Memorial Health Services Inc. said Thursday it’s considering a sale of its 224-bed Anaheim Memorial Medical Center.
Memorial Health said it has invested $85 million in the Anaheim hospital since buying it in 1995. While the hospital’s financial picture has improved in the past decade, Anaheim Memorial has been losing $2.5 million to $3.3 million annually for the past five years.
The health system “will work with Anaheim’s community leaders and other interested healthcare organizations in seeking the best options for this facility,” said Lisa Scheer, a Memorial Health senior vice president.
Options include an outright sale or finding a financial partner.
Anaheim Memorial ranked No. 9 on the Business Journal’s most recent hospital list, with net patient revenue of $153 million for the 12 months ended in September. It has about 1,000 employees.
Memorial Health said Anaheim Memorial faces costs of more than $100 million to meet California’s hospital earthquake safety law.
Anaheim Memorial is one of four hospitals the Long Beach-based nonprofit owns in Orange County.
The hospital operator also runs Saddleback Memorial Medical Centers in Laguna Hills and San Clemente, and Fountain Valley’s Orange Coast Memorial Medical Center.
