Sharon Regional Health in talks to be sold to CHS - WFMJ.com News weather sports for Youngstown-Warren Ohio

Sharon Regional Health in talks to be sold to CHS

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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.

 

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