Community Health Systems

Community Health Systems, Inc.
Company typeFor-profit corporation
NYSE: CYH
IndustryHealth care
Founded1985
FoundersRichard Ragsdale
David Steffy
Headquarters
Franklin, Tennessee
,
United States
Key people
Wayne T. Smith (Chairman)
Tim Hingtgen (CEO)
Kevin Hammons (CFO)
RevenueIncrease$12.490 billion (2023)
Increase$957 million (2023)
Decrease$(133 million) (2023)
Total assetsDecrease$14.4 billion (2023)
Total equityDecrease$(1.392 billion) (2023)
Number of employees
61,000
Websitehttp://www.chs.net/

Community Health Systems (CHS) is a Fortune 500 company based in Franklin, Tennessee.[1] It was the largest provider of general hospital healthcare services in the United States in terms of number of acute care facilities.[2][3] In 2014, CHS had around 200 hospitals,[4] but the number had declined to around 85 in 2021.[5]

In August 2015, the company announced plans to spin off 38 hospitals and its management and consulting subsidiary, Quorum Health Resources, into a new publicly traded company called Quorum Health Corporation.[6] The company completed the spinoff of Quorum Health Corporation on April 29, 2016. Quorum owns or leases hospitals across 16 states, primarily in cities or counties with populations of 50,000 or less. In April 2020 Quorum declared bankruptcy and is no longer trading on the NYSE.[7] [8]

On October 3, 2016, CHS was removed from the S&P Midcap 400 and added to the S&P Smallcap 600. Under CEO Wayne T. Smith, the company's stock has lost over 76% of its value since the year 2000.[citation needed]

Chinese billionaire Tianqiao Chen had a 22.2 percent stake in Community Health Systems in 2017.[9]

  1. ^ "Community Health Systems". Fortune.com. Retrieved 2018-11-21.
  2. ^ "Community Health Systems to spin out new company - Nashville Business Journal". Nashville Business Journal. Retrieved 2015-11-09.
  3. ^ "CHS closes Triad purchase". Nashville Business Journal. 2007-07-25.
  4. ^ Cite error: The named reference :0 was invoked but never defined (see the help page).
  5. ^ Kliff, Sarah; Silver-Greenberg, Jessica (2021-02-01). "How Rich Hospitals Profit From Patients in Car Crashes". The New York Times. ISSN 0362-4331. Retrieved 2021-02-03.
  6. ^ Weaver, Christopher; Jaramillo, Cassandra. "Community Health Spinoff to Focus on Smaller Markets". The Wall Street Journal. ISSN 0099-9660. Retrieved 2015-11-09.
  7. ^ "Bankruptcy court approves Quorum's $1.3B restructuring plan". www.beckershospitalreview.com. Retrieved 2021-03-16.
  8. ^ "Quorum Health is no longer trading on the NYSE". www.bizjournals.com. Retrieved 2021-03-16.
  9. ^ Becker's Revenue Cycle Management Report (12/11/2017)