Gardner, Mass.-based Heywood Healthcare on May 28 filed papers to emerge from bankruptcy, almost eight months after filing for Chapter 11 protection.
Heywood's decision to file for bankruptcy was a "deliberate and strategic approach" that allowed it to quickly address several contractual agreements, seek commercial rate improvements, reorganize its finances and focus on service optimization, the health system said in a news release.
The independent health system — which includes Heywood Hospital, Athol (Mass.) Hospital, Heywood Medical Group and The Quabbin Retreat — has optimized multiple service lines, reopened its inpatient mental health unit and grew inpatient, outpatient and surgical volumes, including a 16% increase in labor and delivery.
The system also retained and expanded its medical staff.
"Heywood Healthcare’s progress is attributed to its dedicated medical staff and employees, along with strong financial and operational prudence. We will proceed thoughtfully and planfully, maintain focus on patient care, and continue to forecast potential risks," President and CEO Rozanna Penney said.