Progressive Health Systems, an Oxford, Miss.-based hospital management group, completed its acquisition of Helena-West Helena, Ark.-based Helena Regional Medical Center, Arkansas Business reported Feb. 12.
The 127-bed hospital, purchased for $2.5 million from Brentwood, Tenn.-based Quorum Health, has been renamed Progressive Health of Helena, according to the report. Progressive is under contract to buy the hospital's land from the city for $3 million.
The hospital lost $8.57 million on $12.75 million in net patient revenue in 2022, according to the report. It reported at least a $1.3 million loss every year since 2004 and closed its labor and delivery unit in 2020.
Progressive CEO Quentin Whitwell said the hospital was expected to receive its first rural emergency hospital subsidy Feb. 1 and said it is in the process of converting its clinic to rural health clinics, according to the report. He said he wants to eventually add surgical services back to the hospital. Those services ended in September due to a shrinking population and what he called "poor reimbursement" from Medicaid.