FORT WAYNE, Ind. (WANE)-A major shakeup is possible in Fort Wayne Healthcare. A group of local physicians is trying to buy Lutheran Health Network according to a report by the News-Sentinel, a WANE-TV news partner. The new development comes days after Lutheran Health Network announced plans for a half-billion dollar investment into its healthcare facilities.
According to the News Sentinel, many of Lutheran Health Network doctors are concerned that the parent company, Community Health Systems (CHS), isn’t investing enough into the network. Some 300 doctors reportedly met with the CHS board to make a bid to buy Lutheran Health Network.
In recent years CHS has been faced with financial trouble. In 2015 the company’s stock reached a high of almost $53 dollars a share. Then the stock plummeted. It lost 90% of its value, closing at a low of $5.23 last fall. Since then, it has rebounded, closing at just over $10 a share Monday night.
The company has been trying to shore up its bottom line over the last year. It sold more than two dozen hospitals since the beginning of 2017, according to the company’s website. According to the Nashville Business Journal, the company will no longer focus on selling its hospitals. Instead the focus will shift to improving operations.
Lutheran Health Network revealed the company planned to invest half a billion dollars into doing just that. The $500 million investment will be spent on projects over the next five to six years.