Here are three things to know about the issue.
1. The hospital closed Nov. 16, but Royce D. Brough Group had intended to reopen the facility as a for-profit hospital.
2. The board had previously agreed to enter into a sales contract with Royce D. Brough Group for a price of $1.5 million. The board’s motion stipulated that $150,000 in earnest money be placed in escrow, along with a letter of guaranteed expendable funds from a creditable banking institution, according to the report. The deadline to meet those requirements was within 10 days from Jan. 5. But board members said Royce D. Brough Group did not fulfill financial requirements in the proposed sales contract, according to the Times Record News.
3. Bowie Memorial board members have now voted to open the sale of the hospital up to other options, according to the report. According to board members, those could include previous bidder Texas General Hospital, with locations in Grand Prairie and Grand Saline, or any new prospects.
More articles on healthcare finance:
5 latest CFO moves in hospitals, health systems
For-profit hospital stock report: Week of Jan. 4-8
Meridian Health signs Patientco for RCM service
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
