A group of Atlanta physicians has arranged financing to purchase bankrupt Southwest Hospital and Medical Center, and now plans to begin providing limited medical services by mid-October.
Southwest Doctors Group received a $12.8 million loan from a private investor in Columbus, Ga., according to published reports. The group of physicians put up about $3 million of their own money in January during a bidding process in federal bankruptcy court in Atlanta, saying they want to continue to operate 100-bed Southwest, which closed in January, as one of only a handful of black-owned hospitals in America.
One of the principals, John Ross, M.D., an Atlanta internist who heads the group, has said he believes he and his fellow doctors "are the only ones who could keep this a minority-owned hospital." He was unavailable for comment on the financing arrangement.