Here are four Massachusetts healthcare bankruptcies or closures that have occurred in 2023:
- In December, Dallas-based Steward Health Closure announced that it is closing Stoughton, Mass.-based New England Sinai Hospital this spring. Steward lost $22 million from the rehab hospital, which the health system attributed largely to low reimbursement rates.
- In October, Gardner, Mass.-based Heywood Healthcare filed for Chapter 11 bankruptcy protection. The health system said that it was dealing with issues related to workforce shortages, supply chain problems, low reimbursement rates, and a costly EHR install. In November, the health system said that it was closing its urgent care center to the public.
- In June, Springfield, Mass.-based Vibra Hospital of Western Massachusetts, a long-term acute care hospital, announced its plan to lay off workers ahead of its closure.
- In June, Quincy, Mass.-based Compass Medical Group, a network that includes 70 providers and six clinics, filed for Chapter 7 bankruptcy.
