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Commissioners receive update on RVHS property

The receiver for River Valley Health Systems told county commissioners yesterday that a bid for the Portsmouth campus is pending.

Friday, March 22, 2002

The receiver for River Valley Health Systems told county commissioners yesterday that a bid for the Portsmouth campus is pending.

South Point CPA Bob Payne who was selected as the hospital’s receiver since the doors were closed one year ago, told commissioners that there is an interest in the facility but he could not discuss the details until the interested group has discussed the bid.

Additionally, Payne told commissioners that the report submitted to Judge Everett Burton may be released at the April 26 meeting.

The feasibility study was conducted by Quorum Health Resources – a Tennessee-based hospital management. The report was designed to determine if enough interest and/or revenue exists to reopen the hospital. The report was filed last week and remains a closed document until the judge has time to review it.

Payne said there are three options in dealing with the now-defunct hospital: Find someone to buy and operate RVHS or offer enough money to pay off creditors; form a plan under a receivership to reopen and run the hospital for the benefit of paying back creditors; or, if it’s just not economically feasible to reopen, sell the facility for its debts.

Payne told commissioners that reopening the hospital would be "difficult…but not impossible."

An offer from Our Lady of Bellefonte Hospital in Russell, Ky. is purported to be still on the table.

RVHS closed Jan. 31, 2001 because of poor finances. When it closed, it was reported the hospital was $17 million in debt. About 400 people lost their job when the hospital closed.