TLC Health Network exited bankruptcy Dec. 29, four years after the Irving, N.Y.-based organization filed for Chapter 11.
Here are five things to know.
1. The exit comes as TLC is in the midst of a transformation plan that includes merging with Dunkirk, N.Y.-based Brooks Memorial Hospital and affiliating with Brooks Memorial's partners at Buffalo, N.Y.-based Kaleida Health.
2. The merger is expected to take place within the next few months. In a news release, the three entities said TLC has approved a management agreement with Kaleida Health as part of merger preparation efforts. Under the agreement, effective Jan. 1, Kaleida will oversee day-to-day operations "with unified leadership and management," hospital officials said.
3. In their affiliation update, the three entities also announced the retirement of TLC President and CEO John Galati.
4. After the merger, TLC and Brooks together will be known as Brooks-TLC Hospital System. There will be two main campuses in Pomfret and Irving, N.Y. Both campuses will have a shared leadership team.
5. Planning is ongoing for a replacement of Brooks Memorial Hospital in Pomfret. Details regarding the reuse of the current Brooks Memorial campus in Dunkirk are still being determined.
More articles on healthcare finance:
Hospitals face $1.6B in Medicare payment cuts after judge dismisses lawsuit: 6 things to know
Hospital CFOs: 3 things demanding your attention in 2018
Colorado hospitals now required to post prices: 3 things to know