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Quorum sells off a hospital in Texas

By MATT BLOIS

The Franklin-based hospital management chain Quorum Health announced that it has sold a hospital in Texas.

Quorum sold the 146-bed Scenic Mountain Medical Center in Big Springs, Texas for about $22 million. The company plans to use the proceeds to pay down debt.

The company had already announced a definitive agreement to sell the hospital in a press release in January. It hopes to sell at least eight more hospitals this year.

Since the company’s spin off from Franklin-based Community Health Systems in 2016, Quorum has sold 10 of its 38 hospitals. It sold three hospitals last year.

The company expects the hospital sales to generate $125 to $175 million by the end of 2019.

During a March conference call, Quorum CEO Robert Fish said the company will have 18 to 20 rural hospitals after it sells all the hospitals it plans to sell. The company has 26 hospitals following the sale of the hospital in Texas.

Quorum reported a net loss of about $200 million in 2018, compared to a $114 million loss in 2017.

By | 2019-04-15T22:57:00+00:00 April 16th, 2019|Categories: Business, BW-Healthcare, BW-News|Tags: |Comments Off on Quorum sells off a hospital in Texas

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