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Jefferson, Frankford hospitals finalize deal

From the Philadelphia Business Journal:

Jefferson Health System and Frankford Hospitals finalized their previously announced realignment agreement Wednesday.

While Frankford — which operates hospitals in the Torresdale and Frankford sections of Philadelphia and a third in Falls, Bucks County — is not longer part of the Jefferson group, it will remain closely affiliated with the health-care system.

Frankford is pursuing plans to build a new Bucks County hospital in Lower Makefield to replace its existing medical center across from the Oxford Valley Mall.

The realignment agreement required Frankford to pay the Jefferson Health $67 million for its portion of the system’s overall bond debt.

Jefferson Health is now comprised of six acute-care and two rehab hospitals operated by Thomas Jefferson University Hospitals, Main Line Health, and Magee Rehabilitation Hospital.

Frankford’s departure followed a similar move by the Philadelphia-based Albert Einstein Healthcare Network, which left the Jefferson system in September.