$50M St. Christopher's Hospital for Children Deal Closes
The acquisition was finalized on Dec. 13 with an effective date of Sunday, Dec. 15. Tower and Drexel University reached an agreement in late September to acquire St. Christopher's Hospital for Children for $50 million in a bankruptcy sale.
PHILADELPHIA—Tower Health and Drexel University report they have completed the purchase of the St. Christopher’s Hospital for Children from St. Christopher’s Healthcare, LLC, a subsidiary of American Academic Health System.
The acquisition was finalized on Dec. 13 with an effective date of Sunday, Dec. 15. Tower and Drexel University reached an agreement in late September to acquire St. Christopher’s Hospital for Children for $50 million in a bankruptcy sale.
“We are grateful for the continuing dedication and hard work of the physicians and employees at St. Christopher’s,” says Clint Matthews, president and CEO, Tower Health. “We are excited about a bright future for St. Christopher’s as it continues to serve as a center for healthcare, medical education and research, and innovation.”
More than 30,000 children depend on the hospital for primary and specialty care and 70,000 children are served annually by the hospital’s emergency department. Tower Health states that the hospital purchase fulfills an important strategic goal that enhances pediatric specialty services across the system and expands upon the long-standing relationship in which specialists from St. Christopher’s have served patients at Reading Hospital.
St. Christopher’s will also continue to play a critical part of the educational experience for Drexel University College of Medicine’s third and fourth-year medical students and its hospital-based clinical rotations in pediatrics.
“I am delighted that Drexel University College of Medicine students will continue to have the opportunity to train alongside the expert physicians at St. Christopher’s,” says Drexel University president John Fry. “Continuing this important academic affiliation provides our students access to a high-quality training facility.”
St. Christopher’s Hospital for Children is a 188-bed facility that has more than 220 pediatric experts on staff, combining exceptional pediatric care with a wide array of pediatric specialties. It houses one of only three Level I Pediatric Trauma Centers in Pennsylvania and the only dedicated and verified Pediatric Only Burn Center between Manhattan and Baltimore.
In addition to St. Christopher’s Hospital for Children, Tower Health has more than 14,000 team members and consists of Reading Hospital in West Reading; Brandywine Hospital in Coatesville; Chestnut Hill Hospital in Philadelphia; Jennersville Hospital in West Grove; Phoenixville Hospital in Phoenixville; Pottstown Hospital in Pottstown. also includes Reading Hospital Rehabilitation at Wyomissing; Reading Hospital School of Health Sciences in West Reading; home healthcare services provided by Tower Health at Home; and a network of 22 urgent care facilities across the Tower Health service area. Tower Health offers a connected network of 2,200 physicians, specialists, and providers across more than 230 convenient locations.