Saint Francis filed for Chapter 11 bankruptcy last week. The 333-bed hospital’s debt has ballooned during the past few years, due in part to health IT costs and uncollectable bills. Health Quest, a three-hospital system based in LaGrangeville, N.Y., offered to buy Saint Francis for $40 million shortly after it announced its bankruptcy filing.
The Poughkeepsie Journal said other hospital groups have been interested in acquiring Saint Francis, including St. Peter’s Health Partners in Albany, N.Y. However, any new potential buyers would have to outbid Health Quest. In addition, buyers would have to move through the tight deadline of the bankruptcy court, according to the report.
If Health Quest wins the bid, it would likely merge Saint Francis with its Vassar Brothers Medical Center, a 365-bed hospital located two miles south of Saint Francis in Poughkeepsie. Any deal requires approval from the New York State Department of Health, as well as the bankruptcy court.
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