The board emphasized that the alliance is not a merger, and both Tower Health and Penn Medicine will remain independent. Tower Health also said it has had a positive financial turnaround since March, as operational improvements have taken hold and patient volumes are back to pre-pandemic levels.
The board says the decision follows a months-long process to consider options for a path forward, as Tower Health was in financial trouble and there were ongoing questions about its future. A committee with equal representation from Tower Health and Penn Medicine will evaluate over the next 6 months potential areas of collaboration, Tower Health said. It does not plan to release additional details until after that process.
“Among our criteria for considering a strategic alliance as one possible path forward, the Board wanted to find a compatible health system that shares our patient-focused values and represents an opportunity to not only stabilize, but strengthen the care we deliver,” said Tom Work, chair of Tower Health’s Board of Directors, in the news release. Tower Health’s board of directors signed a letter of intent to begin the process of developing an alignment model, according to a news release.
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