Madera (CA) Community Hospital officially shut its doors at midnight on Dec. 30, after Livonia, Mich.-based Trinity Health’s plan to buy the hospital fell through. Outpatient services and rural clinics followed during the first week of January, leaving the hospital’s leadership scrambling to find a financial partner to restart operations, according to Becker’s.
The second option is to bring back healthcare services itself, but that would require a significant cash infusion.
The third option, a last resort for Madera Community Hospital leaders, is bankruptcy and liquidation. They have been holding off on that for as long as possible, but time is running out, according to the report.
The hospital posted a $11.5 million loss in fiscal year 2021-22 — its last full year of operations — as the pandemic destroyed its bottom line. Other contributors were low Medi-Cal reimbursements and a lack of nurses, which forced it to pay a premium for travel nurses. Read more.
