“….the filing was attributed, at least in part, to financing challenges and insurance company curtailment of payments to facilities that have traditionally operated as out-of-network providers….”
By Scott Bailey
San Antonio Business Journal
FPMC San Antonio Realty Partners LP, which owns the real estate and improvements where Forest Park Medical Center San Antonio is located, has filed for Chapter 11 bankruptcy protection. The real estate in question had been posted for foreclosure, according to the attorney representing the petitioner.
The petition, filed in U.S. Bankruptcy Court for the Western District of Texas, comes roughly a year after the more than $90 million Forest Park Medical Center campus opened near Interstate 10 and Loop 1604. FPMC San Antonio Realty Partners does not operate the hospital.
In October 2011, I reported that Vibrant Healthcare Management LLC was spearheading the development of a new medical campus in Northwest San Antonio that would be part of the Dallas-based Forest Park Medical Center network and would include a 145,000-square-foot acute-care hospital, as well as an 84,000-square-foot medical office building.
Forest Park Medical Center San Antonio officials were not immediately available for comment.
“We’re seeing an uptick in hospital bankruptcies,” said Adam Stein-Sapir, a portfolio manager at New York-based Pioneer Funding Group LLC, who analyzes bankruptcy filings.
The Dallas Business Journal reported last month that Forest Park Medical Center at Frisco had filed for Chapter 11 protection. The affiliated publication noted that the filing was attributed, at least in part, to financing challenges and insurance company curtailment of payments to facilities that have traditionally operated as out-of-network providers.
Forest Park Medical Center San Antonio is situated near the site of the former Victory Medical Center Landmark campus. In June, the Business Journal reported that Woodlands, Texas-based Victory Healthcare, which had leased its San Antonio hospital space from Carter Validus Mission Critical REIT Inc., had filed for Chapter 11 protection and was seeking buyers for its six medical and surgical centers in the Lone Star State.
Cumberland Surgical Hospitals LLC now operates a facility at the former Victory Medical Center Landmark site in San Antonio.