In early October, Summit Park announced it would have to close after a private buyer backed out of a $32 million deal to take it over. Later that month, the hospital’s plan to shut down was approved by the state health department.
Summit Park has been losing nearly $1 million a month and had no other option but to close its doors. Approximately 280 full-time workers will lose their jobs when the hospital shuts down, according to the report.
More articles on healthcare finance:
Plan to close Ohio hospital gets go-ahead after 11 months of debate
UMass Memorial posts strong financials, expects higher EHR costs next year
The essential skills of a health system CFO: 3 finance chiefs weigh in
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.