Valley Forge Medical Center & Hospital for sale
The Joeseph B. Wolffe Trust that owns Valley Forge Medical Center and Hospital in Montgomery County, decided to put the addiction treatment facility up for sale, writes Harold Brubaker for The Philadelphia Inquirer.
The owners of the 86-bed addiction treatment facility reported several years of losses and would like to find a new owner. The trust would prefer an owner with the ability to invest in the facility, but is also open to a real estate deal.
“We have done so both with sadness and with hope,” Beth Wolffe, one of three trustees for the Joseph B. Wolffe Trust, said Wednesday.
“The sadness is that the trust that has owned the hospital for so long and that has been part of my family for three generations has faced up to the fact that we are no longer a good owner for this fine institution that does such good and important work. The best thing that we can possibly do for it is help it find a different owner,” said Wolffe, whose grandfather founded the East Norriton institution in the 1950s primarily as a heart hospital.
Valley Forge Medical Center and Hospital has experienced financial difficulties in recent years and has not been profitable, explained Wolffe. She credits the fiscal difficulties to being a small facility forced to compete with larger operations. “We’re sort of like the little neighborhood hardware store and Lowe’s is just down the street,” she said.
Valley Forge Medical Center’s chief executive Gregg Y. Slocum, sent out a letter to the facility’s staff, stating that the sale of the hospital doesn’t necessarily mean the hospital will close its doors. “Although it is a possibility, the process is just beginning, and it is way too early to know.”
“The trustees currently contemplate that the hospital will remain open at least through sometime in January 2020,” Slocum’s letter said. Slocum also told employees that he is interested in putting together a group of investors to bid on the hospital.
For more information go to philly.com
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