Issue link: https://beckershealthcare.uberflip.com/i/568709
17 FINANCE 38 CHS Hospitals Spin Off as New Company: 6 Things to Know By Molly Gamble F anklin, Tenn.-based Community Health Sys- tems shared plans recently to spin off 38 hos- pitals and Quorum Health Resources into a separate company, a move intended to strengthen CHS' focus on larger markets. Here are seven things to know about CHS' spin-off plan. 1. Creation of the new company, called Quorum Health Corp., is expected to be complete in the first quarter of 2016. 2. Headquartered in middle Tennessee, QHC will op- erate independently of CHS with its own board and management team. 3. QHC will include 38 hospitals across 16 states — a total of 3,635 licensed beds. ese hospitals are pri- marily in cities or counties with populations of 50,000 or less. 4. e consulting component of the company, Quo- rum Health Resources, has relationships with 150 unaffiliated hospitals across the U.S. 5. In 2014, the businesses making up QHC generated unaudited annual net revenue of approximately $2.1 billion and adjusted earnings before interest, taxes, depreciation and amortization of approximately $255 million. 6. CHS said the spin-off will allow the company to focus primarily on larger markets and on investing in its regional healthcare networks. "Over the past 30 years, Community Health Systems has evolved from a collection of smaller hospitals into a much more complex and diversified portfolio of hospitals, outpatient services and health- care systems across the country," said Wayne T. Smith, CHS chairman and CEO. "We know how important hospitals are to their communities and recognize that smaller facilities have distinct opportunities and dif- ferent challenges than those in larger markets, where the majority of our assets are located." n Becker's Hospital Review 4th Annual CEO Roundtable + CFO/CIO Roundtable Delos "Toby" Cosgrove, MD - President & CEO CLEVELAND CLINIC Barry S. Arbuckle, PhD - President & CEO MEMORIALCARE HEALTH SYSTEM Steven I. Goldstein - President & CEO STRONG MEMORIAL HOSPITAL A. Hugh Greene, FACHE - President & CEO BAPTIST HEALTH William B. Leaver - President & CEO UNITYPOINT HEALTH And the list goes on and on... WITH 165+ SPEAKERS , 45 LEADING HOSPITAL & HEALTH SYSTEM CEOS & 38 CFOS & CIOS November 18-19, 2015 Ritz Carlton, Chicago For more info, visit www.beckershospitalreview. com/november-ceo- roundtable-conference/