![]() ![]() Tower announced in September it would close Jennersville and sell Chestnut Hill and about 20 urgent cares to Trinity Health Mid-Atlantic. It’s regarded as an improvement over fiscal 2020, when it lost $415.3 million. Not including the write-off, Tower posted a $243.5 million loss for fiscal 2021, which ended June 30. ![]() The seven-hospital system spread through four counties recently wrote off $370 million in value of its hospitals. Tower said Kreye and Zwetschkenbaum bring years of experience to the enterprise.Īccording to his LinkedIn profile, Kreye was involved with “multiple successful hospital turnaround efforts in the investor-owned and private equity/venture capital environment.”Ī once rapidly growing system, West Reading-based Tower is in the process of whittling down its assets as it tries to recover from steep losses that sent its bond rating into junk territory. Zwetschkenbaum spent five years as CFO at Pottstown Hospital from 2008 to 2013, according to his LinkedIn profile.ĭavid Kreye is chief executive of Canyon Atlantic Partners, which incorporated in Florida Nov. It’s a great day.” Work aheadįormer Pottstown Hospital Chief Financial Officer Michael Zwetschkenbaum is CFO of Canyon Atlantic. ![]() “We are thrilled that this day is here,” Mantegna said. Penn Township Supervisor Victor Mantegna said he had hoped and prayed for a solution to keep Jennersville Hospital open for the community. State Sen.Carolyn Comitta, a Chester County Democrat, said, “This is great news for Chester County.” She added that keeping the facility open will save lives. Keeping the Jennersville ER open is critical both for them and our community.” “I am so grateful for each person that contacted my office to voice their support, and especially to the hardworking first responders with Medic 94, Union Fire Company and West Grove Fire Company who serve our community with such dedication. “For the past seven weeks, we have worked night and day to find a solution to keep this facility open for the people of our community and keep this emergency room open for the acute medical needs of our area,” Lawrence said. There was a seven-week effort to save the hospital from closing, the Republican lawmaker from Chester County said during his opening remarks at the press conference in Penn Township. John Lawrence praised the community for working together, with dedication, to find a solution to save Jennersville Hospital from closing. John Lawrence and Commissioner Josh Maxwell. ![]() Gathering at a press conference Monday in Penn Township in Chester County to celebrate the news are, from left, Chester County Commissioner Marian Moskowitz, Penn Township Supervisor Victor Mantegna, state Sen. An agreement reached by Tower Health avoids the planned closure of Jennersville Hospital in Chester County. Post, founder of Post & Schell PC, had been working with the Chester County Medical Society and the Pennsylvania Medical Society for the last four months in developing a model that would incorporate certain services into the hospitals under a nonprofit umbrella. Post said providing services such as child care, elder care and wellness programs could bring the financial lift the Chester County hospitals need to stay afloat.Ĭhester County officials held a press conference Monday after Tower announced the deal. Vanessa Ross, who lives in Lincoln University and has been using Jennersville every week as she battles breast cancer, said she is thankful she won’t have to drive a half-hour away to get treatments. But long range, we still need the hospital.” This is a sigh of relief for so many people. Of course ER service is extremely important. “The ER will stay open, but we don’t know the extent of the hospital staying open. Tower said it would pause the process.Ĭheryl Kuhn, president of the Southern Chester County Chamber of Commerce, said she was relieved to hear a deal had been reached. 31 and had already started the closure process. The community reacted with enthusiasm and cautious optimism. Canyon Atlantic Partners is a hospital ownership and management organization. Tower said it has entered into a definitive agreement with Canyon Atlantic Partners LLC, which will assume ownership and operation of the facilities effective Jan. Tower Health announced Monday that it has secured a new owner for Brandywine and Jennersville hospitals and that both facilities will remain open as acute care hospitals in Chester County. ![]()
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