Randolph Health, an Asheboro, N.C.-based hospital that filed for bankruptcy in March 2020, may soon be profitable, according to the Triad Business Journal.
Randolph's new owner, Roanoke, Va.-based American Healthcare Systems, expects the hospital to swing into the black within the first 90 days of the acquisition, Michael Sarian, CEO of American Healthcare Systems, told the Journal.
The health system acquired Randolph for $10.2 million in July. The facility was losing an average of $300,000 a month. Now, Mr. Sarian predicts the hospital will make a $500,000 monthly profit, totaling up to $7 million in a year.
Turnaround plans include investing in Randolph's facilities, increasing service offerings and upgrading equipment, according to the report.