American Healthcare Systems intends to acquire the ProMedica Coldwater Regional Hospital, CBS News affiliate WVMT reports in Michigan.
The hospital entered an asset purchase agreement with American Healthcare Systems, a for-profit organization with health care management expertise, officials said.
Financial challenges that have worsened since the start of the COVID-19 pandemic are at the root of ProMedica’s decision to sell the hospital.
“The pandemic and its fallout, including staffing shortages and rapidly rising expenses, have further strained finances at hospitals across the country — and Coldwater Regional Hospital has been no exception,” Alan Sattler, president, ProMedica Coldwater Regional Hospital, said. “With the financial strain ProMedica has been experiencing, especially since the pandemic, it has become necessary for us to revisit our options for Coldwater Regional Hospital.”
The transaction is subject to regulatory approvals and expected to be completed in four to six months. During the transaction phase, ProMedica will continue to fully support the hospital, officials said. Read more.
