FORT WAYNE, Ind. (WOWO): While a local effort to buy Lutheran Health Network away from its Tennessee-based owners may have failed, a new report indicates the door’s still open for someone to do it.
Community Health Systems of Franklin, TN rejected a bid from a group of local physicians last May, saying it was about $1-billion short. In the wake of that attempt, a number of Lutheran doctors and executives have either quit or been fired, amid allegations that CHS wasn’t doing its part to invest in the local network and siphoning Lutheran’s profits to cover operations elsewhere.
Now the News-Sentinel reports that CHS ended the second quarter of the year with a net loss of $131-million, and the company says it’s willing to sell some of its assets after five straight quarters of losses. CHS revenues were reported at $4.14 billion, down almost 10% from 2016. Patient admissions across their network are also down nearly 11%.
Whether there will be a buyer interested in Lutheran remains to be seen.