Due to financial struggles, West Reading, Pa.-based Tower Health is looking for other health systems to take over St. Christopher’s Hospital for Children, which it co-owns with Drexel University, rather than renew its $85 million line of credit to the hospital, Becker’s reports, citing an article in The Philadelphia Inquirer.
Tower Health’s credit line was set to expire March 31, but Drexel University renewed its line of credit to the Philadelphia hospital for the next four years.
Philadelphia-based St. Chris has been struggling financially, but has recently improved. Its projected loss was $23.6 million for the year ended June 30, compared to $97.6 million in fiscal year 2021, Drexel University President John Fry told the Inquirer. Read more.
