FORT WAYNE, Ind. (WOWO): After years of hemorrhaging billions of dollars, the company that owns the Fort Wayne-based Lutheran Health Network is profitable again.

Tennessee-based Community Health Systems posted a $511-million profit last year, according to the Journal Gazette, after paying off more than $1.1-billion in debt last year and selling off 13 hospitals.

CEO Tim Hingtgen said the progress is thanks to effective cost-management efforts.

The Lutheran Health Network includes eight area hospitals and a number of clinics and other offices, with plans currently underway to build and open a new hospital in downtown Fort Wayne by early next year.