As financial pressures continue across the healthcare industry, more hospitals and health systems are turning to Chapter 11 protection to ensure financial stability and uninterrupted patient care.
Here are the two bankruptcies that Becker's has reported on since Nov. 4:
1. On Nov. 3, Jersey City, N.J.-based CarePoint Health Systems sought Chapter 11 protection and secured $67 million in funding to ensure its hospitals remain open and avoid patient care interruptions. CarePoint comprises Bayonne (N.J.) Medical Center, Jersey City, N.J.-based Christ Hospital and Hoboken (N.J.) University Medical Center. The system plans to affiliate with Secaucus, N.J.-based Hudson Regional Hospital, which is part of the management services organization Hudson Health Systems.
2. On the hospital side, Plymouth, N.C.-based Washington Regional Medical Center sought Chapter 11 protection Oct. 29 to help restructure its finances and ensure patient care. The 25-bed hospital brought in restructuring and financial experts to help form the decision, which will help improve operational efficiency, allow for investment in advanced medical programs, technology, and industry professionals, and ensure a stabilized financial position.