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25 CFO / FINANCE 9 hospital, health system deals called off this year By Marissa Plescia N ine health system and hospital deals have been canceled this year, whether it be a scrapped merger or acquisition or the unwinding of a partnership. 1. TMC Health scraps plan to buy Arizona hospital Tucson, Ariz.-based TMC Health has ended its bid to buy Santa Cruz Valley Regional Hospital in Green Valley, Ariz., Green Valley News reported June 17. 2. HCA, Steward call off hospital deal within days of FTC challenge HCA Healthcare and Steward Health Care System have abandoned their proposed deal involving five Utah hospitals. The decision comes 13 days after the Federal Trade Commission challenged the transaction. 3. New Jersey health systems cancel merger Two New Jersey health systems — Saint Peter's Healthcare System and RWJBarnabas Health — have terminated a definitive agreement to merge. 4. Proposed Dartmouth Health, GraniteOne Health merger canceled Lebanon, N.H.-based Dartmouth Health and Manchester, N.H.-based GraniteOne Health are canceling their proposed merger after the state Attorney General's Office said the move would violate the New Hampshire constitution, according to VTDigger. 5. Hackensack Meridian, Englewood withdraw merger plans Edison, N.J.-based Hackensack Meridian Health and Englewood (N.J.) Health have dropped their merger plans, a spokesperson for Hackensack Meridian told Becker's. 6. Canyon Atlantic ends bid to buy 2 Pennsylvania hospitals The prospective buyer of two shuttered Pennsylvania hospitals has filed a motion to end litigation to purchase the facilities, The Daily Local reported March 8. 7. Lifespan, Care New England withdraw merger application The boards of Lifespan and Care New England — both based in Providence, R.I. — have decided to withdraw their merger application after the Federal Trade Commission made an announcement Feb. 17 it would file suit to block the deal. 8. Hoag, Providence to split: 5 things to know Hoag Memorial Hospital Presbyterian in Newport Beach, Calif., and Providence, a Catholic health system based in Renton, Wash., said they would end their affiliation in January. 9. Trinity Health won't buy Tower Health hospital Trinity Health Mid-Atlantic has abandoned its plan to buy Tower Health's Chestnut Hill Hospital in Philadelphia, according to the Philadelphia Inquirer. n 6 hospitals have closed this year — here's why By Ayla Ellison From cash flow challenges to dwindling patient volumes, many factors lead hospitals to shut down. Here are the factors that led six hospitals to close so far this year: Galesburg (Ill.) Cottage Hospital closed Jan. 8 and its workers were told via email that their employment was terminated. Galesburg Cottage Hospital's owner attributed the decision to abruptly close the facility to CMS' decision to terminate the facility's Medicare contract. In April, Peoria, Ill.-based OSF HealthCare acquired the real estate, medical equipment and other assets of Galesburg Cottage Hospital for $4 million. OSF said it doesn't plan to offer inpatient care at the facility. West Reading, Pa.-based Tower Health closed Brandywine Hospital in Coatesville, Pa., on Jan. 31. Brandywine Hospital was the second hospital Tower Health closed. e system shut down Jennersville Hospital in West Grove, Pa., in December 2021. e decision to close both facilities came aer Tower Health terminated a deal with Canyon Atlantic Partners, a turnaround firm based in Austin, Texas. Under that deal, Canyon Atlantic was set to assume ownership and operation of both hospitals Jan. 1, but the deal fell apart in December. In June, Wilmington, Del.-based ChristianaCare announced plans to buy Jennersville Hospital from Tower Health. In late March, Audrain Community Hospital in Mexico, Mo., and Callaway Community Hospital in Fulton, Mo., shut down. Kansas City, Mo.-based Noble Health, the hospitals' owner, initially attributed the closures to a technology issue and the need to restructure operations to become financially viable. Citing lawsuits, documents from CMS and interviews with employees, Kaiser Health News reported in June that the hospitals stopped paying their bills and care quality diminished aer Noble Health took them over. Cleveland (Texas) Emergency Hospital shut down in April. All of its services were consolidated to Texas Emergency Hospital in Cleveland. Both hospitals are part of Emergency Hospitals Systems. Emergency Hospitals Systems' CEO Michael Adkins said ending services at Cleveland Emergency Hospital was a strategic move that would allow the system to provide better healthcare to the community. In late May, Patients' Hospital of Redding (Calif.) closed aer 30 years. e hospital's owner said there wasn't enough inpatient volume to keep the facility open. n