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Mercy Hospital Buyer Agrees To Keep Chicago Facility Open

(Bloomberg) The buyer of Mercy Hospital and Medical Center agreed to operate a full-service community hospital through at least 2029 and to restore services cut after the Chicago facility filed for bankruptcy in February.The agreement addresses community leaders’ concerns that Insight, a Michigan-based biomedical company, would close the hospital, or pare down its operations, instead of keeping it as a comprehensive facility that treats some of Chicago’s poorest and sickest patients.Insight said it’s committed to stabilizing Mercy’s finances and restoring the hospital as a teaching facility, along with periodic reporting on its progress, according to an emailed statement. It also agreed to community representation on its board, another demand from community, labor and political leaders.Mercy filed for bankruptcy in February after the state denied a plan to shutter it. Owner Trinity Health Corp. agreed to sell the facility for $1 to Insight.Insight will ass ....

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Sale of South Side Chicago hospital to nonprofit finalized

Sale of South Side Chicago hospital to nonprofit finalized
April 3, 2021
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CHICAGO (AP) Chicago s oldest hospital has finalized the facility s sale to a nonprofit.
Mercy Hospital and Medical Center and Insight Chicago announced the agreement Saturday in a joint statement. The Chicago Sun-Times reports that the agreement requires Insight to continue operating Mercy as a “full-service community acute-care facility.
Insight Chicago previously received approval from the the Illinois Health Facilities and Services Review Board to purchase Mercy from its owner, Trinity Health.
Insight Chicago, which is affiliated with a Michigan health system, filed documents prior to that decision indicating that the hospital’s name will change because it will no longer operate as a Catholic facility. ....

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Mercy Buyer Looks to Flint to Chart Bankrupt Hospital's Revival

(Bloomberg) The buyer that would save Mercy Hospital and Medical Center is looking to Flint, Michigan, as it plots a revival for the bankrupt Chicago facility.Mercy and its Bronzeville neighborhood bear “striking similarities” in terms of demographics and history, Atif Bawahab, chief strategy officer of Insight, said in an interview. The Flint-based biomedical company agreed to purchase Mercy this week in a deal that still needs regulatory approval.Bawahab said Mercy came to Insight’s attention last year after reports that owner Trinity Health Corp. planned to close it. Chicago’s oldest chartered hospital and so-called safety net facility for the area’s most vulnerable residents filed for bankruptcy last month with a plan to shut down by May 31.Bawahab acknowledged the difficult task that lies ahead in turning around the financially distressed hospital.“This is not something we’re assuming to be a cakewalk,” he said in an interv ....

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