Beverly Hospital filed for bankruptcy on Wednesday, a step that hospital officials said was needed to avoid a potential closure of the Montebello facility.
Beverly Hospital filed for bankruptcy on Wednesday, a step that hospital officials said was needed to avoid the closure of the Montebello facility.
Hospital officials said their goal is to find a buyer to keep the hospital open and maintain crucial services for residents in Montebello and nearby communities, including El Monte, Whittier and East Los Angeles. They laid the blame for their financial plight on surging costs that they said had outpaced government reimbursements to care for low-income patients.
“The need to restructure is regrettable, but to save the hospital, we were forced to take these necessary steps,” Beverly Hospital President and Chief Executive Alice Cheng said in a statement announcing that the facility had filed voluntary petitions for Chapter 11 under the bankruptcy code. “It’s a sad situation, but it’s essential for us to continue to provide healthcare for the people of our community.
More than 90% of Beverly Hospital patients rely on government programs such as Medi-Cal and Medicare, which have failed to cover the “meteoric rise” in costs for hospital labor and supplies, hospital officials said in a statement. As a result, they said, Beverly Hospital has ended each budget year in the red since 2020.
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