NEW YORK (AP) -- Hospital operator Community Health Systems Inc. said Monday it will form an alliance with Cleveland Clinic.
The companies said they will remain independent, but Cleveland Clinic will help Community Health set up clinical integration programs at its hospitals and will apply its cardiovascular service experience at some of Community Health's hospitals. The companies will look for other areas where they can collaborate on medical practices and reduce costs.
Community Health Systems is based in Franklin, Tenn. It runs 135 general acute care hospitals in non-urban and mid-size markets across 29 states. Cleveland Clinic is a health system with eight hospitals and 18 family health centers.
Community Health Systems shares rose 46 cents to $43.37 Monday and were unchanged in aftermarket trading. During the day the stock reached $43.52, near its all-time high of $44.50 hit in July 2007.