Ty Cobb Healthcare Selling Nursing Homes
By MJ Kneiser, WLHR Radio, Lavonia
Ty Cobb Healthcare is selling off its existing nursing home facilities in Royston, Hartwell and Comer.
In a brief press release issued last week, Ty Cobb CEO Greg Hearn announced Ty Cobb has signed a non-binding letter of intent with Community Health Services of Georgia and its affiliate Ethica Health and Retirement Communities for the sale of Brown Memorial Convalescent Center in Royston, Hartwell Healthcare Center in Hartwell, and Cobb Healthcare in Comer.
In making the announcement, Hearn said selling the skilled nursing facilities will allow Ty Cobb Healthcare to focus on the continued growth of Ty Cobb Regional Medical Center.
“Selling the skilled nursing facilities will allow TCHS to focus on the continued growth of Ty Cobb Regional Medical Center and will provide resources needed for success in the challenging hospital marketplace,” Hearn said. “This sale is part of a broader plan to address the financial challenges reported in the local media last week and provide more financial stability for the new hospital.”
Hearn went on to say the sale of the three nursing homes is part of a broader plan to address the financial challenges facing Ty Cobb Regional Healthcare as well as to provide more financial stability for the new hospital.
Speaking at a recent breakfast for Georgia Commissioner of Economic Development Chris Carr, Hearn said the new Ty Cobb Regional Medical Center, which opened in July 2012, is not as profitable as had been projected.
Hearn reportedly said that in 2013 the hospital wrote off $15-million in bad debt from indigent and uninsured patients, and revealed he was actively marketing the nursing homes.
Hearn also said Ty Cobb is actively looking to partner with a larger hospital, but denies rumors the hospital is for sale.
Community Healthcare Services of Georgia is the state’s largest non-profit, long-term care healthcare system.
Hearn said the company offers residential living services, adult daycare and a host of other medical support services.
“We have been very impressed with Community Health Services’ commitment to quality long term care and to the employees, residents and communities they serve. We are convinced that CHS brings the experience, resources and vision needed to continue the quality care our residents have come to expect,” said Hearn.
The anticipated transaction does not include the sale of TCHS’s assisted-living facility, The Gables at CobbVillage in Royston.
Hearn said they expect the sale of the three nursing homes to be finalized in the first or second quarter of this year.