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Rennova completes Tenn. hospital purchase from Community Health Systems

Florida's Rennova Health Inc. said it completed a previously announced hospital acquisition from Tennessee-based Community Health Systems Inc.

The 85-bed acute care hospital, based in Jamestown, Tenn., was bought for about $635,000. Estimated diligence, legal and other acquisition costs reached about $500,000, Rennova said in a news release.

Rennova expects the hospital to continue bringing in about $15 million in annual net revenues. The company said government payers including Medicare and Medicaid account for more than 60% of this revenue.

"We believe this acquisition complements our previously purchased hospital in Oneida, Tenn., and the two hospitals located within one hour drive from each other create a number of synergies and efficiencies for services and management," Rennova CEO Seamus Lagan said in a statement.