GCRMC’s board of directors authorized the filing in order to continue critical healthcare services while creating an orderly process to resolve a group of lawsuits in a fair and timely manner. The majority of lawsuits were filed from June-Oct. 2010 and relate to procedures that were performed by physicians who no longer work at the hospital and have have not been performed at the hospital in nearly three years. All efforts to resolve these lawsuits have been unsuccessful.
Hospital employees will continue to receive wages, salaries and benefits during the Chapter 11 process, and all vendors providing goods and services to the hospital after the Chapter 11 filing will be paid in full for those goods and services, among other protections.
Read the hospital release about Gerald Champion Regional Medical Center’s Chapter 11 petition.
Related Articles on Hospital Bankruptcy Protections:
New York Senator Launches Investigation Into Peninsula Hospital’s Bankruptcy
Hoboken University Hospital’s CEO Received $600K Severance as Hospital Filed for Bankruptcy
N.J.’s Hoboken University Medical Center Operator Files for Bankruptcy
At Becker's 4th Annual CEO + CFO Roundtable, taking place November 2–5 in Chicago, more than 1,500 hospital and health system executives tackle decisions that determine whether organizations thrive or merely survive: protecting margins under cost pressure, choosing where to grow, renegotiating payer relationships, stabilizing the workforce and proving real ROI on technology. This is where leaders work through them together, face-to-face. Apply for complimentary registration now.
