Here are four things to know:
1. The hospital can no longer sustain its $13 million of mortgage debt, and it has been paying less than its full mortgage since 2020.
2. St. Mark’s transitioned to Rural Emergency Hospital designation in February to offset the mortgage debt, along with revenue declines and expense increases, according to an Oct. 4 news release from the hospital.
3. In January, the hospital cut half of its staff and several services. Despite Texas’ Health and Human Services Commission granting payments of $187,500 per quarter for six quarters to support rural emergency hospitals and the La Grange Economic Development Corporation pledging $500,000, it was still not enough to save the hospital.
4. “Closure is certainly not the outcome that anyone wanted for our community, the staff or their families. But without the additional local funding support HCOE was seeking, the hospital is out of options,” Dudley Piland, the hospital’s board chair, said in the release.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.