Like other health systems this year, Missouri hospital operator HMC/CAH Consolidated on Tuesday filed for Chapter 11 bankruptcy after failed hospital financing in the poor economic climate, reports Kansas City Business Journal.
Pointing to the economy as the culprit, HMC/CAH Consolidated faced a net loss of $15.9 million over fiscal years 2009, 2010, and 2011, reports the Marion Record.
The critical access hospital owner has 12 hospitals in its network in Kansas, Oklahoma, Missouri, Tennessee, and North Carolina. Described as a "strategic decision to pursue a financial restructuring," Chapter 11 protection will allow the network of hospitals to retain jobs and continue patient services, according to hospital officials.
"In fact, the very reason we filed the bankruptcy was to protect the jobs in Yadkinville and our other facilities and to ensure that we could continue to do business and provide patient care," HMC/CAH's legal officer Dennis Davis said in a WXII 12 article.
For more information:
- read the Marion Record article
- read the Kansas City Business Journal article (reg. req.)
- read the WXII 12 article