Pottstown, Phoenixville Hospitals Suffer Losses
WEST READING PA – Bond documents filed by Tower Health indicate Pottstown Hospital suffered a financial loss of $16.9 million during the first half of fiscal 2022, and Phoenixville Hospital lost $10.9 million, according to an article published Thursday (March 3, 2022) by the Philadelphia Business Journal.
Journal Senior Reporter John George added that among its other medical centers, Tower Health said Brandywine Hospital, now closed, lost $18.3 million; Jennersville Hospital, also closed, lost $8.7 million, Chestnut Hill Hospital lost $8 million; and St. Christopher’s Hospital for Children, in a partnership between Tower Health and Drexel University, lost $9.2 million.
The bond documents also offered what could be interpreted as encouraging information, due to what Tower Health said was “significant improvement.” Reading Hospital “continued to lead the system with $114.8 million in operating income,” George wrote. Additionally, the “health system cut its net loss by more than half to $65.6 million,” in comparison to the same period (July 1 to Dec. 31) during 2021. That represented a 56-percent change.
Tower Health said it is working with Guidehouse, an international consulting firm, to implement “$135 million in revenue improvement and cost reduction initiatives, $75 million of which were realized during the current fiscal year.”
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