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PHILADELPHIA-The University of Pennsylvania Health System’s previously announced agreement to acquire Graduate Hospital from Dallas-based Tenet Healthcare Corp. has closed. The price was $16.5 million.

In a statement, Tenet executives say the company is “engaged in active discussions or negotiations with potential bidders for each of the remaining five hospitals” it put on the sales block in the summer of 2006. Two of them, Roxborough Memorial Hospital here and Warminster Hospital in Bucks County, are among the five. The others are in Los Angeles and New Orleans.

Tenet acquired seven Philadelphia-area hospitals from Allegheny Health System, which went bankrupt in 1998. Graduate is the third disposition from this portfolio. Tenet plans to continue to own and operate Hahnemann University Hospital and St. Christopher’s Hospital for Children, which are both located here.

Meanwhile, as GlobeSt.com reported, UPHS has formed a joint venture with Allentown-based Good Shepherd Rehabilitation Network with plans to convert Graduate into two joined facilities within the six-story building, which is located at 18th and Lombard streets. The JV, Good Shepherd Penn Partners, plans a 58-bed inpatient rehabilitation unit called Penn Institute for Rehabilitation Medicine, and a 38-bed acute care hospital named Good Shepherd Specialty Hospital-Philadelphia.

The conversion is expected to cost $30 million and reach completion in summer 2008. While UPHS and Good Shepherd will each operate their respective portions of the new facility, they will collaborate on rehabilitation research. In addition, “The [UPHS] physicians who treated a patient during the acute care phase of illness will have easier access to follow patients in the post-acute phase of their rehabilitation,” says Ralph Muller, UPHS CEO.

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