6 latest hospital bankruptcies, closures

From reimbursement landscape challenges to dwindling inpatient volumes, many factors lead hospitals to file for bankruptcy or close.

Here are six hospitals that have filed for bankruptcy or closed since Dec. 1, starting with the most recent.  

1. Louisiana Heart Hospital in Lacombe and its affiliated medical group filed for Chapter 11 bankruptcy Jan. 30 and will close by the end of February. The hospital has faced financial challenges in recent years, as it struggled to balance shrinking reimbursements with rising operating costs.

2. North Texas Medical Center, which is owned by the Gainesville Hospital District, filed for Chapter 9 bankruptcy Jan. 17. The hospital's board approved a partnership agreement with King of Prussia, Pa.-based Universal Health Services in December. On Jan. 24, the bankruptcy court approved a debtor-in-possession loan that will allow UHS to provide financial support to North Texas Medical Center during the course of the bankruptcy case.

3. The public trust that operates Atoka (Okla.) County Medical Center filed for Chapter 9 bankruptcy Jan. 10. The critical access hospital is about $16 million in debt.

4. North Philadelphia Health System filed for Chapter 11 bankruptcy Dec. 30 after years of financial troubles. NPHS currently operates two facilities in Philadelphia: Girard Medical Center, a 168-bed psychiatric hospital, and Goldman Clinic, a substance abuse treatment center.

5. Marshalltown-based Central Iowa Healthcare, which includes a 49-bed acute care hospital, an outpatient center and four primary care clinics, filed for Chapter 11 bankruptcy Dec. 20. Interested parties are bidding on CIH's assets. A hearing to approve a sale to the highest bidder is scheduled for March 17.

6. Indianapolis-based Community Health Network closed Community Westview Hospital Dec. 16 after a gradual step-down of services over the past few years. When the hospital closed, many of its services were relocated to other Community Health Network sites in the area.

More articles on healthcare finance:

Trump administration withdraws 340B mega-guidance: 6 things to know
Indianapolis hospital closes as resources shift to outpatient care
Ochsner to take over St. Bernard Parish Hospital as billing issues cause debt to mount

 

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