Pennsylvania officials have until Monday to secure funding to keep Sharon Regional open
Pennsylvania officials have until midnight on Monday, December 9 to come up with funding to keep Sharon Regional Medical Center open.
The state has been covering the cost to keep the hospital open since September. So far, they have provided $1.5 Million per month, which totals $4.5 Million.
This month, Steward asked for $3 million, which is double what it cost to run the hospital in November. At first, the PA Attorney General's office called the amount unreasonable but now they’ve agreed to pay it if they can find the money. A representative from the attorney general's office said in federal court on Monday that they’re working with the legislature to come up with the funding.
While this is happening, Steward is continuing negotiations to sell Sharon Regional to Meadville Medical Center. Steward filed for bankruptcy last year and is selling off hospitals across the nation to recoup some of their money. Attorneys for Steward said they're concerned about where talks for Sharon Regional stand because it's been months and nothing has been finalized.
"...neither the Commonwealth nor Meadville have demonstrated any degree of reasonable certainty that they will be able to consummate a sale transaction to acquire Sharon Hospital, including the acquisition of the underlying real property owned by Medical Properties Trust, Inc. (“MPT”) despite having months to reach an agreement," a filing made by attorneys for Steward states.
The representative for the attorney general's office said their “efforts have been enormous” and they’re working every day on this deal.
If Pennsylvania doesn't come up with the money by midnight on Monday, Steward will have the right to start the process of closing Sharon Regional.