Danbury, N.C.-based Pioneer Community Hospital of Stokes is now officially under the management of Lilburn, Ga.-based LifeBrite Hospital Management, according to the Winston-Salem Journal.
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.