Plymouth, N.C.-based Washington Regional Medical Center sought Chapter 11 protection Oct. 29 to help the hospital restructure its finances while ensuring care to patients.
The 25-bed critical access hospital will remain open following the filing with daily operations remaining uninterrupted and no effect on employees and patients, according to a news release shared with Becker's.
Financial and restructuring experts were brought in to help the hospital come to a decision, allowing it to stabilize its financial position, improve operational efficiency and continue to invest in advanced medical programs, technology and industry professionals.
The reorganization will also allow the hospital to maintain care standards, improve healthcare outcomes, and protect employees and services.
"Entering Chapter 11 is a proactive and positive step toward a stronger future for Washington Regional Medical Center," Frank Avignone, CEO of Washington Regional Medical Center, said in the release. "Our commitment to our patients and community remains our top priority, and this process will ensure that we can continue to provide the exceptional care our community deserves."