Rhode Island Attorney General rejects hospital turnaround plan
Rhode Island Attorney General Peter Neronha has rejected a turnaround plan submitted by the new owners of Roger Williams Medical Center and Our Lady of Fatima Hospital. Neronha stated that the initial proposal, submitted by CharterCARE Health of Rhode Island, relies on “unrealistic and unsupported assumptions” and is insufficient to ensure the hospitals' stability.
Despite a required $85 million cash injection following the sale of the hospitals in March, Neronha expressed concern regarding short-term cash flow. While the hospitals currently maintain more than 40 days of cash on hand, the Attorney General warned that the financial runway is not extensive.
CharterCARE, a subsidiary of The Centurion Foundation, has been given until Friday, Oct. 2, to submit a revised long-term strategic plan. This requirement is part of 85 conditions imposed by state regulators during the 2024 conditional approval of the hospital sale.
Entities
CharterCARE Health of Rhode Island · Our Lady of Fatima Hospital · Peter Neronha · Roger Williams Medical Center · The Centurion Foundation
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] The hospitals currently have more than 40 days of cash on hand. republicmonitor.com · www.hcnews.com · pontevedrarecorder.com
- [● 3 SOURCES] CharterCARE Health of Rhode Island has until Friday, Oct. 2, to submit a revised strategic plan. republicmonitor.com · www.hcnews.com · pontevedrarecorder.com
- [● 3 SOURCES] The hospital sale in March included a requirement for an $85 million cash injection. republicmonitor.com · www.hcnews.com · pontevedrarecorder.com
- [● 3 SOURCES] Rhode Island Attorney General Peter Neronha rejected the turnaround plan submitted by the new owners of Roger Williams Medical Center and Our Lady of Fatima Hospital. republicmonitor.com · www.hcnews.com · pontevedrarecorder.com