Sayre Community Hospital (formerly Sayre Memorial Hospital) has been placed into receivership.
Receivership is a formal insolvency procedure granted by a judge to assume secured assets on behalf of a loan-funding company.
Frazer Bank in Altus is the loan-funding company in this case and has been the primary, secured creditor of the hospital since it re-opened in July 2017. It originally closed its doors as Sayre Memorial Hospital in December 2016.
Essentially, the hospital is unable to meet its financial obligations, and the court has ordered Brian Clemens, CEO of Clemens Innovative Solutions and Institute for Greater Leaders, to oversee the day to day administration of the hospital in accordance with court directives.
Clemens will oversee the operations for a 60 day period. During this time, Frazer bank will review their options for the future of the hospital which could include a possible sale or transition.
The hospital's main financial struggle seems to emanate from two failed Medicare Conditions of Participation surveys, wherein Medicare officials inspect the facility for compliance. If a facility has not passed a Conditions of Participation survey, Medicare will not reimburse them for charges made.
Currently, Sayre Community Hospital is trying to pass the survey to receive millions in reimbursement payments.
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