Can would-be buyer afford to take over more Chicago-area hospitals?
<p>Insight Health Systems is interested in rescuing two closed Chicago-area hospitals, even as its hospital in Chicago appears to be struggling.</p><p>Since <a class="Link" href="https://www.wbez.org/environment-public-health/2021/10/25/inside-the-fight-to-save-chicagos-historic-mercy-hospital" target="_blank" ><u>buying historic Mercy Hospital</u></a> in 2021 for $1 — keeping it from closing — and changing its name to Insight Hospital and Medical Center, the hospital has consistently lost money, according to its tax returns. Located in Bronzeville, Insight had a nearly $30 million loss in 2024, its most recent records show.</p><p>And Insight Hospital has received about $50 million in advances from the Illinois Department of Healthcare and Family Services to help keep the doors open since it bought Mercy.</p><p>As recently as 2024, Insight Hospital faced a “financial emergency,” according to its advanced payment plan agreement WBEZ and the Chicago Sun-Times obtained through a public records request.
Reported by 1 outlet — Chicago Sun-Times. See all sources ↓
<p>Insight Health Systems is interested in rescuing two closed Chicago-area hospitals, even as its hospital in Chicago appears to be struggling.</p><p>Since <a class="Link" href="https://www.wbez.org/environment-public-health/2021/10/25/inside-the-fight-to-save-chicagos-historic-mercy-hospital" target="_blank" ><u>buying historic Mercy Hospital</u></a> in 2021 for $1 — keeping it from closing — and changing its name to Insight Hospital and Medical Center, the hospital has consistently lost money, according to its tax returns. Located in Bronzeville, Insight had a nearly $30 million loss in 2024, its most recent records show.</p><p>And Insight Hospital has received about $50 million in advances from the Illinois Department of Healthcare and Family Services to help keep the doors open since it bought Mercy.</p><p>As recently as 2024, Insight Hospital faced a “financial emergency,” according to its advanced payment plan agreement WBEZ and the Chicago Sun-Times obtained through a public records request. The hospital ran into trouble with a contractor trying to upgrade its outdated billing system, causing “high levels” of unpaid bills from patients and health insurers. Add high labor costs and materials, and Insight faced potentially “significant cash flow problems,” the state found.</p><p>These records raise questions about how Insight Health Systems can afford to reopen and operate two more hospitals — West Suburban Medical Center in Oak Park and Weiss Memorial Hospital in Uptown.
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- What's the story?
- <p>Insight Health Systems is interested in rescuing two closed Chicago-area hospitals, even as its hospital in Chicago appears to be struggling.</p><p>Since <a class="Link" href="https://www.wbez.org/environment-public-health/2021/10/25/inside-the-fight-to-save-chicagos-historic-mercy-hospital" target="_blank" ><u>buying historic Mercy Hospital</u></a> in 2021 for $1 — keeping it from closing — and changing its name to Insight Hospital and Medical Center, the hospital has consistently lost money, according to its tax returns. Located in Bronzeville, Insight had a nearly $30 million loss in 2024, its most recent records show.</p><p>And Insight Hospital has received about $50 million in advances from the Illinois Department of Healthcare and Family Services to help keep the doors open since it bought Mercy.</p><p>As recently as 2024, Insight Hospital faced a “financial emergency,” according to its advanced payment plan agreement WBEZ and the Chicago Sun-Times obtained through a public records request.
- How widely is it covered?
- 1 outlet, average source rating 6.0/10.
- When was it last updated?
- just now ago.
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Can would-be buyer afford to take over more Chicago-area hospitals?
Sources1TypeCoverageChicago Sun-Times