Revival Introduces Peninsula Hospital CRO
Todd Miller, the chief restructuring officer at Peninsula Hospital Center, was formally introduced during a press conference on Monday, announcing that the hospital will file for Chapter 11 bankruptcy protection as soon as next week.
Miller describes the filing as a muchneeded fresh start for a hospital that is incurring substantial financial losses on a daily basis. He emphasized that Peninsula can thrive as the community hospital it is, only if it’s utilized by the people that live here. This means accessing the hospital for not only emergency services, but for surgeries, day programs and its many out-patient physician services as well.
According to Miller, the Chapter 11 filing is a necessary step towards the hospital’s financial restructuring. As reported last week, Peninsula Hospital will stay as a not-for-profit entity despite most of Revival’s other ventures being for-profit operations including their home health care agency. Peninsula Hospital, Miller said, will not be a subsidiary of Revival, but rather a stand alone sister company to Revival.
Peninsula’s current bed capacity is 170 and Miller says he would like to see that number expanded to 300. As of yesterday, that number was below 70, a number that must improve for the hospital to survive. That commitment means that Revival plans on investing in things that can attract patients to the hospital, such as new equipment, technology and improved programming.
Peninsula Hospital became an object of interest for the group when they saw the article in Crain’s Business that stated that the hospital was expected to close.
“It was around the second week of August,” Miller said. They weren’t specifically looking to buy a hospital, but rather saw this as an opportunity and felt they could be a worthy partner to Peninsula Hospital. Revival says, however, that the hospital’s road to recovery would be tough, but remains extremely optimistic about the challenges ahead of them.
“I don’t want to underestimate the amount of work that needs to be done here,” Miller said.
Local elected officials were on hand, including State Senator Malcolm Smith who praised the hard work of the PHC Board of Directors, the employees and community.
“We were one peninsula united,” Smith said. “Everyone understood the mission.”