DOYLESTOWN, PA — In a move to improve its financial health, Doylestown Hospital announced this week that it plans to sell one of its key assets – its 517-unit Pine Run Retirement Community in Doylestown Township.
In a press release, the hospital said it has sought “initial and non-binding indications of interest” for the potential acquisition of the retirement community and its operating assets and that those proposals are currently being evaluated by management and the hospital’s financial advisers.
Located on 43 acres at 777 Ferry Road, Pine Run is a senior living and continuing care retirement community with 291 independent living units and a 130-bed health center. Pine Run also operates Lakeview, a separate 96-bed personal care facility located on a separate seven acres.
According to the hospital, “quality metrics will serve as a significant driver” in the selection process, including evaluating rating history by the Centers for Medicare and Medicaid Services (CMS) for overall quality.
“The finalist(s) will have a best in class operating track record in the senior living industry as well as the financial resources to invest in the Pine Run Retirement Community to maintain and enhance facilities, quality, care and unique culture,” the hospital said.
While there are no specific commitments at this time, the hospital said it expects to “retain an affiliation” with the Pine Run Retirement Community through the delivery of medical services and clinical care.
“Any decisions will be made thoughtfully and with the best interest of Pine Run, its associates, villagers and residents in mind,” said the hospital. “The evaluation for other ownership alternatives for Pine Run is consistent with trends and best practices in the healthcare industry over the past several years.”
The potential sale comes as the hospital is taking a comprehensive financial look inside the organization to enhance sources of revenue and identify opportunities for improvements and efficiencies as it works to rebound from “extraordinary and unprecedented financial hardship” brought on by the pandemic.
The Boards of Trustees of Doylestown Hospital and Doylestown Health Foundation said they remain “committed to the mission of Doylestown Health, and, as fiduciaries, are committed to explore its options to address the hospital’s financial challenges by providing financial relief to Doylestown Hospital and acting to improve its financial health in this post-pandemic environment.”
According to the hospital, the Pine Run Retirement Community has been consistently recognized regionally and nationally for its award-winning care:
- The Pine Run Health Center has a five-star rating, the highest possible, from the Centers for Medicare & Medicaid Services (CMS).
- Pine Run Health Center has been named among the “Best Nursing Homes” in the country for 2020-21 by U.S. News & World Report. This is a designation achieved by an elite 13 percent of short and long-term care residences across the country.
- Pine Run earned its second consecutive Best Nursing Home status in 2023, by achieving the highest possible rating, “High Performing,” for both its short-term rehabilitation services and for long-term care. The U.S. News rating is widely recognized as a symbol of excellence in U.S. healthcare that is awarded by an unbiased trust agent.
The article Doylestown Hospital Plans To Sell Pine Run Retirement Community appeared first on Doylestown Patch.