Cites too much red tape, staff turnover, supply chain and low reimbursement.
Gardner, Mass.-based Heywood Healthcare has filed for Chapter 11 bankruptcy protection, citing a string of challenges "hindering its sustainability."
The independent health system — which consists of Heywood Hospital in Gardner, Athol (Mass.) Hospital, Heywood Medical Group and The Quabbin Retreat — is facing many of the same issues as other community hospitals, according to an Oct. 2 news release shared with Becker's. Workforce shortages, supply chain issues and low reimbursement rates have contributed to financial instability.
In addition, the hospital has undergone a "costly and lengthy" electronic medical record transition while managing aging infrastructure and a "milestone construction project" — a new surgical pavilion set to open in April 2024.
https://www.beckershospitalreview.com/finance/massachusetts-health-system-files-for-bankruptcy.html
Gardner, Mass.-based Heywood Healthcare has filed for Chapter 11 bankruptcy protection, citing a string of challenges "hindering its sustainability."
The independent health system — which consists of Heywood Hospital in Gardner, Athol (Mass.) Hospital, Heywood Medical Group and The Quabbin Retreat — is facing many of the same issues as other community hospitals, according to an Oct. 2 news release shared with Becker's. Workforce shortages, supply chain issues and low reimbursement rates have contributed to financial instability.
In addition, the hospital has undergone a "costly and lengthy" electronic medical record transition while managing aging infrastructure and a "milestone construction project" — a new surgical pavilion set to open in April 2024.
https://www.beckershospitalreview.com/finance/massachusetts-health-system-files-for-bankruptcy.html
