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A Hospital Empire Is Closing Its Doors--but the Stock Is on a Tear - The American Prospect
Last week, the few hundred remaining employees of two hospitals in Warren, Ohio, got an email informing them they were suspending hospital admissions following a sudden rise in costs precipitated by a Houston bankruptcy court ruling.
A week earlier, the 3,200 employees still working for the gutted Crozer Health system outside Philadelphia received an email wishing them a happy “Employee Appreciation Day” in spite of the fact that they would all be imminently losing their jobs, thanks to the ruling of a bankruptcy judge in Dallas.
A week before that, the Yale New Haven Health system signaled it was backing out of a deal it had made in 2022 to buy three Connecticut hospitals, in a statement characterizing the facilities’ condition as so degraded from years of failing to pay vendors as to render the transactions “impossible.” And a hospital on Florida’s central coast announced it was shutting down next month, blaming “years of neglect [that had] left the facility in such poor condition that it did not meet the system’s standards for patient-care environments.”
Just a few weeks before that, doctors and nurses in South Florida showed up at a Hialeah City Council meeting to beg authorities to intervene in the management of five struggling hospitals in the region that they said haven’t been paying their anesthesiologists or obstetricians and have been routinely delinquent on pay to nurses and other staffers. The hospitals have also been reportedly threatening to shut down the area’s last remaining maternity ward, which delivered 1,400 babies last year, and a linen supplier recently filed a motion threatening to repossess all five hospitals’ sheets, scrubs, hospital gowns, and towels in retaliation for over $2.6 million in unpaid bills.
A week earlier, the 3,200 employees still working for the gutted Crozer Health system outside Philadelphia received an email wishing them a happy “Employee Appreciation Day” in spite of the fact that they would all be imminently losing their jobs, thanks to the ruling of a bankruptcy judge in Dallas.
A week before that, the Yale New Haven Health system signaled it was backing out of a deal it had made in 2022 to buy three Connecticut hospitals, in a statement characterizing the facilities’ condition as so degraded from years of failing to pay vendors as to render the transactions “impossible.” And a hospital on Florida’s central coast announced it was shutting down next month, blaming “years of neglect [that had] left the facility in such poor condition that it did not meet the system’s standards for patient-care environments.”
Just a few weeks before that, doctors and nurses in South Florida showed up at a Hialeah City Council meeting to beg authorities to intervene in the management of five struggling hospitals in the region that they said haven’t been paying their anesthesiologists or obstetricians and have been routinely delinquent on pay to nurses and other staffers. The hospitals have also been reportedly threatening to shut down the area’s last remaining maternity ward, which delivered 1,400 babies last year, and a linen supplier recently filed a motion threatening to repossess all five hospitals’ sheets, scrubs, hospital gowns, and towels in retaliation for over $2.6 million in unpaid bills.
https://prospect.org/health/2025-03-18-hospital-empire-closing-its-doors-stock-on-a-tear-mpt/
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