Sharon Regional Health in talks to be sold to CHS - 21 News Now, More Local News for Youngstown, Ohio -

Sharon Regional Health in talks to be sold to CHS

Posted: Updated:

SHARON, Pa. - A deal is in the works that would result in the sale of Sharon Regional Health System to Community Health Systems; the same for-profit company that operates Northside Hospital in Youngstown, as well as Trumbull Memorial and Hillside Hospitals in Warren.

According to a news release from Sharon Regional, the health system plans to affiliate with Community Health Systems Inc. The statement characterizes the move as a strategic transaction that will bring capital investments and other resources.

The release also says that the Cleveland Clinic will participate in clinical program development, quality improvement, and branding through its alliance with Community Health Systems (CHS).

Sharon Regional's Board of Directors has unanimously approved and executed a non-binding letter of intent for a sale of the Health System's assets to a subsidiary of Community Health Systems. Sharon Regional must now negotiate over the terms of the transaction.

 The statement says that when the deal closes, employees in good standing will be hired at the same rate of compensation with years of seniority recognized. The release says they also plan to maintain the current medical staff as well as recruit new physicians.

A definitive agreement is expected later this year. The transaction will be subject to closing conditions and regulatory approvals.

 Through its affiliates, Community Health Systems currently operates 135 hospitals in 29 states, including seventeen in Pennsylvania and four in Ohio. In March, Community Health Systems and Cleveland Clinic announced a strategic alliance to advance quality, cost-effective healthcare, according to the release.

 

  • More From wfmj.comMore>>

  • US warns against traveling to Ebola-hit countries

    US warns against traveling to Ebola-hit countries

    Friday, August 1 2014 10:52 PM EDT2014-08-02 02:52:19 GMT
    United States issues travel warning for three African countries hit by Ebola outbreak.More >>
    U.S. health officials on Thursday warned Americans not to travel to the three West African countries hit by an outbreak of Ebola.More >>
  • US job growth eases but tops 200K for a 6th month

    US job growth eases but tops 200K for a 6th month

    Friday, August 1 2014 5:59 PM EDT2014-08-01 21:59:07 GMT
    U.S. employers extended this year's hiring surge into July by adding a solid 209,000 jobs. It was the sixth straight month of job growth above 200,000, evidence that businesses are shedding the caution that had...More >>
    A sixth straight month of solid 200,000-plus job growth in July reinforced growing evidence that the U.S. economy is accelerating after five years of sluggish expansion.More >>
  • GM boosted June sales with discounts to dealers

    GM boosted June sales with discounts to dealers

    Friday, August 1 2014 9:42 AM EDT2014-08-01 13:42:40 GMT
    By TOM KRISHER Associated Press Auto Writer As General Motors prepares to report monthly sales results on Friday, a look its numbers from June show just how intent the company is on keeping...More >>
    By TOM KRISHER Associated Press Auto Writer As General Motors tackles a safety crisis, a look its numbers from June show just how intent the company is on keeping new-car sales on the rise during a record...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 Worldnow and WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms