Business & Tech
Franciscan Alliance Seeks Buyer for St. James Hospital
After sustaining significant operating losses despite $300M in improvements, Franciscan Alliance is looking for a new organization to take the reins of their two Illinois facilities.
The Indiana organization that operates St. James health system is looking for a new investor or buyer, reports the Sun-Times Media.
Since 1994, Franciscan Alliance has invested over $300 million among the Chicago Heights and Olympia Fields facilities. Despite the improvements, however, St. James has seen "significant operating losses."
Franciscan Alliance operates two facilities in Illinois, compared to 11 in Indiana. This puts the Illinois location at a disadvantage, according to the report, because they lack the cooperative benefits that exist among the tighter-knit Indiana cluster. Franciscan Alliance President and CEO Kevin Leahy told the Sun-Times St. James would benefit from joining a new organization that is willing to invest more capital and provide a broader local network.
In addition to the Chicago Heights and Olympia Fields hospital locations, the Franciscan Alliance operates health care offices in Frankfort, Homewood, Matteson, New Lenox, Tinley Park, Olympia Fields and Chicago Heights.
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