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Hospital chain reveals it owes $1B — and can't afford to pay staff (www.rawstory.com)

submitted 1 day ago by [email protected] to c/[email protected]

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Prospect Medical Holdings’ dire financial straits were well-documented , even before the owner of Roger Williams Medical Center and Our Lady of Fatima Hospital declared bankruptcy on Jan. 11.

But its cash flow woes are even worse than previously aired in public. The national hospital chain operator owes more than $1 billion to more than 100,000 creditors, but has just $3.4 million cash on hand, Paul Rundell, Prospect’s chief restructuring officer, wrote in testimony ahead of a federal bankruptcy court hearing in Dallas on Tuesday.

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[–] [email protected] 0 points 1 day ago* (last edited 1 day ago) (1 children)

General hospitals and we had huge fucking budgets. We had to tone it down to make it look less "rich."

[–] [email protected] -1 points 1 day ago

Hospitals are famously expensive to build, I would expect them to have a pretty huge budget compared to a normal facility the same size.

Plus, that's counter intuitive to your argument. If it was run by finance bros wouldn't you expect them to spend as little as possible on facilities?

Hospital networks aren't the cash grab they used to be, a lot has changed in the last 10-15 years, really since the affordable care act passed. Which if you read the article is when this hospital group first started having financial problems.

The way insurance companies responded to the bill was to do more business with private clinics and hospitals where they could set up in network reimbursement programs.