Ellwood City (Pa.) Medical Center has made headway in resolving debt issues with Penn Med, a Hilton Head, S.C.-based lender, according to The Times.
The newspaper reported that Penn Med withdrew its $5.23 million judgment against the medical center and its owner because some of the debt had been satisfied. A specific amount was not provided.
Penn Med initially filed the judgement in April, claiming that Ellwood and its owner, Fort Lauderdale, Fla.-based Americore Health, owed money for a $4.5 million loan in 2017, according to The Times. As a result, Penn Med became the mortgage holder on the medical center.
The medical center has struggled financially and was plagued by payroll troubles earlier this year.
More articles on healthcare finance:
For-profit hospital stock report: Week of Aug. 12-16
ICD-10-PCS changes: 20 codes added for FY 2020
ICD-10-PCS changes: 20 codes deleted for FY 2020