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Midwest.(Regional News)(briefs)

Modern Healthcare

| February 26, 2007 | COPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

HUNTINGBURG, Ind.-St. Joseph's Hospital, a stand-alone critical-access hospital, last month shut down after transferring its last patients to other facilities. St. Joseph's, a one-time Catholic hospital located about 40 miles northeast of Evansville, Ind., defaulted on a $2 million loan from Brim Healthcare, which had managed the hospital for two years. Brim President Dave Woodland said the hospital wasn't able to extricate itself from large debts that consumed its cash flow and also had some physician-related troubles, which further reduced admissions. Woodland said St. Joseph's had been in default for some time but was in purchase talks with 129-bed Memorial Hospital and Health Care Center, Jasper, Ind. Memorial ended those talks Jan. 15. Brim declared St. Joseph's in default, called for full repayment and assumed control of accounts receivable. St. Joseph's, which recently converted to critical-access status, recorded a net loss of $404,000 on net patient revenue of $17.2 million in the fiscal year ended Sept. 30,…

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Source: HighBeam Research, Midwest.(Regional News)(briefs)

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