Harold Brubaker

Crozer’s bankrupt owner, Prospect Medical Holdings, has been saying it would close the hospitals without financial support from the state, Delaware County, and now the Foundation for Delaware County.

At a Prospect Medical Holdings bankruptcy hearing Wednesday, officials did not disclose who might acquire Crozer Health.

The lawsuits argue that the Blue Cross Blue Shield system of allocating exclusive territories reduces competition and forces hospitals and doctors to accept lower rates.

Bankrupt owner Prospect Medical Holding said that the $20 million provided last month by Pennsylvania and Delaware County would only last through March 14 and that the hospitals would have to close.

The owner of Crozer-Chester Medical Center and Taylor Hospital, Prospect Medical Holdings, filed a bankruptcy motion last week seeking a judge's permission to close the facilities.

Shakir spent three years at Mazzoni, overseeing major initiatives to boost the agency's finances, but also a cash crunch that led its ex-CFO to get an exorbitant loan to make payroll in September.

The changes at Spark follow Roche's decision last year to halt development of a gene therapy for hemophilia A, which was the main asset at Spark when Roche acquired it, and related layoffs.

Another hearing is scheduled for Monday afternoon on efforts to keep Crozer-Chester Medical Center and Taylor Hospital open. Penn Medicine has been involved in talks, but has no plans to act solo.

The Foundation for Delaware County contributed $7 million to keep the hospitals open until March 28.

The contract at issue is mainly for people with health insurance through their employers. Cigna's Medicare Advantage plans, such as Bravo and HealthSpring, remain in-network at Jefferson.

Despite being some of the largest employers in the city and most having budgets or endowments in excess of $1 biIlion, Philly’s "eds and meds" are exempt from paying many local taxes.

Prospect's bankruptcy motion for the closure of Crozer-Chester Medical Center and Taylor Hospital did not set a closure date, but said Prospect cannot fund operations beyond March 14.

Temple University Health System's rebound from a $75.3 million operating loss in the first half of fiscal 2024 reflected a strong revenue gain, including more state aid.

Revenue at Penn's health system was up 10.5% to $5.8 billion in the six months ended Dec. 31.

The foundation already provided $7 million to keep Crozer Health open for two weeks during the bankruptcy of Crozer's owner, Prospect Medical Holdings.

Jefferson said the expansion of Yehia's oversight and other management changes are part of an effort to integrate Jefferson Health and Lehigh Valley Health Network.

Children's Hospital of Philadelphia will put the money toward a new $2.59 billion patient tower expected to open in late 2028.

At a bankruptcy hearing Tuesday morning, Prospect Medical Holdings is expected to provide an update on the status of Crozer-Chester Medical Center and Taylor Hospital.

The latest developments come after Prospect Medical Holdings filed for bankruptcy protection Jan. 11, with the $2.5 billion company down to $3.4 million in cash.

Jimenez's appointment is effective June 6, about three weeks before Jack Lynch retires.