Credit Crunch Forces Michigan Hospital to Close

The oldest hospital in Michigan’s Oakland County will close after a prospective buyer was unable to secure the necessary financing to complete the acquisition, according to the Detroit Free Press.

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North Oakland Medical Centers — a 336-bed hospital with more than 800 employees — closed its emergency center at 8 a.m. on Oct. 28 and had plans to move all patients to other facilities.

The future of the hospital, which opened in 1910, looked to be safe as a group of physicians known as Oakland Physicians Medical Center had agreed to purchase the hospital in September, according to news reports.

But the group faced financial challenges due to the current national credit crunch and, even with financial help from the McLaren Healthcare system of Flint, was unable to finalize the acquisition.

Read the Detroit Free Press report on the closing of North Oakland Medical Centers.

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