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FINANCIAL MANAGEMENT




ILLINOIS HOSPITAL TO CLOSE

Alan Condon - an hour ago
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Spring Valley, Ill.-based St. Margaret's Health will close on June 16 after
running out of resources to continue operations, shawlocal.com reported June 12.

The closure includes all operations — hospital, clinics and other facilities —
at both St. Margaret's Health and St. Margaret's Health-Peru.

In a May 17 internal memo, St. Margaret's President and CEO Tim Muntz said the
hospital "continues to be in severe financial distress" and has requested
emergency funding from the state of Illinois, according to the publication. "If
we do not receive the funding, St. Margaret's may need to consider curtailing
hospital operations, or even closing, as early as Friday, June 16, 2023." 

A state budget passed without any assistance for the hospital after concerns
that St. Margaret's Health would use statee funding for payroll needs, according
to the report.

Peoria, Ill.-based OSF HealthCare said it is in the process of acquiring “some”
of St. Margaret's assets, including the hospital in Peru, which closed Jan. 28,.
It is unclear whether OSF now intends to acquire the St. Margaret's Health
hospital.

“We, like many in the community, are saddened by this news impacting Illinois
Valley residents who are facing an immediate need for medical care,“ OSF said in
a June 9 news release. "We are determining how best to provide necessary
services to the Illinois Valley, but this process, along with the necessary
regulatory approvals, takes time."

Becker's has reached out to St. Margaret's comment.

Subscribe to the following topics: hospital closureosf healthcare
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