Area Hospital Files for Bankruptcy Protection

Hospital officials in Coshocton announced Thursday that Coshocton Memorial Hospital is filing for Chapter 11 Bankruptcy protection and will be sold.

In a press release officials said the action was taken to allow the organization to sell its assets and operations to its proposed owner, the Prime Healthcare Foundation.

During the sale to the new buyer the hospital and clinical staff will remain open, providing full care and outpatient services.

Prime Healthcare Foundation is affiliated with Prime Healthcare, a national hospital management company based in California. They have near 43,000 employees operating 43 acute care hospitals in 14 states.

Over the last several years Coshocton Hospital has faced increased competition, significant debt and the compounding effects of healthcare reform. 

The parties anticipate the bankruptcy court will review the case in early July, with a sale hearing date in late September and a sale complete by December.