Without a CEO and CFO, Sacred Heart seeks help from turnaround firm

Still reeling from the arrest and federal fraud investigation of its CEO and CFO in a $2 million illegal kickback scheme, Sacred Heart Hospital in Chicago has turned to a prominent turnaround firm to run its operations, raising the possibility that the facility may be put up for sale, according to Crain's Chicago Business. Alvarez & Marsal Holdings LLP has taken over operations of the 119-bed acute care hospital following the FBI's arrest of Edward J. Novak, hospital CEO and owner, Roy M. Payawal, hosital CFO, and four physicians from Sacred Heart's medical staff in connection with the alleged scheme. The senior director of the turnaround firm told Crain's it is only providing management assistance, but experts say the company may have no choice but to sell the facility. Article

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