Reading Health System Completes Acquisition of Five Hospitals in the Region; Tower Health is Formed
Reading Health System has completed the acquisition of five hospitals and their associated assets from subsidiaries of Community Health Systems. The acquisition was finalized on Friday, September 29, 2017, with an effective date of October 1, 2017. The newly formed health system - called Tower Health - includes Reading Hospital in West Reading; Brandywine Hospital in Coatesville; Chestnut Hill Hospital in Philadelphia; Jennersville Hospital in West Grove; Phoenixville Hospital in Phoenixville; and Pottstown Hospital in Pottstown.
Tower Health also includes: Reading Hospital's Reading Hospital Rehabilitation at Wyomissing, Reading Hospital School of Health Sciences, and Reading HealthPlex, an innovative advanced surgical center; Tower Health Medical Group, a comprehensive network of primary and specialty providers; Tower Health Partners®, a clinically integrated network; and Tower Health/UPMC Health Plan.
The acquisition was initiated when Reading Health executed an asset purchase agreement on May 25, 2017.
Tower Health includes more than 11,000 employees, and offers strong, regional, integrated healthcare provider/payer system that offers leading-edge, compassionate healthcare and wellness services to a population of 2.5 million people.
"We are coming together to create an even more dynamic, expansive and nationally recognized health system," said Clint Matthews, President and CEO of Tower Health. "Our new name, Tower Health, reflects our collective strength, innovative spirit and bold commitment to taking healthcare to new heights."
Together, Tower Health's six hospitals and other entities provide a full range of medical care - from prevention, screenings and education; to the latest clinical services and surgeries available; to rehabilitation. The hospitals have received national recognition for advanced care in areas such as neurosurgery and stroke, cardiac and vascular surgery, trauma, hematology and oncology.
Collaboration across Tower Health will enable its hospitals, providers, leadership and staff to leverage best practices across the health system. Tower Health patients and communities at large will benefit from access to a broad range of services across Eastern Pennsylvania.
"This is a tremendous opportunity to collectively deliver on our Tower Health promise of advancing health and transforming lives," Matthews said.