After several years of attempted financial turnarounds at a northwest Chicago hospital, Presence Health announced plans to sell the 213-bed facility before the year is out.
Presence Our Lady of the Resurrection Medical Center has been a financial drain on its parent company for years. On Thursday, Presence officials said they will solicit bids to buy the struggling medical center, with the goal of finding a buyer by the summer and closing the deal by the end of 2014.
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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