Significant financial losses and failed attempts to create a network of clinics are among the factors pushing WCHC, a private nonprofit organization, toward bankruptcy.
A new nonprofit formed by the local hospital district is expected to take over operation of Huntsville Memorial Hospital in partnership with Plano, Texas-based Community Hospital Corp., in November, according to the report.
The local hospital district has roughly $13 million in reserves, and the new nonprofit will need between $20 million and $30 million of taxpayer-backed funds in a revolving line of credit to run the hospital until new contracts with insurers are finalized.
Access the full article from The Huntsville Item here.
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