Financial records show Our Lady of the Resurrection has one of the worst performance records among Presence's 11 hospitals, losing $10 million on operations in 2012, the most recent year for which audited financial data (PDF) are available. A press release from the system said the hospital lost $9.8 million last year—a figure that could double in 2014, despite significant cost-cutting measures.
“We've determined that the best approach to continue operating OLR as a full-service community hospital, while also retaining the committed employees and physicians who work there, is to find a buyer willing to provide the necessary investment and resources,” Presence President and CEO Sandra Bruce said in a statement.
Presence was formed in 2011 from the merger of Mokena, Ill.-based Provena Health and Chicago-based Resurrection Health Care. That year, five of the hospitals now in the Presence system lost money. In 2012, only two did, including Our Lady of the Resurrection.
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