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Tenet Buys Roxborough Memorial Hospital for $24M

PHILADELPHIA-Through a subsidiary that already owns seven hospitals here, the Santa Barbara, CA-based hospital management company adds the 112-year-old, 125-bed medical center at 5800 Ridge Ave. to its Pennsylvania portfolio. Tenet will also keep the Roxborough School of Nursing.

By Marita Thomas | Updated on December 19, 2002

PHILADELPHIA-Tenet HealthSystem Pennsylvania, a subsidiary of Santa Barbara, CA-based Tenet Healthcare Corp., has acquired Roxborough Memorial Hospital at 5800 Ridge Ave. for approximately $24 million. The state attorney general and Pennsylvania Orphan’s Court, which have oversight of charitable institutions, have approved terms of the purchase agreement.

Roxborough has been in operation for 112 years and serves the Manayunk and East Falls communities as well as Roxborough. Under the agreement, Tenet commits to continue operating both the 125-bed medical center and the associated school of nursing, which is located on the campus and has been in existence for a century.

Roxborough generated net revenues of $45.5 million in the fiscal year ended June 30. It now becomes Tenet’s eighth hospital in the Philadelphia region. Among the others are Hahnemann University Hospital, Graduate Hospital and the Medical College of Pennsylvania Hospital.

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