SHARON, Pa. - The Sharon Regional Health System board of directors announced on Wednesday the sale of the hospital and all other assets to a Nashville-based subsidiary.
If the deal is approved, Community Health Systems Inc. will take control of Sharon Regional. The Pennsylvania attorney general will hold a hearing today in the first step of the approval process.
The Sharon Regional Health System consists of a 251-bed Joint Commission accredited hospital and two satellite centers in Trumbull County, located in Brookfield and Hubbard.
The hospital's board of directors called the decision a result of a yearlong process to determine if the best interests of the community would be served by remaining independent or assessing a strategic partnership.
"This is a great day for both Sharon Regional and the community, and one we are very proud to announce," said William Strimbu, chairman of the board of Sharon Regional. "CHS has an outstanding reputation for high quality and patient satisfaction and we're excited to move forward with an organization that will help position Sharon Regional for future long-term success."
Among the benefits of the agreement is a commitment by Community Health Systems to invest a minimum of $75 million in Sharon Regional's facilities, services and medical technology over the next five years.
The agreement also outlines a continuation and growth of essential services including medical and surgical, critical care, open heart and vascular surgery, emergency services, and obstetrics.
In addition, all current employees in good standing will be re-hired in the same position at the same rate of pay with years of service recognized.
"I am very excited to move forward with our affiliation with CHS," said John R. "Jack" Janoso Jr., president and CEO of Sharon Regional. "Their recognition of Sharon Regional as a strong community asset and commitment to our region insures we'll be well positioned to serve our patients moving into the future."
The attorney general will hold a public hearing at 1 p.m. at the Sharon City Building. The deal must also be approved by the Mercer County Orphan's Court, which has set a hearing for Feb. 26 in Mercer, Pa.
The entire approval process is expected to be completed within the next several months.
Community Health Systems is one of the largest hospital companies in the country, with 206 hospitals in 29 states under its wing.