) — Temple Health, Redeemer Health and Philadelphia College of Osteopathic Medicine have joined forces to acquire Chestnut Hill Hospital, and keep it serving Philadelphia and eastern Montgomery County communities. It comes with the leadership of Congressman Dwight Evans (D-Philadelphia), and state Senator Art Haywood (D-Philadelphia/Montgomery).

“You couldn’t ask for better, we got the power of a large academic in Temple, we got the insight of elder care and women’s health with Holy Redeemer, and we have the long-standing educational relationship that we already had with PCOM,” said Dr. John Cacciamani, the president and CEO of Chestnut Hill Hospital. “And the three of them coming together to provide us with a solution in the future is more than expected.”

There are still some details being worked out before the deal is officially made.

“We have contacted the attorney general’s office and we have a special responsibility to our bondholders because we are selling a hospital, so we will be working on that, it will take somewhere between 45 and 60 days to complete those approvals,” said Sue Perrotty, president and CEO of Tower Health. “Our partners have some other approvals which they can share, but we are working on both our attorney general approval and our bondholder approval.”

Approval for the acquisition to take place is still needed by Pennsylvania’s attorney general’s office, the hospital’s bondholders and the court that oversees transfers from one non-profit organization to another. “But a transfer from one not-for-profit to another is pretty routine business activity,” said Michael Young, the president and CEO of Temple Health.

The financial details of the investment aren’t being disclosed. Following approval, the new name will be Temple Health-Chestnut Hill Hospital. Those behind the effort are confident the deal will go through by the end of the year.