Osteopathic Medical Center of Texas, Fort Worth, started shutting down operations after negotiations for a sale fell through. The potential buyer was not disclosed. The 206-bed hospital said it closed its emergency room today and began transferring patients to other facilities. John Gavras, president and chief executive officer of the Dallas-Fort Worth Hospital Council, said the osteopathic hospital suffered because a large proportion of its patients were uninsured or covered by Medicare or Medicaid. Because the facility is a standalone hospital, it had a tougher time winning managed-care contracts and that, combined with its payer mix, made it hard to attract physicians, Gavras said. The hospital lost $1.4 million on operations for the year ended Sept. 30, 2003, according to the American Hospital Directory. The hospital defaulted on $82 million in bonds in August and September. Earlier this week, the insurer of the majority of the bonds, MBIA, wrote off $50 million of its $70 million exposure. -- by Paul Barr
Texas osteopathic hospital begins closing down
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