Through an up close and personal look at the minutes of the Crittenden Hospital Association's many meeings in August and September — Arkansas Business has learned the potential buyer for the Crittenden Regional Hospital was Tenet HealthSystem Medical Inc. of Dallas.
Last month, Arkansas Business reported the hospital's board of directors was shopping for a buyer even as it was asking voters for a sales tax to keep the hospital running.
Arkansas Business also reported the hospital had a tentative offer of $12 million, but the buyer balked when it — like the board — learned that the hospital needed an additional $3 million just to keep the doors open through September.
Arkansas Business has also learned Tenet was only interested in taking on the hospital’s operations, not its liabilities. Those included, the minutes revealed, a pension plan underfunded by $5.8 million.
Two lawsuits seeking class status have been filed by employees whose medical bills were unpaid because payments to the third-party administrator of the health plan weren’t kept current. Here’s our wild prediction: We’ll hear more about this underfunded pension plan.
