St. Mary's Hospital in Passaic, N.J., emerged from bankruptcy, vowing to increase revenue by cutting costs and treating more patients, according to a story in The Record.
The 292-bed acute-care hospital had listed $100 million in debts when it entered Chapter 11 in March 2009 and is the only hospital left in a city that once had three, according to The Record.
The hospital is recruiting more physicians and has renegotiated its managed care contracts to help bring in patients and increase revenue. It also will pay $72,000 a month over 18 months into a trust to compensate its unsecured creditors, according to the report.
Read the The Record report about St. Mary's Hospital.