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Einstein Healthcare Network is selling the Belmont Center
to Arcadia Healthcare.
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Einstein Healthcare Network is selling its behavioral
health hospital, the Belmont Center for Comprehensive Treatment, to Arcadia
Healthcare for $35 million.
Arcadia (NASDAQ: ACHC) is a publicly traded company based
in Franklin, Tenn., that operates 76 behavioral health care facilities with
more than 5,600 licensed beds in 24 states, Puerto Rico and the United Kingdom.
It's only local facility is the 58-bed MeadowWood
Hospital in New Castle, Del. The company also operates two psychiatric care
hospitals in Pennsylvania in Monroeville and Pittsburgh.
Under the terms of its agreement with Einstein, Arcadia
will take over operations of the 147-bed medical center on Monument Road in
northwest Philadelphia along with its Belmont Northeast health center and its
Community Outpatient Program for the Elderly in the city's Germantown section.
"After careful consideration, we have determined
that this is the right course of action for our patients, employees and the
organization," said Barry R. Freedman, president and CEO of the Einstein
Healthcare Network, in a prepared statement. "This transaction will see
Belmont Center for Comprehensive Treatment join an organization with a singular
focus on behavioral health. Einstein will continue to provide behavioral health
services in the existing acute care and outpatient settings within the
network."
The remaining behavioral health services within Einstein
Healthcare Network will continue under the name Einstein Behavioral Health. The
services include two inpatient behavioral health units on the campus of
Einstein Medical Center Philadelphia; the Crisis Response Center at Einstein
Germantown, which provides 24-hour emergency psychiatric services; a 36-bed
long-term structured residence at Einstein Germantown; and additional
outpatient services located throughout the area.
Source: Philadelphia
Business Journal
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