8 latest hospital bankruptcies

Ayla Ellison (Twitter) - Print  | 

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

Here are eight hospitals that filed for bankruptcy since June 1, beginning with the most recent:

1. Walker County Hospital Corp., which does business as Huntsville (Texas) Memorial Hospital, filed for Chapter 11 bankruptcy Nov. 11. Significant financial losses and failed attempts to create a network of clinics are among the factors that pushed WCHC, a private nonprofit organization, into bankruptcy.

2. Lockport, N.Y.-based Eastern Niagara Hospital filed for Chapter 11 bankruptcy Nov. 7. The hospital took several steps to cut costs before entering bankruptcy, including eliminating jobs and shutting down its maternity unit. Hospital leadership said the bankruptcy process will allow the organization to address legacy debt obligations.

3. Southcross Hospital in San Antonio, two freestanding emergency rooms and their operator filed for Chapter 11 bankruptcy protection Nov. 3. At that time, the organizations had more than $10 million in debt.

4. Williamson (W.Va.) Memorial Hospital entered Chapter 11 bankruptcy protection on Oct. 21. In its bankruptcy petition, Williamson Memorial Hospital listed its assets as between $1 million and $10 million and listed its liabilities as within the same range.

5. Calais (Maine) Regional Hospital entered Chapter 11 bankruptcy Sept. 17. At that time, the 25-bed hospital owed roughly $25 million to nearly 1,900 creditors. According to documents filed in the bankruptcy case, Calais Regional Hospital has incurred losses for several years and faces a cash shortfall that requires restructuring of its balance sheet. The hospital's CEO said he hopes the bankruptcy process will allow the hospital to restructure its debts and implement operational changes to remain open.

6. Westlake Hospital in Melrose Park, Ill., filed for Chapter 7 bankruptcy liquidation Aug. 6. Los Angeles-based Pipeline Health acquired the hospital from Dallas-based Tenet Healthcare in January. Pipeline revealed plans to shut down Westlake Hospital a few weeks after the transaction closed, saying financial losses exceeded projections. The hospital closed in August.

7. Philadelphia Academic Health System and a few of its subsidiaries, including Hahnemann University Hospital and St. Christopher's Hospital for Children in Philadelphia, entered Chapter 11 bankruptcy protection on June 30. Hahnemann University Hospital closed in September, and PAHS sold St. Christopher's Hospital for Children.

8. Springfield (Vt.) Medical Care Systems filed for Chapter 11 bankruptcy protection on June 26. The health system, which includes 25-bed Springfield (Vt.) Hospital and nine community health centers, said no layoffs are planned and operations will continue as normal during the bankruptcy process.

More articles on healthcare finance:

29 hospital closures, state by state
10 states with the most for-profit hospitals
How 2 former debt collectors helped erase $1B in medical bills

 

 

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