Roseland Community Hospital in Chicago has appointed Tim Egan to the newly created role of chief restructuring officer of the hospital, according to a Crain's Chicago Business report.
Most recently, Mr. Egan served as a vice president at Norwegian American Hospital in Chicago.
In his new role, Mr. Egan will head the turnaround effort that could convert the facility into an outpatient care center. The hospital is in financial dire straits, and Mr. Egan's main task is to restore it to financial stability.
In June, the hospital, which serves the mostly uninsured population of the city's South Side, owed about $7 million in outstanding bills. The hospital almost closed, but the state agreed to issue an advanced supplemental payment of more than $950,000 to keep Roseland afloat amid its growing debt. Since Mr. Egan and his team took over, they have encountered difficulties in quantifying the exact amount of debt that the hospital is currently facing.
There have been reports of two hospitals — which have not been named — in the Chicago area being interested in buying the hospital, but Mr. Egan says that he is unaware of a possible takeover, according to the Crain's Chicago Business report.
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