Texas hospitals hit hard by bankruptcies, closures
By Admin | January 29, 2024
Hospital bankruptcies spiked in 2023 with 12 filings compared to a total of 11 filings in the previous three years combined. Three of those bankruptcy filings were by hospitals in Texas, with another four hospitals in the state either closing or sharing plans to close as inflation, staffing shortages and other financial headwinds continue to challenge healthcare providers.
Dallas-based Steward Health Care on May 1 closed Texas Vista Medical Center in San Antonio, resulting in 827 layoffs. The 325-bed hospital was already struggling financially when Steward acquired it in 2017, and the pandemic exacerbated its losses.
Traditionally, the hospital served lower-income patients; nearly 25% of its patients cannot and do not pay for medical services, according to the health system.
Steward, which is trying to to sell four of its hospitals amid financial difficulties, will also close the Medical Center of Southeast Texas in Beaumont, effective Feb. 2. All care offered at the Beaumont location will be taken in by the center's Port Arthur campus. The physician-owned hospital "was severely underutilized given...(More)
For more info please read, Texas hospitals hit hard by bankruptcies, closures, by Becker's Hospital CFO Report
