Broward Health faces bond trouble over KPMG breakup

Fort Lauderdale, Fla.-based Broward Health may have difficulty completing its annual financial audit by its Dec. 31 deadline after the system severed ties with its auditing partner earlier this month, reports Sun Sentinel.

Broward Health board members voted to terminate the system's contract with KPMG after the firm rejected an addendum that would have extensively restricted KPMG's inquiry powers into Broward's activities.

Broward Health CFO Art Wallace told board members Wednesday the banks that hold Broward's bond issues may be willing to grant extensions for the audit without imposing financial consequences, Sun Sentinel reports.  

If no extension is granted, Broward may have to submit an accelerated repayment schedule and repay between $211 million and $282 million within a several-year period, according to the article.

Broward Health runs four hospitals and a number of other healthcare facilities.

More articles on finance issues: 

22 rural Louisiana hospitals get Medicaid funding boost
Air ambulance waives widow's $37k bill
California protects Medicare patients from observation status under signed bill


© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.


Top 40 Articles from the Past 6 Months