Drexel and Tower Health to Assume Ownership of St. Christopher’s Hospital for Children
Drexel and Tower Health have entered into an agreement to acquire St. Christopher's Hospital for Children for $50 million, ensuring that the health care provider will continue its role as a vital resource for families in North Philadelphia and the region following its sale in bankruptcy court.
"Tower Health and Drexel are committed to the North Philadelphia community - including the more than 30,000 children who depend on the hospital for their primary care and the 70,000 children served annually by the hospital's emergency department - as well as its growing network of primary and specialty care locations throughout the Philadelphia suburbs and New Jersey," said Clint Matthews, president and CEO of Tower Health.
The sale of St. Christopher's to Tower and Drexel was approved by the U.S Bankruptcy Court for the District of Delaware as part of the process to resolve the Chapter 11 bankruptcy filed by American Academic Health Systems LLC, of which Center City Healthcare - the owner and operator of St. Christopher's - is a subsidiary. The written court order approving the sale is expected to be issued shortly subject to a few revisions to related documents.
In their proposal, officials from Tower and Drexel affirmed their commitment to keeping the hospital intact, while providing operational expertise and financial security to strengthen the venerable institution that has been a fixture in North Philadelphia for 144 years.
Drexel and Tower Health will be equal partners in the ownership of St. Christopher’s Hospital, physician practices and graduate medical education program. Tower Health will take the lead operationally and work to preserve St. Christopher's legacy of providing quality health care for families and nationally recognized programs for children.
In addition to serving as a critical resource for the care of children in underserved neighborhoods, St. Christopher's is also an important part of medical student education for the Drexel University College of Medicine.
"St. Christopher's and Drexel's College of Medicine have had a long-standing and successful academic affiliation for pediatric clinical education," said Drexel President John Fry. "It has served as an important training site for more than 20 years for Drexel's third- and fourth-year medical students and their hospital-based clinical rotations in pediatrics."
Tower Health and Drexel will assume operations of St. Christopher's Hospital prior to the end of the year. The new owners vowed a seamless transition with St. Christopher's existing partners. Both Drexel and Tower Health will work with the physicians, medical professionals, students, residents, fellows and staff at St. Christopher’s to continue their vital work on behalf of the children and families of Philadelphia.
About Tower Health
With more than 11,000 team members, Tower Health 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; and Pottstown Hospital in Pottstown. It 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 2,000 physicians, specialists and providers across 125 convenient locations. For more information, visit towerhealth.org.
About the Drexel College of Medicine
The College of Medicine currently educates more than 2,000 future physicians, biomedical scientists and health professionals. It offers some of the most innovative and rigorous academic programs available, incorporating the Drexel's expertise in engineering and technology into patient-centered medical training. The College is home to one of the nation's leading centers for spinal cord research; one of the foremost centers for malaria study; and a highly regarded HIV/AIDS program with extensive NIH-funded research in prevention and therapeutic interventions.