A spokesperson for the Louisiana state government said the Shreveport, La.-based Biomedical Research Foundation missed a deadline to deposit funds owed to Baton Rouge-based Louisiana State University, as required by the hospital operator's reworked deal with the state, according to the Daily Progress.
State officials said BRF has yet to deposit $5.3 million into an escrow account designated for LSU as part of the hospital operator's agreement to continue managing the LSU charity hospitals in Shreveport and Monroe, La.
BRF officials said the organizations would wire the funds to the account Oct. 21.
BRF was made to set aside $5.3 million for payments disputed with LSU, leaving the funds in escrow until a third-party arbitrator determines whether the university's Shreveport location should receive the funds.
State officials said BRF did adhere to another aspect of the agreement, paying $6.9 million to LSU for unpaid bills, which were also due this week, according to the article.