Philadelphia hospital residency slots fetch $55M at auction

Written by The Associated Press | Aug 9, 2019 4:28 PM
Hahnemann University Hospital ER entrance.jpg

Hahnemann University Hospital. (Emma Lee/WHYY)

(Philadelphia) -- More than 550 residency slots at a Philadelphia teaching hospital have fetched a $55 million winning bid at a bankruptcy auction ahead of the facility's impending closure.

The residency slots at Hahnemann University Hospital were won by a team of six local health systems at Thursday's auction, topping bids by Tower Health and a California company that wants to reopen the hospital.

Christiana Care Health System, Cooper University Health Care, and Main Line Health joined Einstein Healthcare Network, Jefferson Health and Temple University Health System in the winning bid.

The salaries and benefits of those residencies are paid by Medicare, which has objected to the sale in bankruptcy court.

Hahnemann is still in the process of closing, but the 496-bed hospital has no patients. It's closing due to unsustainable financial losses.

A bankruptcy hearing on the hospital's sale has been rescheduled for Aug. 19.

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