Like many other rural hospitals across the nation, the Craig General was struggling due to reduced reimbursement rates. Retirement program payments were also among the pressures that led the 62-bed facility to file for bankruptcy Feb. 25.
By filing for Chapter 9 bankruptcy, Craig General will be able to reorganize its debt. The hospital has 572 unsecured creditors with $1.4 million in claims, according to the report.
More articles on healthcare finance:
Henry Ford Health System posts $27.8M surplus
5 hospital CFOs in the headlines this week
6 recent hospital outlook and rating actions
