Tower Health Agrees to Sell Chestnut Hill Hospital to New Alliance

Temple Health, Redeemer Health, and PCOM said they have signed a definitive agreement under which a newly formed entity, owned by the three-member alliance, will acquire the 148-bed hospital

By John George | Philadelphia Business Journal • Published August 8, 2022 • Updated on August 8, 2022 at 10:17 pm

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Two health systems and a medical school are coming together to buy Chestnut Hill Hospital, the Philadelphia Business Journal reports.

Temple Health, Redeemer Health, and the Philadelphia College of Osteopathic Medicine (PCOM) said Monday they have signed a definitive agreement under which a newly formed entity, owned by the three-member alliance, will acquire the 148-bed hospital in Northwest Philadelphia.

Financial terms of the proposed deal, which requires approval by both regulators and Tower Health bond holders, are being kept confidential. Chestnut Hill Hospital, founded in 1903, draws patients primarily from Northwest Philadelphia and eastern Montgomery County.