Tenet and Paladin Healthcare Reach Definitive Agreement to Transfer Ownership of Tenet’s Philadelphia Hospitals | Business Wire

PHILADELPHIA–()–Tenet Healthcare Corporation (NYSE:THC) and Paladin Healthcare today

announced that they have entered into a definitive agreement for the

sale of Tenet’s Hahnemann University Hospital, St. Christopher’s

Hospital for Children and other related operations in Philadelphia,

including Tenet-owned physician practices, to American Academic Health

System, LLC (AAHS), a newly formed affiliate of Paladin Healthcare.

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The terms “THC”, “Tenet Healthcare Corporation”, “the company”, “we”,

“us” or “our” refer to Tenet Healthcare Corporation or one or more of

its subsidiaries or affiliates as applicable.

This release contains “forward-looking statements” – that is, statements

that relate to future, not past, events. In this context,

forward-looking statements often address our expected future business

and financial performance and financial condition, and often contain

words such as “expect,” “assume,” “anticipate,” “intend,” “plan,”

“believe,” “seek,” “see,” or “will.” Forward-looking statements by their

nature address matters that are, to different degrees, uncertain.

Particular uncertainties that could cause our actual results to be

materially different than those expressed in our forward-looking

statements include, but are not limited to, the factors disclosed under

“Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the

year ended December 31, 2016 and other filings with the Securities and

Exchange Commission.

About Paladin Healthcare

Paladin Healthcare builds strong healthcare delivery networks in urban

and suburban areas, including some of the nation’s most diverse

communities facing challenging healthcare environments. Paladin’s

hospitals and health systems are focused on quality, operational

efficiency, patient and employee engagement, financial viability,

managed care, and community advancement. In addition to operating

hospitals and health systems, Paladin offers access to capital and a

wide range of comprehensive financial solutions. Headquartered in the

Los Angeles area, Paladin manages four general acute care hospitals in

Southern California. Paladin also manages Howard University Hospital, a

145-year-old teaching hospital and Level I Trauma Center located on the

campus of Howard University in Washington, DC. Paladin has formed a new

company known as American Academic Health System (AAHS) to own and

operate academic medical centers and general acute care hospitals across

the country.

About Hahnemann University Hospital

Hahnemann University Hospital is a 496-bed academic medical center at

Broad and Vine Streets in Philadelphia. The hospital is a

tertiary care institution that specializes in bariatric surgery, cardiac

services, OB/GYN, orthopedics, medical, surgical and radiation oncology,

bone marrow transplantation, renal dialysis, kidney and liver

transplantation, and transgender surgery. In 2009, Hahnemann earned

Magnet® designation by the American Nurses Credentialing Center (ANCC)

Magnet Recognition Program® and received redesignation in 2015.

Hahnemann is recognized by the American Heart Association as a leader in

stroke and heart care treatments. Hahnemann is recognized as a Top

Performer on Key Quality Measures by The Joint Commission for attaining

and sustaining excellence in Heart Attack, Heart Failure, Pneumonia,

Surgical Care, Stroke and Perinatal measure sets. The hospital performed

one of the city’s first kidney transplants in 1963 and one of the first

bone marrow transplants in 1976. Hahnemann became Philadelphia’s

first Level I Regional Resource Trauma Center for adults in 1986.

Hahnemann is fully accredited by the Joint Commission on the

Accreditation of Healthcare Organizations, the nation’s oldest and

largest hospital accreditation agency. An affiliate of Drexel University

College of Medicine, Hahnemann University Hospital is part of Tenet

Pennsylvania, which also includes St. Christopher’s Hospital for

Children.

About St. Christopher’s Hospital for Children

Since 1875, St. Christopher’s Hospital for Children has been providing

exceptional patient care and advancing new pediatric treatments through

research and innovation. Through affiliations with Drexel University

College of Medicine, Hahnemann University Hospital, Temple University

School of Medicine, and Albert Einstein Medical Center, St.

Christopher’s is a teaching hospital helping to train the next

generation of professionals in pediatric medicine. For more than 60

years, the hospital has been dedicated to not only the education and

training of physicians; but, that of nurses and other allied health

professionals.

St. Christopher’s is a 189-bed hospital that is committed to delivering

high-quality patient and family-centered care to children in

Philadelphia and throughout Pennsylvania and New Jersey. It has a full

range of pediatric subspecialists to support the care of its patients

and the families it serves. Its highly acclaimed programs include the

highest level of pediatric trauma care and neonatal care, a Heart

Center, Oncology unit and the only dedicated pediatric burn center in

the Philadelphia region. St. Christopher’s also has one of the busiest

emergency departments for children in the country, with over 70,000

annual visits.

For Tenet Healthcare:
Investor Contact:
Brendan Strong, 469-893-6992
investorrelations@tenethealth.com
or
Media Contact:
Lesley Bogdanow, 469-893-2640
mediarelations@tenethealth.com
or
For Paladin Healthcare:
Media Contact:
Blanco + Hopkins & Associates
Gary Hopkins, 805-705-2586
gary@blancohopkins.com