Tower Health to sell Philadelphia’s Chestnut Hill Hospital

Three health entities have formed an alliance to buy Chestnut Hill Hospital in Philadelphia from Reading-based Tower Health, it was announced Monday.

Temple Health, Redeemer Health and Philadelphia College of Osteopathic Medicine have signed a definitive agreement as an alliance to acquire the 148-bed teaching hospital, pending review and approval by regulators and Tower Health’s bond holders.

“Tower Health is pleased and grateful that Chestnut Hill Hospital will continue to serve the community as part of an alliance of highly respected and locally based nonprofit health care institutions,” Tower Health President and CEO P. Sue Perrotty said in a release.

The newly named Temple Health-Chestnut Hill Hospital will be managed by Temple Health.

“Together, our organizations bring the expertise, resources, operational excellence and skilled clinical care to ensure that Chestnut Hill Hospital remains a durable and sustainable resource for the eastern Montgomery County and northwest Philadelphia communities,” added Michael A. Young, president and CEO of Temple Health.

Chestnut Hill Hospital has served those areas for more than 100 years. Tower Health also recently closed Jennersville Hospital and Brandywine Hospital, both in Chester County, after a sales agreement fell through.

Paula Wolf is a freelance writer