Will 2015 Hospital Bankruptcies outpace 2014? It seems that almost every year, hospitals across the country are filing for bankruptcy.  While the reasons are often the same, in 2015, two reasons in specific are being mentioned: increased prices for medical care and smaller health networks. In 2013, the Affordable Care Act (ACA) was passed.  Also known as Obamacare, the Affordable Care Act set out to cover the millions of Americans …Read More

Large Texas Health Care System Looking to Restructure Debt University General Health System, Inc. of Houston, Texas filed for Chapter 11 bankruptcy protection on February 27, 2015.  The diverse health care system has an estimated $50 million in debt, while only owning $10 million in assets.  The bankruptcy filing will allow the company to reorganize itself and restructure its debt. University General Health Systems, commonly known in the Texas as …Read More

City Continues to Search for Buyers At 7 a.m. Wednesday morning, February 18, 2015, the emergency room doors of Saint Catherine Regional Hospital in Charlestown, Indiana were locked indefinitely, and the medical center closed down all operations. The news was shocking for many of the staff members at Saint Catherine, who were only informed about the decision on the prior day. Sale Agreement Was Not Reached Saint Catherine Regional Hospital, …Read More

Long List of Creditors Forces Chapter 11 With over 25 different entities to which it owes money, Archer City Nursing Center filed Chapter 11 bankruptcy on Dec. 9, 2014.  The bankruptcy was filed in the Texas Northern Bankruptcy Court in front of Judge Harlin DeWayne Hale. Archer City’s Community Nursing Facility Archer City Nursing Center is officially operated under the name Archer Healthcare Providers which is  based out of Archer …Read More

Possible Acquisition to Prevent Chapter 11 Fleming County Hospital is currently in the process of negotiating a deal with LifePoint Hospitals to acquire the Kentucky facility. Since 2008, Fleming County Hospital, which is located in Flemingsburg, Kentucky, has been undergoing financial pressures.  In that year, the hospital finished the construction of a $38 million, state of the art building in which the hospital currently serves its patients. The hospital has 54 …Read More

Highest Bidder May Not Become Owner Despite being sold at auction, the battle over who owns Saint Catherine’s Regional Hospital in Charlestown, Indiana isn’t over yet. After filing for Chapter 13 bankruptcy protection in 2012, Saint Catherine Regional Hospital went up for auction in January 2015.  The highest bidder was Miami-based Rialto Capital Management.  However, their bid of $3 million, according to the attorney for the hospital’s trustee, came with some contingencies.  …Read More

Rare for a Hospital to Close after Bankruptcy With debts of $33 million, Crittenden Regional Hospital filed for Chapter 7 bankruptcy protection on September 10, 2014.  On that same day ,the hospital closed outright, stopping all operations, which is rare for a hospital. The small 140 bed hospital, had employed over 400 employees and is located in West Memphis, Arkansas.  When filing for Chapter 7 Bankruptcy Protection, the individual or …Read More

Hospital to Become Part Of The Saint Francis Care System After lengthy talks with creditors, government officials and financial advisers, Johnson Memorial Medical Center filed for Chapter 11 bankruptcy protection in January 2015. The small hospital, located in Stafford Springs, Connecticut, and all of its facilities, will be acquired by their Hartford based parent company, Saint Francis Care. The rural medical center has 95 beds and approximately 460 employees. Some of the …Read More

Charlotte Hospital Serves Low Income Population After months of cutting back numbers of personnel, and the start of legal action by creditors, the C.W. Williams Health Care Center in Charlotte, North Carolina, filed for Chapter 11 bankruptcy protection on December 1, 2014. C.W. Williams Health Care Center caters especially, but not exclusively, to low income patients. It is the only health care facility in Mecklenburg County that is federally qualified. As …Read More

Vinita, OK Hospital Doing What It Can To Keep Its Doors Open In a decision to help the Vinita hospital stabilize its shaky financial situation, board members of the Craig General Hospital, in a unanimous vote, chose to seek Chapter 9 bankruptcy protection. “This will be a necessary step in providing a strong, viable hospital for this county for many years to come,” remarked Tom McGeady, the lawyer for Craig General. …Read More