Though still pending approval from freeholders, Burlington County’s Buttonwood Hospital netted $15 million at today’s auction.
The nursing home and psychiatric facility was put up for auction following funding woes that forced the county-run facility to privatize. An Inquirer report says winning bidder Ocean Healthcare Operating Partners plans to retain the patients and most employees.
Eighty-five percent of Buttonwood’s patients are covered by Medicaid, and the facility has been operating at a loss for years.
Health & Science reporter Carolyn Beeler will has the full story on the way.