7 Hospital Bankruptcies and Closures in 2014 Thus Far

The first quarter of the 2014 calendar year has been a tipping point for many financially beleaguered hospitals and health systems.

Here are seven acute-care hospitals and health systems that have filed for bankruptcy protection or announced their closure in the first three months of 2014, starting with the most recent developments.

1. Northern Berkshire Healthcare in North Adams, Mass., closed North Adams Regional Hospital, its home health facility and its three hospital-owned physician practices last week, and Chapter 7 bankruptcy may be on the horizon.

2. Lower Oconee Community Hospital in Glenwood, Ga., closed its doors in mid-February, but a private healthcare company bought and reopened the hospital by the beginning of March.

3. Natchez (Miss.) Regional Medical Center filed for Chapter 9 bankruptcy for the second time in the past five years.

4. Long Beach (N.Y.) Medical Center filed for Chapter 11 bankruptcy in February and sold all assets to South Nassau Communities Hospital in Oceanside, N.Y.

5. Good Shepherd Health System, based on Longview, Texas, announced earlier this year it will close Good Shepherd Medical Center Linden (Texas) by April 30.

6. Gilbert (Ariz.) Hospital declared bankruptcy in February due to several lingering financial problems.

7. Casa Grande (Ariz.) Regional Medical Center filed for Chapter 11 bankruptcy in February, a maneuver executives said was needed to complete its sale to Phoenix-based Banner Health.

More Articles on Financially Distressed Hospitals:
Troubled Transactions: Why There's Still Hope for Financially Struggling Hospitals
Report: Poor Oversight in New Jersey Leading to "Destabilized" Hospitals
4 Characteristics of Poorly Performing Hospitals

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.


Featured Whitepapers

Featured Webinars