After giving the hospital a “50-50″ chance of surviving in December, CEO Roy Davis said it needs $5 million to return to normal after a series of financial challenges.
“Our vendors will be happy, then we get our bills caught up and then we can start growing again. So that’s the magic number we’re kind of looking for,” Mr. Davis told the news outlet.
An electronic medical records conversion in 2021 caused Community Memorial to lose six months of revenue. The hospital is also recovering from $25 million in loss due to participating in a commercial lab fraud that hurt its representation and billing abilities.
Mr. Davis will meet with U.S. congressional representatives and offices overseeing Medicare, Medicaid and health services in Washington, D.C., on Jan. 18 to inquire about assistance. The Agriculture Department is also reworking Community Memorial’s bonds to try and lower the hospital’s payment, WANE reported.
Becker’s has reached out to the hospital for comment and will update this story if more information becomes available.
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