US-based non-profit hospital system Heywood Healthcare has officially filed for exit from Chapter 11 of the US Bankruptcy Code.
The health system sought protection under Chapter 11 in October last year, after it faced various financial challenges.
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The strategic decision to file for protection also aimed to quickly address a wide range of other historic contractual agreements, reorganise the health system’s finances, seek commercial rate enhancements, as well as focus on optimising its services.
Since filing for protection, Heywood Healthcare said it had optimised several of its service lines, reopened its inpatient mental health unit and achieved growth across various departments, including surgical, inpatient and ambulatory.
The health system said there had been a 16% increase in labour and delivery services, as well as successful retention and expansion of its medical staff.
On 28 May, it filed the necessary paperwork indicating it was prepared to emerge from Chapter 11 as an independent entity.
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By GlobalDataHeywood Healthcare president and CEO Rozanna Penney said: “Heywood Healthcare’s progress is attributed to its dedicated medical staff and employees, along with strong financial and operational prudence.
“We will proceed thoughtfully and plan fully, maintain focus on patient care, and continue to forecast potential risks.
“The board and leadership team extend our gratitude for the steadfast support of our federal, state, and local representatives, as well as our appreciation for the patients who continue to choose Heywood Healthcare.”
Heywood Healthcare mainly serves the north-central Massachusetts and southern New Hampshire regions.
The community-owned healthcare system’s portfolio comprises Heywood Hospital, Athol Hospital and Heywood Medical Group, along with eight satellite facilities in Massachusetts.
Heywood Hospital has 134 beds and operates as an acute care community-owned nonprofit while Athol Hospital is recognised as a 25-bed not-for-profit critical access facility.
