Vermont hospital has bankruptcy exit plan

Springfield Hospital entered insolvency in June 2019. Under the exit plan, which requires approval by the personal bankruptcy judge, the 25-bed health center would separate from Springfield (Vt.) Medical Care Systems, according to the report..

More short articles on healthcare finance: CMS pitches physician payment guideline for 2021: 6 things to knowStaffing, monetary obstacles require 2nd closure of Tennessee hospitalMedicare payment guidelines for 2021: 11 notes for healthcare facility execs.

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this material? View our policies by click on this link.

Mr. Halstead said officials have been working to keep hospital costs to a minimum given that getting in personal bankruptcy last year. Patient volume levels should return to pre-pandemic levels by Oct. 1 for the health center to gain solid financial footing, he said, according to the report. At the end of June, the healthcare facility had 56 days money on hand..

” We think [we] can be sustainable going into the future,” Mike Halstead, interim CEO of Springfield Hospital, stated during a spending plan hearing Aug. 20, according to the report..

Springfield (Vt.) Hospital officials are aiming to file a Chapter 11 personal bankruptcy exit strategy within the next two months, according to Valley News..

If the personal bankruptcy plan is authorized, the hospital is intending to perform the strategy by the end of this year, according to the report..