The Community Health Systems (NYSE:CYH) has been shading some of the hospital in its chain for a while now according to different sources including Nashville Business Journal, The CHS has been shedding its chain of hospitals with the aim of planting its feet on the ground again after the managing directors and stakeholders discovered that the company has been weakening since 2014 when the company bought the Florida- based health management Associates.
According to different business analysts, CHS started to implement its plans to sell of more than 30 hospitals in a variety of transaction to different clients. The company is now left with 146 hospitals in 21 states. This is slight decrease in ownership as compared to 194 hospital ownership in 2016.
Doctors Resort to Disband their Group in Response to CHS Actions
The news of selling of Fort Wayne Hospital, Indiana has angered a group of doctors who have differed with the idea of selling the hospital. It is said that 10 doctors disbanded a group they had formed with the aim of buying Lutheran Health Networks. According to these doctors, they would not take any further action as far as finding a suitable buyer that would take over the Lutheran network is concerned. The withdrawal of doctors in this endeavor has made it difficult for CHS to find a good buyer of this particular hospital.
There is Still High Hopes for Health Networks as CHS Leaves
According to different sources, Lutheran Health Networks has a long history where its group of employees have worked with passion and inspired by what the network has been offering. The medical staff and the fort Wayne community has a long standing record of providing quality healthcare for its patients and clients but with the shedding of by CHS, things are expected to take a new twist of direction, a factor which CHS admits to be aware of. According to health sector analysts, speculations have is that things will never be the same again at Fort Wayne Hospital without the umbrella of CHS.
Apparently, many developments are expected to unravel. It is also expected that despite the differences, there are some positive developments which might be achieved from the discussion on the substantial capital commitment for Lutheran Health Networks.
Community Health Systems stocks closed yesterday’s session at $8.46 after declining $0.25 or 2.87%.