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Big News Today: Westlake Regional Hospital stabilized

Capsule report: Some Major Good News came out in last night's meeting of the Adair County Hospital District's regular meeting, which show, on balance what appears to be much more hope after Adair Fiscal Court, banks, intercede to stabilize financial situation:

1) The Hospital's $1.7 million cash infusion was completed December 27, 2011 with Adair Fiscal Court supervised loans through local banks
2) Latimore Black Morgan & Cain Audit gives clear but worst case picture of Westlake Financial condition, but it's followed by post audit turnarounds.
3) Technical defaults moving over $12 million of bond debt to current liabilities is being changed with promise by Waivers by Consortium of Lenders and board authorization to sign necessary paperwork.
4) Psych unit reactivation moving quickly
5) Health Insurance costs lowered. Dental benefit stays same.

Tight times ahead, but prognosis much better, with benefit of initial Spectrum Health Partners cost control, management changes and critical County Government, local bank actions, political efforts. Questions remain on management's marketing effort, other matters. -EW

This story was posted on 2011-12-28 06:06:05
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