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Financially strapped Texas hospital gets new owner

Walker County Hospital Corp., which operates Huntsville (Texas) Memorial Hospital, created a new company with Community Hospital Corp. that will own and operate the financially struggling Huntsville Memorial, according to The Huntsville Item.  

The new company, Huntsville Community Hospital, was made under an agreement that took effect Feb. 28. The new entity will control the 123-bed Huntsville Memorial, which serves a population of more than 72,000.

The agreement comes after Walker County Hospital Corp. filed for Chapter 11 bankruptcy protection Nov. 11, 2019. The hospital operator faced significant financial losses and failed attempts to create a network of clinics.

Jim Kendrick, president and CEO of Plano, Texas-based Community Hospital Corp., shared in a statement with The Huntsville Item that the organization is "excited to bring CHC's expertise in hospital management and talent in critical areas such as the revenue cycle and supply chain to strengthen HMH."

Read the full report here.

More articles on healthcare industry transactions:
Private equity's takeover of physician practices has more than doubled, study finds
U of Toledo considers selling its medical center
WellStar seeks partner to help renovate Atlanta safety-net hospital

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