Coos Bay, Ore.-based Bay Area Hospital is making progress on its financial turnaround and is exploring potential opportunities to partner with or become part of a larger health system.
The hospital, which trimmed its operating losses by $54 million between fiscal years 2022 and 2024, has tapped Juniper Advisory to guide the process after its board of directors voted unanimously to pursue a strategic partner.
"Though our hospital made important financial and operational progress last year — increasing revenues, reducing expenses and creating more access — those successes must be sustained as we set a course for longer term improvement," Bay Area Hospital President and CEO Brian Moore said in a June 17 news release. "The exploration process is another step in continuing to meet the evolving needs of our patients, being an employer of choice and maintaining our role as a vital community resource for generations to come."
The district board and hospital leadership will work with Juniper Advisory to examine various strategic options, including partnerships, affiliations, joint ventures or mergers. The board also reserved the right to discontinue the process at any time and remain independent if deemed to be in the best interest of the hospital and community.
"While we explore potential partnerships or affiliations, our focus remains on maintaining stability in our operations, enhancing patient satisfaction and providing high quality care," Mr. Moore said.
The exploration process is expected to last through March 2025.