Philadelphia-based Temple University’s board of trustees announced June 20 the institution will hire a chief restructuring officer for its affiliated health system, and is considering the potential sale of two of its hospital assets, according to The Inquirer.
Temple University President Richard Englert and Temple University Health System CEO Larry Kaiser, MD, said in a joint statement to the community TUHS “faces significant operational and financial challenges. More must be done to maintain a viable and sustainable healthcare enterprise in a highly competitive and volatile market,” according to the report.
Officials also said the health system is considering the sale of Jeanes Hospital and the Fox Chase Cancer Center, both in Philadelphia.
The Inquirer reports Temple University Health System incurred a net loss of $31.1 million in the nine months ended March 31, compared to the system’s $19.9 million loss the year prior.