Southeast Arizona Medical Center Files for Bankruptcy
Sierra Vista Herald report.
High rates of charity care and other financial issues have plagued the 25-bed critical access hospital, which is only miles from the Arizona-Mexico border.
Jim Riley, president of CHD, said there will be no layoffs. Sierra Vista (Ariz.) Regional Health Center has been managing SAMC for the past 18 months, and it will continue to do so until a federal bankruptcy court finds a bidder to take over SAMC's operations, according to the report.
SVRHC has doled out roughly $1 million in loans to SAMC already, which it expects to be repaid when a new operator is found.
SVRHC recently announced it will partner with RegionalCare Hospital Partners, a for-profit hospital operator based in Brentwood, Tenn., to build a new 100-bed hospital.
More Articles on Hospital Bankruptcy:
Scripps Health Enters Hospice Market as San Diego Provider Files for Bankruptcy
Rural Hospital Operator HMC/CAH Emerges From Chapter 11 Bankruptcy
Bankruptcy Judge Approves Montefiore Medical Center's Bid for Westchester Square Medical Center
© Copyright ASC COMMUNICATIONS 2014. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
New From Becker's Hospital CFO