The physician-owned Doctor's Hospital of Michigan in Pontiac is examining its options to restructure or sell to avoid closure and mass layoffs, according to a Detroit News report.
The hospital is telling employees it doesn't intend to close, despite warning state officials earlier this month that it may shut down or lay off a significant number of its 690 employees as early as Jan. 3 if it can't restructure or sell.
Meetings will be held this week with other hospitals to discuss partnerships, financial help or an acquisition, according to a board member cited in the report. A decision may be reached within the next 10 days.
Sixty percent of the hospital is owned by 42 doctors, while Flint, Mich.-based McLaren Health Care owns 35 percent. The hospital is officially licensed for 351 beds, but is currently operating under a plan and staffing for 100 beds.
Read the Detroit News report on the physician-owned Doctor's Hospital of Michigan.
Read more about physician-owned hospitals:
-Drive to Repeal Health Reform Raises Hopes to End Ban on Physician-Owned Hospitals
-Physician-Owned Hospital in Indiana Sued by Former Owners for Conspiring to Defraud
-Wall Street Journal: Trend of Hospital-Employed Physicians Causing Concerns About Market Leverage
The hospital is telling employees it doesn't intend to close, despite warning state officials earlier this month that it may shut down or lay off a significant number of its 690 employees as early as Jan. 3 if it can't restructure or sell.
Meetings will be held this week with other hospitals to discuss partnerships, financial help or an acquisition, according to a board member cited in the report. A decision may be reached within the next 10 days.
Sixty percent of the hospital is owned by 42 doctors, while Flint, Mich.-based McLaren Health Care owns 35 percent. The hospital is officially licensed for 351 beds, but is currently operating under a plan and staffing for 100 beds.
Read the Detroit News report on the physician-owned Doctor's Hospital of Michigan.
Read more about physician-owned hospitals:
-Drive to Repeal Health Reform Raises Hopes to End Ban on Physician-Owned Hospitals
-Physician-Owned Hospital in Indiana Sued by Former Owners for Conspiring to Defraud
-Wall Street Journal: Trend of Hospital-Employed Physicians Causing Concerns About Market Leverage