The owner and CEO of Sacred Heart, Edward Novak, was arrested by federal authorities in April in connection with an investigation of alleged Medicare fraud and a kickback scheme with physicians.
The hospital was shut down July 1. It has been suspended from Medicare and is no longer licensed by the state of Illinois. Two of Chicago’s safety-net hospitals expressed interest in Sacred Heart, however: Norwegian American Hospital and Loretto Hospital. However, Norwegian is no longer interested in an acquisition, while a spokesperson for Loretto was unavailable for comment in the report.
New York-based restructuring firm Alvarez & Marsal, which has overseen Sacred Heart since Mr. Novak’s arrest, oversaw yesterday’s auction with a separate liquidation firm. More than 1,000 items were up for sale, including 37 hospital beds, eight laboratory microscopes, six Ford vans and equipment for a full commercial kitchen, according to the report.
More Articles on Sacred Heart Hospital:
Sacred Heart Hospital Paid $5.5M to Companies Owned by Former CEO
Sacred Heart Hospital in Chicago Closes With Little Notice
Turnaround Firm Takes Over Chicago’s Sacred Heart After CEO’s Arrest
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
