The loss was not as large as the same quarter from a year ago, when SunLink recorded losses of more than $1.54 million. For the nine months ended March 31, SunLink actually recorded a profit of $2.33 million, compared with a loss of $4.03 million in the first nine months of 2012. The profit is mostly due to SunLink’s sale of Missouri Southern Healthcare in Dexter, Mo., to SoutheastHEALTH, based in Cape Girardeau, Mo.
SunLink’s third-quarter earnings report also revealed the operator received a subpoena from HHS Office of Inspector General over an investigation of possible improper claims submitted to Medicare and Medicaid. SunLink said it is cooperating with the OIG on the investigation but is not certain what the impact of the investigation will be.
In February, SunLink executives announced the financially beleaguered system wanted to purchase thousands of its common shares to go private. In March, after the deadline to purchase shares from stockholders had passed, SunLink extended the deadline, but there has been no update on whether the buy-back program succeeded.
SunLink currently owns and operates four community hospitals and previously said it wants to possibly sell two of those facilities.
More Articles on SunLink Health Systems:
SunLink Extends Deadline to Buy Back Shares
Missouri Hospital Sale Boosts SunLink’s 2Q Profit
SunLink Health Systems Terminates Contract of COO Ron Turner
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