Government cuts blamed for bankruptcy filing

Sound Shore Health System, Inc. located in New York City filed for relief under Chapter 11 of the Bankruptcy last week. Sound Shore blames cuts in government spending under Medicare as the reason why it is struggling financially. Even though the company had over $241 million in revenue during 2012, the bankruptcy filing reports that it owes about $200 million in debts with only about $160 million in assets. This is not the first medical facility to file for bankruptcy citing cuts in Medicaid as a reason. KidsPeace Corp. of Pennsylvania also filed last month citing Medicaid as a reason.
For more read, “N.Y. healthcare company seeks bankruptcy, blames Medicare cuts.”

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