PHILADELPHIA – The University of Pennsylvania Health System said Tuesday that it is buying Graduate Hospital from Tenet Healthcare Corp. and turning it into a rehabilitation center. Terms of the deal were not disclosed. Penn said the purchase should be completed by March 30. Penn said it will operate the downtown Philadelphia facility in partnership with Good Shepherd Rehabilitation Network. After the hospital is renovated, it will also house a long-term acute care hospital and provide educational and research opportunities related to rehabilitation medicine, Penn said. The joint venture – Good Shepherd Penn Partners – will convert the hospital. Construction is expected to begin after the sale is complete and take about 15 months. The new facility is expected to open in the summer of 2008.
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