Philadelphia Academic Health System and a few of its subsidiaries, including Hahnemann University Hospital and St. Christopher's Hospital for Children in Philadelphia, entered Chapter 11 bankruptcy protection, according to the Philadelphia Business Journal.
Philadelphia Academic Health System, a subsidiary of American Academic Health System, plans to close Hahnemann University Hospital by Sept. 6. The bankruptcy filing "will ensure an orderly wind-down of the operations of Hahnemann, while assuring patient safety," Allen Wilen, chief restructuring officer for PAHS, said in a statement to the Philadelphia Business Journal.
American Academic Heath System announced plans June 26 to close Hahnemann University Hospital due to unsustainable financial losses. Hospital officials told The Philadelphia Inquirer the wind down of services at the 496-bed academic medical center would begin immediately. On June 27, the Pennsylvania Department of Health ordered the owners of Hahnemann University Hospital take no steps toward closure until state regulators receive and sign off on a plan to shut down operations.
Although Hahnemann University Hospital is shutting down, PAHS said it intends to keep St. Christopher's Hospital open. The Chapter 11 bankruptcy process will enable St. Christopher's "to remain in full operation," Mr. Wilen told the Philadelphia Business Journal.
Access the full Philadelphia Business Journal article here.
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