Magee, Miss.-based Pioneer Health Services, which owned Pioneer Community Hospital of Stokes, filed for Chapter 11 bankruptcy protection March 31, 2016, citing “significant change” in the healthcare industry as the reason behind the facility’s financial struggles in recent years, according to the report.
In late December, a federal bankruptcy judge approved LifeBrite Hospital Management’s acquisition of Pioneer Community Hospital of Stokes for $400,000.
Although LifeBrite Hospital Management, an affiliate of LifeBrite Hospital Group, took over operations at the hospital July 9, the company didn’t initiate the purchase contract until Dec. 27. Officials finalized the acquisition Jan. 31.
As part of the transaction, LifeBrite also agreed to assume the hospital’s $1.3 million in Medicare and Medicaid payment obligations, according to the report.
More articles on healthcare transactions and valuations:
74 healthcare transactions and partnerships in February
5 most-read transactions and valuations stories in February
MSU HealthTeam joins national comprehensive care partnership
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
