Springfield hospital likely to declare bankruptcy
SPRINGFIELD — A small Vermont hospital that has been struggling with its finances will likely file for bankruptcy protection in the near future so it can restructure its finances, its chief executive officer said.
Springfield Hospital interim CEO Mike Halstead said the filing of a Chapter 11 bankruptcy is probably needed so the hospital can survive, Vermont Public Radio reported .
The bankruptcy process will also require the 25-bed, critical access Springfield Hospital to come up with a long-term financial plan that will most likely mean having another health care system take over the business.
"We need to find a partner who's got a little bit more resources than what we have," Halstead said at a Wednesday public meeting in Springfield. "As a stand-alone hospital as Springfield Hospital and Medical Systems have been for the last 105 years; not in the cards for the future."
Read more: https://www.reformer.com/stories/springfield-hospital-likely-to-declare-bankruptcy,575019
(Brattleboro Reformer)