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Hospital must find $200 million to stay in business

Patient Financial Services Weekly Advisor, November 30, 2007

An Atlanta hospital needs a lot of money by December 31 -- $200 million - if it wants to stay in business.

The board at Grady Memorial Hospital, a charity facility, voted itself out of business this week, the New York Times reports. The hospital would most likely not have been able to meet its payroll by the end of the year were it not for the decision of the politically-appointed board.

The board - the 10-member DeKalb Hospital Authority - voted to hand over the hospital to a nonprofit corporation. Now, the hospital must receive written commitments of $200 million by the end of the year - or else, the region could lose its only top-level trauma center.

A.D. Correll, a former chairman of the Georgia-Pacific Corporation and the co-chairman of a Chamber of Commerce task force put together to aid the hospital, told the New York Times an anonymous donor could give the hospital $200 million. But the donor wants to see what changes first.

"They were a surprise, a lot of them," Correll told the Times of the conditions of the agreement. "And they require action on a whole lot of people's parts."

To read the full story in the New York Times, click here.

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