The exact amount of debt Chicago-based
Tim Egan, the current president and chief restructuring officer of Roseland, said on his ninth day on the job that he and a group of financial analysts from Chicago financial advisory services provider Development Specialists have encountered difficulties as a result of a lack of management structure and attention to detail by the hospital's previous management team, according to the report.
Mr. Egan has signed a one-year contract to lead the restructuring and is attempting to find a path to sustainability for the safety-net hospital, which has millions in unpaid bills. Roseland was on the verge of closing in June until the state provided it with $350,000 in emergency funds.
Mr. Egan and his team of analysts have pulled together enough funds to meet the next two payroll cycles. Although the facility will likely keep its emergency department and other outpatient services, Mr. Egan said he doesn't know yet whether it will retain certain outpatient services, such as its 26-bed adolescent behavioral health unit, according to the report.
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