A judge approved Westerly (R.I.) Hospital's application for receivership yesterday, according to a report from The Day.
A temporary administrator, called a special master in this instance, will be named by the end of the week to oversee the hospital while it is in receivership. The special master is an attorney with expertise in this area.
Westerly's exclusive negotiations with Lawrence & Memorial Hospital in New London, Conn., have been suspended. Receivership status voids any contracts between the two systems for exclusive negotiations, but the special master can consider a new offer from L&M or other potential partners.
The hospital said it has not generated a profit in 20 years and has operated at a loss of more than $5.7 million for its most recent fiscal year, according to the report.
Rhode Island's Westerly Hospital "Aggressively" Seeks Partnership to Survive
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A temporary administrator, called a special master in this instance, will be named by the end of the week to oversee the hospital while it is in receivership. The special master is an attorney with expertise in this area.
Westerly's exclusive negotiations with Lawrence & Memorial Hospital in New London, Conn., have been suspended. Receivership status voids any contracts between the two systems for exclusive negotiations, but the special master can consider a new offer from L&M or other potential partners.
The hospital said it has not generated a profit in 20 years and has operated at a loss of more than $5.7 million for its most recent fiscal year, according to the report.
Related Articles on Westerly Hospital:
Westerly Hospital in Rhode Island Files for ReceivershipRhode Island's Westerly Hospital "Aggressively" Seeks Partnership to Survive
Rhode Island's Westerly Hospital's Financial Woes Grow to $5.7M in Red