Bowie Memorial Hospital board members accept bid offer to purcha - Newschannel 6 Now | Wichita Falls, TX

Bowie Memorial Hospital board members accept bid offer to purchase the medical facility

BOWIE, TX (KAUZ) -

Bowie Memorial Hospital board members accept a bid from Dr. Faraz Hashmi, CEO of the Texas General Hospital – Van Zandt Regional Medical Center to purchase the medical facility, real-estate and equipment for $1.5 million dollars.      

However, this is not the first time the board has seen a proposal from Dr. Hashmi.  

In December hospital officials decided to turn down Dr Hashmi’s offer due to his corporation's out of network billing policy, but now the board says this is the best option.

Lynn Heller, hospital board CEO said billing out of network charges stops the decrease in the reimbursements to the hospital itself, and adds Bowie Memorial's net revenue this past year was 22-percent of its total charges.

            “That's because of the dismal reimbursement that we received from Medicare, Medicaid and most insurance companies,” said Heller.

He adds, usually insurance companies get the discounts, but with this model the discount is given to the individual and a lot of hospitals are using it in order to survive, and believes this is one reason Dr. Hashmi has had so much success. 

Some patients may be concerned when they see their medical bill, but Heller said they should focus on what they have to pay and not the total charges, and although people might get confused insurance companies are the ones who are not going to like the change.

            “At the end of the day it could be a real turning point in the medical community here and Bowie and this part of north Texas,” said Heller.

Dr. Hashmi is expected to rehire back as many previous Bowie Memorial Hospital employees as he can once the sale is final.

However, in order to make the purchase he has five days to provide the hospital board with a sale contract, earnest money deposit and a certified letter from his financial institution showing liquid assets.

Hospital officials are currently working with their attorney to come up with a complete timeline, and they say the sale could be finalized around April and the hospital reopened as early as May.

Copyright 2016 KAUZ All Rights Reserved

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