Crossroads Community Hospital's parent company, Quorum Health Corp., announced a financial restructuring to help reduce debt.
Crossroads Community Hospital's parent company, Quorum Health Corp., announced a financial restructuring to help reduce debt.
Crossroads Community Hospital's parent company, Quorum Health Corp., has announced a financial restructuring to protect its employees and ensure patient services during the coronavirus pandemic.
Crossroads Community Hospital is not directly affected by the restructuring. Hospital employees will continue to receive their pay and benefits and patients should receive the same level of care.
“This decision comes at a critical time when all hospitals are facing unprecedented challenges related to the coronavirus pandemic,” Amanda Basso, chief executive officer of Crossroads Community Hospital, told WMIX. “This is an important step toward long-term financial stability and will ensure that our hospital has the resources and cash flow needed to address the COVID-19 crisis and continue caring for patients and the community.”
When Quorum Health was formed in 2016, it inherited a large amount of debt and its high interest rate. The company has been able to work with key investors to recapitalize the company under the Chapter 11 U.S. Bankruptcy Code.
"This financial restructuring plan will allow us to build upon the important progress we have made in recent years while reducing our total debt and improving our interest rate," the company's website states.
Financial restructuring should be complete within two months and should put the hospital in a better position for financial growth. Under the terms of the plan all suppliers will be paid in full.
“We’ve always been committed to serving our community and I’m so glad that will continue and grow,” said Basso. “In addition to providing care within our own four walls, we’re seeing hundreds of patients through telemedicine and we’ll continue to find new ways to meet our community’s needs. I couldn’t be prouder of our dedicated physicians, nurses and other team members and we are grateful for the community’s loyalty and continued support through this challenging time.”
For more information about the organization's restructuring, visit QuorumForward.com.
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