Becker's Hospital Review

13 CFO / FINANCE New Jersey hospital to close under proposed deal By Ayla Ellison S t. Francis Medical Center in Trenton, N.J., would close and many of its services would be shifted to another hospital if a proposed transaction between Capital Health and Trinity Health is approved, according to the Philadelphia Business Journal. Pennington, N.J.-based Capital Health entered into a definitive agreement in January to acquire St. Francis Medical Center from Livonia, Mich.-based Trinity Health. If the proposed transaction receives regulatory approval and closes, many services would shift from St. Francis to Capital Health Regional Medical Center in Trenton, according to a memo to employees obtained by the Philadelphia Business Journal. Other services would transition to new ambulatory and emergency care facilities, according to the report. "Capital Health is already planning extensive capital projects at Capital Health Regional Medical Center. This expansion will help preserve essential services provided by St. Francis, and will meet the needs of current patients from both organizations and any future patients as well," St. Francis CEO Daniel Moen said, according to the report. A spokesperson for St. Francis Medical Center told the Philadelphia Business Journal that ensuring patients have continuous access to services and enhancing patient access to care is a top priority. "Capital Health's use of the St. Francis site and the time for which it would be used depends on many factors," said the statement from St. Francis Medical Center. "Unfortunately, engineering studies show that while the St. Francis building is safe and functional now, it is not viable for use over the long-term." n Iowa hospital to close in October By Ayla Ellison B lessing Health will close its hospital in Keokuk, Iowa, on Oct. 1. Quincy, Ill.-based Blessing Health said the decision to close the hospital was driven by several factors, including financial challenges and low demand for inpatient care. "The hospital has been in a financial crisis for 10 years," the health system said in a Sept. 1 news release. The 49-bed hospital is also in need of significant investments to update decayed vital infrastructure. Based on patient use of hospital-based services in Keokuk, health system leaders said an investment that could total millions of dollars can't be made responsibly. "Demand for outpatient and specialty care is strong at Blessing Health Keokuk Clinic. That is where we will focus our energy and resources to help improve the health of this community," said Kathy Hull, chief of small rural hospitals for Blessing Health. The hospital's 147 employees will be retained until Nov. 4 in a combination of either on-site work or on administrative leave. After the closure, the hospital property will be put up for sale, Blessing Health said. n Cooper University Health plans $2B expansion By Nathan Tucker C ooper University Healthcare is planning a $2 billion expansion to its Camden, N.J., campus, according to a Sept. 18 report from The Philadelphia Inquirer. The expansion includes three new clinical buildings, which will result in the hospital growing to 745 beds and more than 100 private rooms. It is estimated the project will take a decade to complete. Construction of the first building is set to begin in 2023, and the new building is designated for clinical care and education. Additional details like the cost of the first building were not provided by Cooper Health. "Not only does this announcement represent the culmination of Cooper's amazing turnaround since it faced bankruptcy at the turn of the century, but it is also a sign of our commitment to and faith in Camden, its residents, and our shared future," Cooper chairman George E. Norcross III told The Philadelphia Inquirer. Cooper University Hospital's last major expansion was a decade ago when it opened the $220 million Roberts Pavilion. In 2021 Cooper recorded an operating profit of $159.6 million on $1.8 billion in revenue. At the end of June, it had $858 million in cash relative to its $270 million in long- term debt. n

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