SHARON, Pa. (WKBN) – Sharon Regional Health System, as well as outpatient clinics and other ancillary facilities operated as part of Sharon Regional, have become affiliates of Community Health Systems.
The sale was finalized Tuesday, according to a news release from Sharon Regional. Nashville-based Community Health Systems is the parent company of ValleyCare Health System of Ohio, which operates Northside Medical Center, Trumbull Memorial Hospital and Hillside Rehabilitation Hospital.
Under the terms of the transaction, the following commitments have been made:
- The investment of a minimum of $75 million within the next five years to advance facilities, services and medical technology.
- Employees in good standing have been hired into the same positions, at the same rate of pay, with their years of service recognized.
- To continue and grow essential services, including medical/surgical, critical care, open heart and vascular surgery, emergency services and obstetrics.
- Relationships are continuing with all physicians in good standing currently serving on the hospital’s medical staff and strong efforts will be made to recruit new physicians to the community.
- The hospital will continue charity care policies to help serve indigent patients and participate in the Medicare and Medicaid programs.
- A local board of trustees will be appointed comprised of community leaders and members of the hospital’s medical staff.
- To ensure the continued operation of the School of Nursing and School of Radiography.
As a result of the transaction, the hospital will become a tax-paying entity, contributing substantial new tax revenue to the local community. Sharon Regional Health System has a long history of supporting local nonprofits and will continue to play an active role in the community through volunteerism, community outreach, and charitable contributions, the release stated.
“This new affiliation will support healthcare delivery in our community with the infusion of new resources to support our staff in their efforts to provide the highest quality, personalized care,” said John R. “Jack” Janoso, Jr., president and CEO of Sharon Regional. “This transition will be invisible to our patients as their care will continue care without interruption, with the only changes being administrative and behind the scenes. Our hospital’s future is bright and we are excited to continue focusing on growth and the most needed services for the northwestern Pennsylvania and northeastern Ohio communities we serve.”
“With the resources now available, we look forward to building on the quality of care we deliver,” said John Gallagher, M.D., president of the Sharon Regional medical staff. “We will be a stronger healthcare system with sufficient access to capital to improve our infrastructure and invest in technology.”
Prior to finalizing the transaction, the sale was approved by regulatory agencies, including the Pennsylvania Office of Attorney General.