Temple University Health System, along with local health systems including Redeemer Health and Philadelphia College of Osteopathic Medicine, have agreed to purchase Chestnut Hill Hospital from Tower Health a nonprofit health system, The Philadelphia Inquirer reported.
“Together, our organizations bring the expertise, resources, operational excellence and skilled clinical care to ensure that Chestnut Hill Hospital remains a durable and sustainable resource for the eastern Montgomery County and northwest Philadelphia communities,” wrote Michael A. Young, the President and CEO of Temple Health, in a press release.
The new facility will be named Temple Health-Chestnut Hill Hospital and is still being approved by state regulators and Tower Health bondholders.
The deal is expected to be completed by the end of the year and no price has been announced for the purchase. Temple Health will own and manage 60 percent of the newly-bought facility while PCOM and Redeemer will each operate 20 percent.