A group of physician investors in River Oaks Hospital are extremely upset over the sudden closing of the hospital this week by owner-operator Hospital Partners of America Inc. Investors have been meeting to discuss future legal options. Investment partners are expecting to lose their combined $4 million-plus investment in the hospital.
Both Houston campuses of River Oaks Hospital: located off Highway 59 near Buffalo Speedway and in the Sharpstown area which operated a total of 524 beds in the combined campuses ceased operations on June 23 after creditor GE Capital cut off funding. GE Capital sent notification just before the June 13 payroll was due that it would cut off credit to the hospital. The physicians were given notice 10 days before the closure.
River Oaks Hospital was scheduled to surrender its operating license to the Texas Department of Health and Human Services by the end of this week, after completing shutdown of its emergency room on June 25.
Formerly known as Twelve Oaks Medical Center, the hospital -- located at 4200 Twelve Oaks Drive at the Southwest Freeway -- was acquired by HPA and the physician investors on Jan. 1, 2004. The partnership also purchased the former Sharpstown Hospital at 6700 Bellaire Blvd. and put both properties under the River Oaks Hospital umbrella.
Here is a great opportunity for physicians from River Oaks Hospital to relocate near the Texas Medical Center:
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