“Our goal in acquiring the hospitals was to help them both flourish and provide world-class care,” Joel Freedman, founder and president of American Academic, said in a news release. “We relentlessly pursued numerous strategic options to keep Hahnemann in operation, and have been uncompromising in our commitment to our staff, patients, and community. We are saddened our efforts have not been successful, and we are faced with the heartbreaking reality that Hahnemann cannot continue to lose millions of dollars each month and remain in business.”