CHS Selling Lake Wales Medical Center to AdventHealth
Faith-Based Not-for-Profit Headquartered in Altamonte Springs
Last updated 5/29/2019 at 8:14am
Community Health Systems, Inc. announced Wednesday, May 22 it plans to sell Lake Wales Medical Center to AdventHealth, a faith-based, not-for-profit health system headquartered in Altamonte Springs.
The corporation said the Lake Wales sale will include not only the 160-bed hospital, but also its respective assets, physician clinic operations and outpatient services. In addition to the hospital, Lake Wales Medical Center includes a Wound Healing Center, adult and geriatric behavioral health programs, a sleep center and medical group. The purchase price was not disclosed. CHS Wednesday also announced plans to sell Heart of Florida Regional Medical Center in Davenport to Advent. They said the transactions, which are subject to customary regulatory approvals and closing conditions, are expected to close the late third quarter of 2019.
"AdventHealth is well-respected for their work to sustain and enhance medical services and we are excited to work with them to benefit our patients and community," Lake Wales Medical Center CEO Rebeca Brewer said in a company release about the sale. "We believe this will allow for a seamless experience of quality health care delivery to these communities."
CHS completed seven hospital divestitures in the three months ended March 31, moves it said would improve its investment portfolio. The company has sold or closed 52 hospitals since 2017 to pay off debt incurred as a result of its $7.6 billion purchase of Florida-based Health Management Associates in 2014, according to National Business Journal.
"We are excited about the opportunity to offer our unique promise of whole-person care to these communities and look forward to extending our mission to team members, physicians, patients and resident of Polk County and the surrounding area," AdventHealth CEP Terry Shaw said in a prepared statement.
Formerly called the Florida Hospitals in the Orlando area, the network in 2018-19 was named by U.S. News and World Report as among the best regional hospitals in the country in three types of care.
According to its website, "AdventHealth has been delivering world-class healthcare to the Central Florida Community for more than 100 years. We're also nationally recognized medical leaders in cancer, cardiac, children's and women's care. It's this continued dedication to push medical boundaries that will someday cure the incurable."
The website says AdventHealth has "80,000 healing hands, 5,000 team members and 1,000+ care locations." In 48 hospital campuses and hundreds of care sites in diverse markets throughout nine states: "At Adventhealth, extending the healing ministry of Christ is our mission. It calls us to be His hands and feet in helping people feel whole. Our story is one of hope – one that strives to heal and restore the body, mind and spirit."