The hospital disclosed Aug. 22 that it was behind millions of dollars in payments to vendors. As a result, it has made several expense cuts, including layoffs affecting administrative staff.
Interim hospital CEO Michael Morgan a financial partner is needed to help remodel or build a new hospital.
“Over the past several months we have been working closely with our advisors to consider all of our options, including partnering with potential healthcare business partners,” Mr. Morgan told The Item. “A number of highly respected health systems have formally expressed interest and are exploring what a potential future with the Huntsville Memorial Hospital would look like. They are in the process of conducting standard due diligence work at this time.”
So far, the hospital has received interest from 38 different healthcare organizations regarding a partnership.
Mr. Morgan emphasized that despite the financial troubles the hospital will not close, KBTX reports.
More articles on transactions and valuations:
SSM Health, MU Health may pull deal if no contract in place by Sept. 30
3 groups reportedly vying for shuttered Ohio hospital
UMMC withdraws offer to affiliate with 208-bed hospital
