The two systems had announced the signing of a letter of intent for ChristianaCare to acquire Crozer Health from Prospect on Feb. 11, 2022. Since then, a joint statement said, “The economic landscape has significantly changed, impacting the ability of the sale to move forward.” The release did not specify what those changes were but both systems are having to deal with the aftermath of COVID-19, inflation and coming changes in the way Medicare pays.
An expansion project at Akron Children's Hospital in Boardman is getting some financial help with a major donation from a local bank. Premier Bank donated $50,000 to Akron Children's Hospital Mahoning Valley to help the emergency room expansion project. The ER expansion will triple the square footage of the current space and feature six new patient rooms.
Warren General Hospital is continuing the renovation of its emergency department. Sen. Robert Casey announced this week that the hospital is receiving a $531,000 Rural Development grant from the U.S. Department of Agriculture.
"When you’re on the ropes or even got your head under water, it’s really difficult to negotiate with any terms of strength,” said Michael Topchik, director of the Chartis Center for Rural Health, which tracks distressed rural hospitals closely. “And so you, oftentimes, are choosing whoever is willing to choose you."
CIT, a division of First Citizens Bank, announced that its Healthcare Finance business served as lead arranger for $67.5 million in financing for the acquisition and future expansion of the Northwest Specialty Hospital in the Greater Spokane market region.
A federal judge in Huntington granted preliminary approval of a nearly $5.7 million class action lawsuit settlement between Cabell Huntington Hospital and some of its retirees who accused the provider of reneging on healthcare benefits promises.