New Jersey Hospital Chain Files for Bankruptcy

CarePoint Health Systems, a New Jersey-based healthcare system consisting of three hospitals, has filed for voluntary bankruptcy and financial restructuring owing to ongoing cost challenges. In order to facilitate the restructuring process, the nonprofit filed for Chapter 11 relief in the U.S. Bankruptcy Court in Delaware. “CarePoint has obtained $67 million in new financing to ensure that its hospitals remain open and that there will be no interruptions to its ability to provide patient care in the communities it serves throughout this process,” it said in a Nov. 3 statement. “CarePoint Health Systems oversees the operations of three hospitals in Hudson County, New Jersey: Bayonne Medical Center, Christ Hospital in Jersey City, and Hoboken University Medical Center. Collectively, they provide services to over 60 percent of the population of the county and 65 percent of their patients are uninsured or underinsured.”...