Quorum Health Corporation Receives Outstanding Payments from Illinois and California
November 20 2017 - 6:55AM
Business Wire
Quorum Health Corporation (NYSE: QHC) announced today progress
in collecting amounts due hospitals in Illinois from the State of
Illinois. The State of Illinois issued $6 billion in General
Obligation bonds in October 2017 for the purpose of paying
medical-related vouchers incurred by the state prior to July 1,
2017. As of November 21, the Company will have received $29
million, 45% of the approximate $65 million in arrears from
Medicaid and state employee patients. The Company expects to
collect additional amounts as the State of Illinois continues to
work to reduce its unpaid bill backlog. Additionally and as
previously disclosed, subsequent to September 30, 2017, the Company
received $31 million of approximately $50 million of 2015 and 2016
outstanding amounts from the California Hospital Quality Assurance
Fee program, bringing total payments received from Illinois and
California from these items to $60 million to date in the fourth
quarter of 2017.
About Quorum Health Corporation
Quorum Health Corporation is an operator of general acute care
hospitals and outpatient services in the United States. Through its
subsidiaries, the Company owns, leases or operates a diversified
portfolio of 31 hospitals in rural and mid-sized markets with an
aggregate of approximately 3,000 licensed beds. The Company also
operates Quorum Health Resources, LLC, a leading hospital
management advisory and consulting services business. More
information about Quorum Health Corporation can be found at
www.quorumhealth.com.
Forward-Looking Statements
Statements contained in this news release regarding expected
operating results, acquisition transactions or divestitures and
other events are forward-looking statements that involve risk and
uncertainties. Actual future events or results may differ
materially from these statements. Readers are referred to the
documents filed by Quorum Health Corporation with the Securities
and Exchange Commission, including the Company’s annual report on
Form 10-K, current reports on Form 8-K and quarterly reports on
Form 10-Q. These filings identify important risk factors and other
uncertainties that could cause actual results to differ from those
contained in the forward-looking statements. The Company undertakes
no obligation to revise or update any forward-looking statements,
or to make any other forward-looking statements, whether as a
result of new information, future events or otherwise.
The terms “QHC,” “Quorum Health,” “the Company,” “we,” “us” or
“our” refer to Quorum Health Corporation or one or more of its
subsidiaries or affiliates as applicable.
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version on businesswire.com: http://www.businesswire.com/news/home/20171120005274/en/
Quorum Health CorporationInvestor Contacts:Michael J. Culotta,
615-221-3502Executive Vice President and Chief Financial
OfficerorShelly K. Schussele, 615-221-1400Senior Director, Investor
Relations
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