Walker County Hospital Corp., which does business as Huntsville (Texas) Memorial Hospital, filed for Chapter 11 bankruptcy protection Nov. 11, according to The Huntsville Item.
Significant financial losses and failed attempts to create a network of clinics are among the factors that pushed WCHC, a private nonprofit organization, into bankruptcy. WCHC entered bankruptcy as the hospital tries to finalize an agreement with a strategic partner.
"This move ultimately supports HMH's successful completion of a strategic partnership to preserve quality, local healthcare," Mac Woodward, Walker County Hospital Corp. board chair, told The Huntsville Item. "In the end, the hospital's goal is to emerge a more focused and profitable organization that's better positioned to provide quality care for generations to come."
The district board signed a letter of intent with Plano, Texas-based Community Hospital Corp., and the bankruptcy process will help that partnership proceed.
"After much deliberation and discussion, our financial advisors counseled us that Chapter 11 was necessary to enable a successful partnership with CHC or another strategic partner," Mr. Woodward told The Huntsville Item.
Huntsville Memorial Hospital CEO Steven Smith said it will be business as usual during the bankruptcy process.
"Nothing changes today for our patients or employees," he told The Huntsville Item. "We are offering the same quality care provided by the same experienced physicians and employees in the same location."
Access the full article from The Huntsville Item here.
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