Listen to article \u2022\u00a00:00 min<\/p>\n
Tower Health reported an $8.5 million operating profit in the year that ended June 30, compared to a $20.6 million loss the year before.<\/p>\n
The fiscal 2026 profit will be Tower\u2019s first in eight years, if the result holds in its audited financial. <\/p>\n
In the Berks County nonprofit\u2019s preliminary financial report to bond investors Friday, Tower management called the result \u201can important milestone in Tower Health\u2019s ongoing journey toward sustained financial strength.\u201d<\/p>\n
Recent moves by Tower to become financially stable included creating a clinical alliance with Jefferson Health<\/a>, with the goal of bringing more advanced care to Tower\u2019s markets, and laying off 160 workers<\/a> \u2014 or 22% of the workforce \u2014 at Pottstown Hospital.<\/p>\n In addition to Pottstown, Tower owns Phoenixville<\/a> Hospital and Reading Hospital in West Reading, and half of St. Christopher\u2019s Hospital for Children in North Philadelphia<\/a> in a joint venture with Drexel University<\/a>.<\/p>\n Here are more details:\t<\/p>\n Revenue: Tower reported a 2% increase in revenue, to $2.07 billion from $2.03 billion. Reading Hospital in West Reading logged an 11% increase in revenue, while the combined revenue of Phoenixville and Pottstown Hospitals fell 8%.<\/p>\n Patient volumes: Pottstown saw an 11% decrease in hospital admissions, likely because Tower closed the hospital\u2019s intensive care unit at the beginning of the this year. Phoenixville had a small gain of 0.7% in admissions, while Reading was flat. Total surgeries across the system were flat.<\/p>\n Notable: A year ago, Tower reported a preliminary operating profit of $5.9 million for fiscal 2025, thanks to a gain on the sale of the former Brandywine Hospital. That would have been the system\u2019s first profit in seven years, but it turned into a $20.6 million loss<\/a> in Tower\u2019s audited financial statements. Auditors from KPMG decided that Tower needed to boost medical malpractice reserves<\/a> and give up on collecting millions owed by patients.<\/p>\n In an email to The Inquirer, Tower CEO Michael Stern expressed confidence this year\u2019s audit will uphold the preliminary result, giving Tower its first profitable year since 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"Listen to article \u2022\u00a00:00 min Tower Health reported an $8.5 million operating profit in the year that ended…\n","protected":false},"author":2,"featured_media":596470,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[103,397,396,61,60,252602],"class_list":["post-596469","post","type-post","status-publish","format-standard","has-post-thumbnail","category-healthcare","tag-health","tag-health-care","tag-healthcare","tag-ie","tag-ireland","tag-tower-health-financial-results-fiscal-2026"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/596469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=596469"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/596469\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/596470"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=596469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=596469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=596469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}