By Michael Roknick
Herald Business Editor
Barring a last minute glitch, Community Health Systems Inc. will close today on its $70 million buyout of Sharon Regional Health System.
Previously announced terms call for Franklin, Tenn.-based Community Health to buy the buildings, medical equipment and all other tangible goods of nonprofit Sharon Regional. The local health-care system will continue to operate under the name Sharon Regional Health System but will be part of Community Health’s for-profit business.
The deal includes Sharon Regional Physician Services, a unit that employs doctors and support staff, about 150 in all.
Another part of the deal calls for Community Health to spend $75 million in improvements to Sharon Regional over the next five years.
Funds from the sale will go to the nonprofit Sharon Regional Health Foundation, which will be renamed. Proceeds of the sale will be used to pay off debts and liabilities, such as bonds, pensions and workers compensation cases. Remaining funds will be used to benefit the overall health of the community, such as offering classes and access to health-care services.
With just under 1,800 employees, Sharon Regional is Mercer County’s largest employer.
Community Health said all employees in “good standing’’ will keep their jobs at “similar’’ compensation and benefit levels and that seniority will be intact.
At more than 115 years old, Sharon Regional is among the area’s oldest institutions.