Coshocton (Ohio) County Memorial Hospital has filed for Chapter 11 bankruptcy, which will enable the hospital to sell its assets and operations free of liens and encumbrances to Prime Healthcare Foundation, the nonprofit affiliate of Ontario, Calif.-based Prime Healthcare Services.
Prime and CCMH have executed an asset purchase agreement, which includes investments by Prime in CCMH's equipment and facilities, according to The Coshocton County Beacon.
"We are not immune to the financial pressures that rural hospitals nationwide are facing, but we remain resolute in our commitment to maintaining a full service hospital in Coshocton County," Lorri S. Wildi, CEO of CCMH, told The Coshocton County Beacon.
Like many other rural hospitals, CCMH faces financial troubles due to the compounding effects of the Affordable Care Act and increased competition.
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