Tower Health, Drexel Complete St. Christopher’s Purchase
PHILADELPHIA PA – Tower Health, which owns Pottstown and Phoenixville hospitals, and Drexel University have completed their joint partnership purchase of the Philadelphia-based St. Christopher’s Hospital for Children, effective today (Sunday, Dec. 15, 2019), they said in a media announcement. Tower Health and Drexel entered into the $50 million agreement to acquire St. Christopher’s in September 2019.
The hospital’s acquisition ensures that 144-year-old St. Christopher’s remains a source of health care, medical education and research, and jobs and economic benefits for the region, it stated. With the acquisition, the hospital will change from a for-profit institution back to a non-profit one.
More than 30,000 children are said to depend on the St. Christopher’s for primary and specialty care, and 70,000 children are served annually by its emergency department. Tower Health added the hospital fulfills a strategic goal by enhancing pediatric specialty services across its system, and expanding a long-standing relationship between St. Christopher’s and Tower’s Reading Hospital.
St. Christopher’s will also continue to play a part in educational experiences for Drexel’s third and fourth-year medical students with hospital-based clinical rotations in pediatrics.
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