Printer Friendly

NORTH PHILADELPHIA HEALTH SYSTEM ISSUES ANNOUNCEMENT

 NORTH PHILADELPHIA HEALTH SYSTEM ISSUES ANNOUNCEMENT
 PHILADELPHIA, May 13 /PRNewswire/ -- North Philadelphia Health


System (NPHS), which owns St. Joseph's Hospital and Girard Medical Center, two community-based "safety net" hospitals located in North Philadelphia, announced today that it had entered into an agreement pursuant to which Mercy Health Corporation, a non-profit corporation which provides management and supportive administrative services to hospitals, will provide comprehensive management services to NPHS in replacement of existing senior management.
 NPHS also announced that because of slow third-party reimbursement payments it has defaulted on certain monthly payments to trustees relating to $17,910,000 of revenue bonds issued by the Hospitals Authority of Philadelphia in 1979 and $13 million of revenue bonds issued by the authority in 1990. NPHS is also in arrears in payments to certain suppliers and has been unable to make payments to certain creditors under the 1990 bankruptcy plans that reorganized St. Joseph's and Girard into NPHS.
 NPHS is reimbursed for its services to its patients primarily by payments from the Pennsylvania Department of Public Welfare (DPW) pursuant to the state's Medicaid program and a settlement agreement between NPHS and DPW that provides for certain additional prospective payments through June 1993.
 As required under the indentures for the bonds, NPHS has retained Ernst & Young to provide a consultant's report outlining the problems and recommending steps that NPHS should take to correct deficiencies.
 /delval/
 -0- 5/13/92
 /CONTACT: Katherine Sherk of North Philadelphia Health System, 215-787-9503, or 215-787-9000/ CO: North Philadelphia Health System ST: Pennsylvania IN: HEA SU:


CC-KA -- PH048 -- 9907 05/13/92 16:54 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 13, 1992
Words:264
Previous Article:THE FOOTHILL GROUP INC. ANNOUNCES COMPLETION OF PUBLIC OFFERING
Next Article:STANDARD & POOR'S STOCK PRICE INDEX -- CLOSING, WEDNESDAY, MAY 13
Topics:


Related Articles
FIVE-POINT OPERATING AND COST REDUCTION PROGRAM ANNOUNCED AT NORTH PHILADELPHIA HEALTH SYSTEM
NORTH PHILADELPHIA HEALTH SYSTEM ANNOUNCES NEW EMERGENCY SERVICES PROVIDER
NORTH PHILADELPHIA HEALTH SYSTEM TO HOLD LARGEST HEALTH FAIR OF YEAR
DISTRICT 1199C ISSUES ANNOUNCEMENT
NPHS IMPLEMENTS SERVICE RESTRUCTURING PLAN FOR ST. JOSEPH'S HOSPITAL AND GIRARD MEDICAL CENTER
NORTH PHILADELPHIA HEALTH SYSTEM COMMEMORATES OPENING OF URGENT CARE CENTER AT GIRARD MEDICAL CENTER TODAY AT NOON
Albert Einstein Healthcare Network to Become Founding Member Of Jefferson Health System
Frankford Hospital Pa. $110M Revenue Bonds Upgraded & On FitchAlert Positive - Fitch Financial Wire -
Lee Domanico Named Senior Vice President of Tenet's Pennsylvania Region.
Contempt Charges Brought by Tenet Healthcare Corporation Against the Children's Hospital of Philadelphia are Thrown Out by Federal District Court.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters