Community Health Systems, Inc. - CYH STOCK NEWS

Northwest Urgent Care, a subsidiary of Community Health Systems (NYSE: CYH) in Tucson, Arizona, has acquired Carbon Health's urgent care centers in Arizona. This acquisition expands Northwest Healthcare's network to over 80 sites of care. The company has invested approximately $200 million in strategic growth and capital projects in the Greater Tucson Metro area over the past five years, including two new hospitals. In 2023, Northwest Healthcare's system served more than 845,000 patient encounters.

Community Health Systems (NYSE: CYH) announced the termination of its Asset Purchase Agreement with WoodBridge Healthcare, dated July 30, 2024. The agreement, which would have transferred ownership of three Pennsylvania hospitals - Regional Hospital of Scranton, Moses Taylor Hospital, and Wilkes-Barre General Hospital - was mutually terminated on November 22, 2024. The cancellation occurred due to WoodBridge's inability to meet funding requirements, specifically related to issues with expected proceeds from public tax-exempt and taxable bonds. CYH will now reassess future options for Commonwealth Health System following this development.

Community Health Systems (NYSE: CYH) has announced a definitive agreement to sell ShorePoint Health facilities in Florida to AdventHealth for $265 million in cash, subject to adjustments. The sale includes ShorePoint Health Port Charlotte, certain assets of ShorePoint Health Punta Gorda (currently with suspended inpatient operations due to hurricane damage), and related ancillary businesses. The transaction is expected to close in Q1 2025, pending regulatory approvals and closing conditions.

Community Health Systems (NYSE:CYH) announced its participation in the upcoming 2024 UBS Global Healthcare Conference at the Terranea Resort Hotel in Rancho Palos Verdes, CA. The company's management will engage in a fireside chat on November 12, 2024, at 4:15 p.m. Eastern time (1:15 p.m. Pacific time). Investors can access the presentation through a live audio webcast on the company's website investor relations section, with a replay option available afterward.

Community Health Systems (NYSE: CYH) reported Q3 2024 financial results with net operating revenues of $3.090 billion, a slight 0.1% increase from 2023. The company posted a net loss of $(391) million, or $(2.95) per share, compared to $(91) million in Q3 2023. Same-store admissions increased 2.4%, while Adjusted EBITDA was $347 million. Operating cash flow improved to $67 million from $29 million year-over-year. The increased net loss was primarily due to professional liability claims accrual adjustments and hurricane-related impacts, partially offset by higher same-store volumes and improved reimbursement rates.

Community Health Systems (NYSE: CYH) has announced the scheduling of its third quarter 2024 conference call. The company will release its financial results on Wednesday, October 23, 2024, after the regular close of trading. The conference call is set for Thursday, October 24, 2024, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).

During the call, CYH will review its financial and operating results for the quarter ended September 30, 2024. Interested parties can access a live webcast of the call at the company's investor relations website. An online replay will be available for approximately 30 days following the call.

To join the live call, participants can dial 1-833-630-1961 (domestic) or 1-412-317-1842 (international). A telephonic replay will be accessible through October 31, 2024, by dialing 1-877-344-7529 and entering the confirmation number 4255068.

Community Health Systems (NYSE: CYH) and Denim Health have announced a development partnership to implement conversational AI in CHS's Patient Access Center (PAC). The PAC serves nearly 1,000 CHS-affiliated primary care providers and handles over 25,000 daily inbound calls. Following a successful pilot, CHS has deployed Denim Health's AI bot across the PAC environment for all inbound calls.

Initially, the AI authenticates caller identities, understands call reasons, and captures information to assist agents. This has resulted in reduced call times and improved efficiency. Future plans include enabling patient self-scheduling and care gap closures. Callers retain the option to speak with human agents at any time.

The partnership aims to enhance patient experience, streamline agent workload, and create organizational savings while maintaining human interactions for complex needs.

Northwest Urgent Care, , a subsidiary of Community Health Systems (NYSE: CYH), has signed an agreement to acquire 10 Arizona urgent care centers from Carbon Health. This strategic move will expand Northwest Healthcare's network to over 80 sites of care in the Tucson area. The acquisition, set to complete in Q4 2023, aligns with CYH's strategy to increase healthcare accessibility and improve its competitive position.

Over the past five years, Northwest Healthcare has invested $200 million in growth and capital projects in the Greater Tucson Metro area, including two new hospitals. In 2022, the network provided care for more than 845,000 patient encounters, demonstrating its significant impact on local healthcare services.

Community Health Systems (NYSE: CYH) announced that Lynn Simon, MD, President of Healthcare Innovation and Chief Medical Officer, will retire from her executive role at the end of the year and transition to a consulting position effective January 1, 2025. Simon, who joined CHS in 2010, has been instrumental in establishing patient safety initiatives, developing transfer and patient access centers, and implementing innovative healthcare technologies.

As part of the succession plan, Miguel Benet, MD, currently Executive Vice President of Clinical Operations, will become the company's President of Clinical Operations and Chief Medical Officer in 2025. The transition aims to ensure continuity in clinical leadership and innovation at CHS.