Thomas Health — version 2.0 — is officially up and running.
The parent company of Thomas Memorial Hospital, Thomas Health Physician Partners, St. Francis Hospital and TMH Services said Monday it has emerged from Chapter 11 bankruptcy. The announcement came about eight months after it sought Chapter 11 relief.
“We began the restructuring process with a clear goal of strengthening our balance sheet for long-term growth and success,” Dan Lauffer, president and CEO of Thomas Health, said in a statement. “The ability to achieve our goal is a testament to our committed staff and physicians. We have ambitious plans for Thomas Health to further support not only our communities and patients, but also our highly-skilled physicians and employees.”
Thomas Health, which serves about 275,000 patients across all of its properties, filed for Chapter 11 in January. A $60.1 million bond sale helped whittle away at $145 million in debt and provided cash to cover day-to-day operations.
It managed to undergo the reorganization despite the coronavirus pandemic and Gov. Jim Justice’s order in April suspending elective surgeries. That move prompted Thomas Health to furlough with benefits 584 of its 1,663 employees. All but 50 of the furloughed employees have since returned, with 80 new employees filling the gaps by earlier this month.
Lauffer said Thomas will next turn its attention to an initiative to improve IT infrastructure in order to expand its telemedicine and chronic care management for at-home patients.