ProMedica Coldwater Regional Hospital sold to American Healthcare Systems
COLDWATER, Mich. (WILX) - ProMedica Coldwater Regional Hospital announced Friday is in a purchase agreement with American Healthcare Systems.
The announcement was made on May 12 that American Healthcare Systems, a for-profit organization, intends to acquire the hospital.
“The pandemic and its fallout, including staffing shortages and rapidly rising expenses, have further strained finances at hospitals across the country — and Coldwater Regional Hospital has been no exception,” said Alan Sattler, president of ProMedica Coldwater Regional Hospital. “With the financial strain ProMedica has been experiencing, especially since the pandemic, it has become necessary for us to revisit our options for Coldwater Regional Hospital.”
American Healthcare Systems has a plan to help ensure the sustainability of Coldwater Regional Hospital, and it is expected to focus on maintaining or expanding hospital services.
Details about the organization’s plan will be forthcoming, pending the approval and completion of the sales transaction.
The transaction is subject to regulatory approvals and is expected to be completed in four to six months.
During the transaction phase, ProMedica said they would continue to fully support the hospital as it continues to deliver clinical excellence and compassionate care in the Coldwater community. Promedica will provide transaction updates as appropriate throughout the process.
Subscribe to our News 10 newsletter and receive the latest local news and weather straight to your email every morning.
Copyright 2023 WILX. All rights reserved.