Financially troubled Miami hospital to lay off 180 employees

The Miami Medical Center, a 67-bed hospital, plans to lay off 180 employees after suspending patient services Oct. 30 due to financial challenges.

Leawood, Kan.-based Nueterra, along with its partners, acquired Miami Medical Center in 2014 and invested $70 million in the facility. Children's Health Ventures, the for-profit arm of Miami-based Nicklaus Children's Hospital, invested in Miami Medical Center with hopes of bringing a unique care model to South Florida. However, the hospital has struggled to stay afloat.

"Certain market factors led to challenges for the entity to maintain as a viable hospital today," Nicklaus Children's Hospital spokeswoman Jennifer Caminas told the South Florida Business Journal. "The investors have decided it is most appropriate to wind down operations and seek a new partner and/or option for this particular hospital. All patients are being appropriately managed in a safe and high quality manner to ensure no gaps in care or transition."

Miami Medical Center is working with an investment banking firm to secure capital and has been seeking a buyer since July.

According to a Worker Adjustment and Retraining Notification Act notice filed Oct. 27, Miami Medical Center's 180 employees will be laid off Dec. 22.

More articles on leadership and management:

Oklahoma health chief resigns amid accusations of fiscal mismanagement
Medicaid advocacy CEO: Medicaid data should be better utilized
Study: Gender inequality is due to bias, not behavior

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars