News of distressed hospital and health care facilities has increased dramatically. Around the country, bankruptcy cases involving financially vulnerable hospital organizations and health care facilities are occurring much more frequently. Bankruptcy tracking statistics reveal that nationwide, 21 hospitals filed for bankruptcy protection in 2016, 27 filed in 2017 and through the end of June 2018, there have been nine bankruptcy filings for hospitals or health care facilities.
Florida has a large network of hospitals and healthcare facilities. According to the Florida Hospital Association’s 2018 “Directory of Hospitals”, throughout the state there are 249 hospitals (short and long-term care acute facilities, including 34 satellites), 39 psychiatric hospitals (including seven satellites and two intensive residential treatment facilities), 19 rehabilitation facilities (including three satellites) and 12 VA or military health care facilities. 49 percent of the beds in these facilities are operated by private, not-for profit entities, 36 percent of the beds are operated by private, for profit entities and 15 percent of the beds are operated by public facilities. Overall, this health care network employs over 267,700 full-time equivalent employees. From a pure economic impact, besides providing life-saving services and everyday health care needs, hospitals provide jobs, benefits, revenue for suppliers and trading partners and generally drive a significant component of the Florida economy. Any negative financial impact in the hospital and healthcare sector will likely have significant ripple effects throughout Florida.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]