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Ascension sells hospitals to improve finances
For 15 years, a formidable CEO and CFO duo, often called “the two Tonys,” led their St. Louis-based health system through a period of explosive growth, adding hospital after hospital until it became one of the largest systems of health in the country.
A year after the resignation of former CEO Anthony Tersigni and former chief financial officer Anthony Speranzo, their vast empire of some 140 hospitals was subjected to the ultimate stress test: the Covid-19 pandemic. Ascension lost nearly $4 billion in operations from fiscal 2020 through fiscal 2023, triggering deals to offload nearly 30 hospitals. Last week, Ascension said it would sell its remaining five hospitals in Alabama.
“They’re going hard on the expense side,” said Stephen Infranco, managing director and head of S&P Global’s nonprofit healthcare team. “It’s a wait-and-see approach to see how successful it will be.”
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