Inspira Health expects to add another South Jersey hospital to its network next year.
The Mullica Hill-based health system said Monday it has signed a definitive agreement with Salem County Hospital Corp. under which 126-bed Salem Medical Center will join Inspira. Salem County Hospital Corp. was established in January 2019 as an independent entity by North Jersey-based Community Healthcare Associates to operate the financially troubled hospital it acquired from Community Health Systems. Community Health Systems (NYSE: CYH), a publicly traded hospital management company based in Franklin, Tennessee, at the time was considering closing the medical center. Community Health acquired what was previously known as Memorial Hospital of Salem County in 2002.
Financial terms of the deal with Inspira are being kept confidential.
As part of the transaction, the New Jersey Joint Budget Oversight Committee has appropriated $20 million for Inspira Health to provide Salem Medical Center with the latest in medical, safety and communication innovations to benefit not just the community, but also hospital patients and staff amid the Covid-19 pandemic.
The transaction, which will require the approval of the New Jersey Attorney General’s office, is expected to be completed in 2022.
*Article courtesy of Philadelphia Business Journal
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