Louisville, Ky.-based Jewish Hospital and St. Mary's Healthcare posted an operating loss of $17.7 million in the third quarter of 2018, which equates to roughly $1.5 million in losses per week, according to Insider Louisville.
The financial report was filed by Englewood, Colo-based Catholic Health Initiatives, the nonprofit that owns Louisville-based KentuckyOne Health, which runs Jewish Hospital. CHI noted the results were slightly better than the third quarter of 2017, where operating losses exceeded $20 million.
KentuckyOne Health revealed plans to sell Jewish Hospital in May 2017, citing "significant challenges" in the healthcare industry. In December 2017, the health system said it entered exclusive negotiations with BlueMountain Capital Management, a New York investment firm. However, the two parties have not reached an agreement.
Despite the stalled sale, CHI said it continues to expect the proposed sale of Jewish Hospital to be completed by June 30.
However, unnamed sources cited by Insider say the deal is in trouble and that affected parties are preparing for the facility's closure. In November, reports surfaced that The University of Louisville is making contingency plans to move several medical programs out of Jewish Hospital amid uncertainty about the hospital's future ownership.
CHI's financial report only provides performance for both of its Louisville facilities combined as a unit dubbed JHSMH. It is unclear whether both parties are losing money or if St. Mary's is offsetting the operating losses at Jewish Hospital.
Overall, the combined entity of JHSMH holds a value of about $20 million, but carry a debt load that is roughly four-times that amount, according to the report.