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Sharon Regional Health System is a for-profit health care service provider based in Sharon, Pennsylvania. Its main hospital is located in Sharon; additionally, the health system operates schools of nursing and radiography; a comprehensive pain management center across the street from its main hospital; clinics in nearby Mercer, Greenville, Hermitage, and Brookfield, Ohio; and Sharon Regional Medical Park in Hermitage.
On May 5, 2024, The Wall Street Journal reported that the hospital's parent Steward Health Care was expected to file for Chapter 11 bankruptcy protection within the coming days, blaming rising costs, insufficient revenue and cash crunches as part of the decision. Steward's bankruptcy is set to be one of the largest hospital bankruptcies in U.S. history, and the largest one in decades.[1] The next day, Steward announced that it had indeed filed voluntarily for Chapter 11 bankruptcy protection. The company stressed that its hospitals and medical offices would remain open during the proceedings. In its press release, Steward stated it was finalizing terms of a $75 million in new debtor-in-possession financing from MPT, with the possibility for $225 million more if it meets certain unspecified conditions set by MPT. The company's filing papers list that more than 30 of its creditors owe about $500 million, and the U.S. government is owed $32 million to the federal government in "reimbursements for insurance overpayments".[2][3][4]
With nearly 1,800 employees, Sharon Regional is Mercer County's largest employer.
References
edit- ^ "Steward Health Care to File for Bankruptcy as Soon as Sunday". The Wall Street Journal. May 5, 2024. Retrieved May 5, 2024.
- ^ Weisman, Robert; Bartlett, Jessica (May 6, 2024). "Steward files for bankruptcy, leaving its eight Massachusetts hospitals in limbo". The Boston Globe. Archived from the original on May 6, 2024. Retrieved May 6, 2024.
- ^ Schooly, Matt; Kaplan, Michael (May 6, 2024). "Steward Health Care files for Chapter 11 bankruptcy". CBS News. Archived from the original on May 6, 2024. Retrieved May 6, 2024.
- ^ "Steward Sharon Regional Health System, Inc. Files For Bankruptcy". BKData. May 6, 2024. Retrieved July 24, 2024.
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