OCONEE REGIONAL HOSPITAL FILES FOR BANKRUPTCY— SOURCES SAY THIS DOES NOT AFFECT JASPER MEMORIAL

May 13, 2017

Oconee Regional has been leasing Jasper Memorial Hospital for many years.  Stuart Abney, CFO of Jasper Health Services, told us Friday that this will not affect Jasper Memorial because the bankruptcy will void the lease.

UPDATE: Oconee Regional hospital files for bankruptcy protection

Ashley Trawick, WMAZ 11:07 AM. EDT May 11, 2017

http://www.13wmaz.com/news/local/oconee-regional-medical-center-being-sold/438769891

UPDATE: On the same day Oconee Regional Medical Center officials voted to approve a sale, they also asked a federal bankruptcy court to protect them from their creditors.

The hospital filed for Chapter 11 bankruptcy protection at the U.S. Bankruptcy Court in Macon.

In their filing, Oconee Regional said they had more than $10 million in liabilities and listed 49 pages of creditors.

They ranged from medical practices to Georgia Power to a laundry service to the Center for Medicare and Medicaid Services. The federal agency claims that Oconee owes them nearly $1.5 million in overpayments, but the hospital disputes that.

Oconee says they’re suffering from financial problems like many rural hospitals — due to aging populations, declining government payments, increasing numbers of uninsured patients and lower patient volumes.

They say they’ve cut costs as much as they can, and hospital officials believe their only way out is a sale to an outside company.

—————————————————————————

 Georgia hospital files for bankruptcy, OKs sale to Prime the same day

Written by Kelly Gooch | May 12, 2017

http://www.beckershospitalreview.com/finance/georgia-hospital-files-for-bankruptcy-oks-sale-to-prime-the-same-day.html

Milledgeville, Ga.-based Oconee Regional Medical Center on Wednesday filed for Chapter 11 bankruptcy and approved the hospital’s pending sale to Prime Healthcare Foundation, a public charity and affiliate of Ontario, Calif.-based Prime Healthcare Services, for $12 million plus additional monies for liabilities, reports WMAZ-TV.

The financially struggling ORMC said in its bankruptcy filing it had liabilities of more than $10 million, according to the report.

ORMC’s bankruptcy comes as the medical center has been in search of a buyer amid its financial challenges.

In an emailed news release, ORMC said the sale agreement includes Oconee Regional Health Ventures and will “ensure the long-term viability of the hospital, continued access to quality care, and retention of hundreds of jobs.”

“Our goal when we began this process over a year ago was to maintain a viable hospital here in Baldwin County. We have accomplished that and, as a result, our community will continue to have access to quality care,” Steven Johnson, interim CEO of ORMC, added. “This agreement is the result of a lot of hard work by many people including our board members, employees, and medical staff. During a challenging period for the hospital, our team continued to deliver high quality patient care and helped us reduce costs, successfully positioning us for this opportunity.”

ORMC said the transfer of ownership is expected to take approximately 90 days, during which time it will continue operations.

The sale agreement will be reviewed by Georgia Attorney General’s office, and the medical center and certain affiliates have filed the necessary motions for the approval of a Section 363 asset sale in bankruptcy court, hospital officials said.

==============================

Prime official speaks to hospital employees

 Prime is the fifth largest hospital company in the country, he pointed out.

“We have 44 hospitals in 14 different states,” Summersett said. “A lot of that growth has come very recently.”

“We work with troubled hospitals, financially, politically, whatever the case may be,” Summersett said. “We try to restore whatever is wrong. And so the motto of the company is saving hospitals, saving jobs and saving lives. That’s what we do. And we actually do it very well. That is how we’ve grown.”

At one point in time, Prime Healthcare grew with 14 new hospitals over a 14-month period, he

ORMC becomes the second hospital in Georgia to have been acquired by Prime Healthcare Foundation. In 2016, the company purchased Southern Regional in Clayton County.

Read entire article here: http://www.unionrecorder.com/news/prime-official-speaks-to-hospital-employees/article_fee908ea-3696-11e7-a033-e78fe4a7161a.html

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TWG

Citizens, be informed and stay informed!  Only by being informed, can the citizens understand what is being done and talked about, and then press our officials to make good decisions for everyone in Jasper County.  That is our goal with the Taxdogs blog.

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2 Responses to OCONEE REGIONAL HOSPITAL FILES FOR BANKRUPTCY— SOURCES SAY THIS DOES NOT AFFECT JASPER MEMORIAL

  1. sick & tired says:

    I am disappointed . I was a patient there several times. I think it was a number one hospital.

  2. Heathcare Is A Nation Disgrace says:

    Hospitals like healthcare service like everything else has become a nothing more than a racket where patients able to pay become mere marks preyed upon by incompetent parasitic doctors and administrators out for a quick buck and little else.All organizations built on corruption and avarice eventually fail even hospitals. Bet on it.

    Karl Denninger @ Market Ticker explains how to save healthcare here:
    The Bill To Permanently Fix Health Care For All*
    https://market-ticker.org/akcs-www?singlepost=3419181

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