Community Health Systems, Inc. (NYSE: CYH) announced today that subsidiaries of the Company have completed the acquisition of substantially all of the assets of Sharon Regional Medical Center in Sharon, Pennsylvania, and a long-term lease of Munroe Regional Medical Center in Ocala, Florida.
The Pennsylvania acquisition includes 251-bed Sharon Regional Medical Center, outpatient centers and affiliated physician practices. Sharon Regional is located in Pennsylvania, the Company’s second largest state as measured by number of affiliated hospitals, and in close proximity to ValleyCare Health System of Ohio, an affiliated health system that includes two acute care facilities and a rehabilitation hospital.
The 40-year, prepaid lease of 421-bed Munroe Regional Medical Center also includes the creation of a clinical affiliation between Munroe Regional and UF Health Shands. With the lease now finalized, Community Health Systems affiliates own or operate 26 hospitals in Florida, which is the Company’s largest state as measured by number of affiliated hospital facilities.
Commenting on today’s announcement, Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc., said, “The acquisition of Sharon Regional and the lease of Munroe Regional are important, strategic affiliations for our company as we work to develop networks in key states. Both hospitals have served their respective communities with quality care for many years, and we appreciate the opportunity to work with the medical staffs and employees in their commitment to providing quality health services. We are also excited about our growing relationship with UF Health Shands and look forward to the ways we can work together to make a positive impact on quality care in Florida.”About Community Health Systems, Inc. Community Health Systems, Inc. is one of the largest publicly-traded hospital companies in the United States and a leading operator of general acute care hospitals in communities across the country. Through its subsidiaries, the Company currently owns, leases or operates 208 affiliated hospitals in 29 states with an aggregate of approximately 31,500 licensed beds. The Company’s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” More information about the Company can be found on its website at www.chs.net. Forward-Looking Statements Statements contained in this news release regarding expected operating results, acquisition transactions or divestitures and other events are forward-looking statements that involve risk and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K, current reports on Form 8-K and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
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