New Jersey's department of health warned in a letter to state and local officials that Hoboken University Medical Center is facing financial distress, nj.com reported Oct. 25.
The department's letter noted the hospital, part of Bayonne, N.J.-based CarePoint Health, requested an advance in state subsidies for the second year in a row and stated the hospital was operating at a 14% loss, the report said. Vendors with the hospital are also waiting nearly half a year to be paid.
The letter, sent to Hoboken's mayor and other state and local officials, also said that HUMC regularly had 25.19 days of cash on hand.
State Assembly members responding to the letter emphasized the hospital network's importance to the community and urged for more financial help from the state.
CarePoint Health's other Hudson County hospitals are also seeing similar financial woes, the report said.