10 hospital bankruptcies in 2016

From increased competition to reimbursement landscape challenges, many factors led hospitals and health systems to file for bankruptcy in 2016.

Here are 10 hospitals and health systems that have filed for bankruptcy protection since Jan. 1, beginning with the most recent.

1. West Contra Costa Healthcare District, which owns shuttered Doctors Medical Center in San Pablo, Calif., filed for Chapter 9 bankruptcy Oct. 20. The healthcare district filed for bankruptcy after a hotel operator rescinded its offer to buy DMC's campus.

2. In September, the public trust operating Antlers, Okla.-based Pushmataha Hospital filed for Chapter 9 bankruptcy, which provides protection from creditors while a repayment plan is negotiated.

3. Hebrew HealthCare in West Hartford, Conn., filed for Chapter 11 bankruptcy in August as it scrambled to restructure its debts.

4. Coshocton (Ohio) County Memorial Hospital filed for Chapter 11 bankruptcy in June. Prime Healthcare Foundation, the nonprofit affiliate of Ontario, Calif.-based Prime Healthcare Services, acquired the 56-bed hospital in November and renamed it Coshocton Regional Medical Center.

5. Colusa (Calif.) Regional Medical Center, which closed April 22, filed for Chapter 7 bankruptcy June 3.

6. Gardens Regional Hospital and Medical Center, a 137-bed hospital in Los Angeles, filed for Chapter 11 bankruptcy in June. The hospital, which opened in 1997, serves mostly low-income people and is part of Los Angeles County's safety net.

7. In June, Mandeville, La.-based Progressive Acute Care filed for Chapter 11 bankruptcy for three of its Louisiana hospitals: Winn Parish Medical Center in Winnfield; Avoyelles Hospital in Marksville; and Oakdale (La.) Community Hospital. Progressive also filed for Chapter 7 bankruptcy for Dauterive Hospital in New Iberia, La., which closed in December 2015.

8. Powell (Wyo.) Valley Healthcare, a single-hospital system, filed for Chapter 11 bankruptcy in May. The hospital said it filed for bankruptcy to effectively deal with lawsuits filed against it over surgeries performed by one of its former orthopedic surgeons.

9. Magee, Miss.-based Pioneer Health Services filed for Chapter 11 bankruptcy in April. Delays in payment by insurance companies, increased use of high deductible health plans and the need to invest in an EHR system were some factors that led to the bankruptcy filing.

10. In January, Forest Park Medical Center's hospitals in Fort WorthAustin and Southlake, Texas, filed for Chapter 11 bankruptcy. The bankruptcy filings came after the system closed its Dallas-based flagship hospital and its hospital in San Antonio, Texas, in October 2015.

More articles on healthcare finance:

Texas hospital abruptly closes after failing to make payroll
11 hospitals with strong finances
Fitch issues stable outlook for US healthcare

 

© Copyright ASC COMMUNICATIONS 2017. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months