Drexel University and Tower Health, co-owners of St. Christopher’s Hospital for Children, announced Thursday that they had lined up more than $50 million in support over the next two years for the North Philadelphia institution they bought out of bankruptcy in 2019, The Philadelphia Inquirer reports.
Children’s Hospital of Philadelphia, Thomas Jefferson University (owner of Jefferson Health and Einstein Healthcare Network), Temple Health, Philadelphia College of Osteopathic Medicine (PCOM), and private donors will contribute the money, which will ensure short-term financial stability for St. Chris, a provider of vital services for mostly poor children.
Tower expects St. Chris to post a $17.7 million operating loss for the fiscal years that ends Thursday, down from a $96.7 million loss in fiscal 2021, when St. Chris had $265 million in revenue.
The leaders of Drexel and Tower expressed gratitude to the Philadelphia institutions — some of whom were in a coalition that abandoned efforts to bid on St. Chris during the 2019 bankruptcy auction — for their support. Specific amounts by institution were not available. Read more.
