Friday, July 5, 2013

Tribune: State gives Roseland Community Hospital another lifeline

Last month Roseland Hospital located at 45 W. 111th St was the subject of many news stories involved a potential closure and it's finances. At the tail-end we found out that it's CEO was no longer on the job (either fired or resigned) and that ultimately it got $350,000 from the state according to the Sun-Times.

More recently this hospital noted as a place where the under-insured and uninsured can receive treatment is getting some more money from the state:
With the dawn of a new fiscal year, Illinois has again advanced Roseland Community Hospital a round of supplemental payments that will help the beleaguered Far South Side hospital's safety net afloat for at least a few more weeks.

Bill Brandt, the chairman of the Illinois Finance Authority, said the state “advanced everything it could” earlier this week so the hospital “can preserve the status quo and ensure minimum health and safety standards are met while everyone continues to try to figure out a longer-term plan to keep Roseland open in some form.”

The amount of the payments wasn’t immediately available, but Brandt said the money should be enough for the hospital to continue paying its employees and accepting patients for at least the next three weeks.

The reprieve grants a new chief restructuring officer and a team of financial analysts additional time to assess whether the hospital, with its deepening financial woes, will be able to continue on as a going concern.

Officials from the governor’s office, the hospital and a team of crisis management and financial restructuring experts are working to determine what role Roseland can play in the community -- whether it can remain an acute-care, full-service hospital or whether its services need to be scaled back. 
It was noted that the Roseland has been in talks with the University of Illinois Hospital and Health Sciences System and Loretto Hospital located on Chicago's West Side unfortunately when the extent of Roseland's financial issues was known talks had broken off. It was estimated that "the hospital needs at least $17 million in the near term to pay down mounting debt and meet current obligations."

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