WoodBridge Healthcare set to acquire Commonwealth Health
EYEWITNESS NEWS (WBRE/WYOU) — On Wednesday, WoodBridge Healthcare Inc. announced they signed a contract to acquire Commonwealth Health.
In a release, the hospital company, WoodBridge Healthcare Inc., announced they have signed an asset purchase agreement to obtain Commonwealth Health in Northeastern Pennsylvania from Community Health Systems subsidiaries.
The sale is scheduled to finish in the fourth quarter of 2024, according to WoodBridge.
WoodBridge explained Commonwealth Health consists of three main hospitals: Regional Hospital of Scranton, Wilkes-Barre General Hospital, and Moses Taylor Hospital in Scranton.
The agreement also includes the following from Commonwealth Health, according to the release.
Ambulatory surgery centers
Emergency departments
Imaging centers
Laboratories
Outpatient rehabilitation
Sleep care centers
Walk-in clinics
Wound care centers
Commonwealth Health physician network.
WoodBridge Healthcare says they aim to continue the system’s mission of meeting the region’s health needs in a “compassionate, collaborative and cost-effective manner,” and that they will work to improve community health, use hospital resources to provide consistent, tailored care directly to the people who need it and partner with local groups to address care gaps.
When the purchase is completed, WoodBridge says the health system will change to its original nonprofit status and local board representation will resume.
“The Commonwealth Health system has a long and proud history of serving the Scranton and Wilkes-Barre region and we will strengthen and enhance that tradition for years to come,” said Chairman of the WoodBridge Board of Directors Joshua Nemzoff.
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“We know that people and culture are the heart of the system, and that employees and providers have a strong sense of loyalty and commitment when it comes to providing the highest-quality, most personalized care to their friends and neighbors,” said Don Steigman, President of WoodBridge Healthcare.
After the announcement, Congressman Matt Cartwright released a statement on the purchase of the Scranton hospitals.
I’m optimistic that these important healthcare assets will be saved and hopeful that this new owner will be more accountable to the patients, to the staff, and to the community it serves. I’m particularly grateful for the tremendous work of State Representative Bridget Kosierowski, who took the lead on this issue and immersed herself in this effort to make sure local patients receive the quality care they deserve while keeping my office updated throughout ongoing discussions.
Congressman Matt Cartwright
Meanwhile, Senator Bob Casey expressed concerns in a letter sent out Tuesday afternoon.
“It is CHS’ responsibility to find a trustworthy buyer who has a strong record and experience in running hospitals in order to provide a pathway to safe, affordable, and accessible care for their patients and to the Northeastern Pennsylvania community,” Senator Casey stated.
You can read the full letter below.
Letter-to-CHS-from-Senator-CaseyDownload
You can find further information on WoodBridge online.
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