Normalcy Fully Arrives – Heywood Healthcare Looking Forward to 2025
After its unprecedented and highly praised independent emergence from Chapter 11 in 2024, Heywood Hospital now has a year of normalcy ahead. Heywood Healthcare will now be able to participate in normal audits, will not have a court looking at every speck of dust on the floor, and will not be tangled up with prior contemplated transactions. Heywood Hospital’s Lachance Maternity Care unit will most likely deliver more babies than ever before as some patients are also coming from the Fitchburg – Leominster area. With the Mental Health Unit fully operational again, the hospital will have a full year of helping those who need them the most. During 2024, the hospital was actually adding to its staff and is expected to post additional positions in 2025.
Heywood Stands Out From the Pack
Heywood Healthcare stands out from the pack. While some hospitals were actually fined for failing to provide audited financials, Heywood was not fined as it was proactively addressing financial issues in its Chapter 11 process. See State Report, CLICK HERE. Re audits from State, CLICK HERE.
Heywood provided us with a history of the process and a positive look to 2025 in a statement: “”Heywood and Athol hospitals were not able to provide audited financial statements for the years 2021 through 2023 due to a failed EMR transition initiated in February 2021. The hospitals’ EMR was integrated with the system’s revenue cycle, compromising the overall financial performance and records. This was one of the several contributing factors to the system filing for Chapter 11 protection on October 1, 2023, following a transition in key leadership.
Though the system was unable to provide audited financials, unaudited internal financial reports, and any other obtainable operational data were made available to state officials and regulatory agencies prior to the filing of Chapter 11, and the organization maintained transparency throughout the bankruptcy process.
Following a year of restructuring efforts, on September 30, 2024, the system successfully and independently exited Chapter 11, marking a significant step forward in its financial recovery and operational stability. The system will be filing FY25 audited financials, the first post-bankruptcy year.” – Rozanna Penney, President and CEO
What is an EMR?
Dawn Casavant of Heywood Healthcare was kind enough to explain: “An EMR (electronic medical record) system is a system that stores all aspects of patient care, including clinical documentation and claims data which is fully integrated with the hospitals’ operations and financial systems. Heywood Healthcare underwent a transition from Meditech Magic to Meditech Expanse in 2021. The transition was sub-optimal disrupting the system’s revenue cycle and financial reporting capabilities. “