MiraCare Group filed for bankruptcy protection after its fledgling psychiatric hospital project collapsed in the south suburban Chicagoland area. The development is representative of the challenges that psychiatric hospitals face. Despite desperate demand for these services, they are increasingly less viable enterprises, leading to disinvestment in many instances. The company, based in Palos Heights, Illinois, points to issues with timely payments from payers as the cause for the demise of the hospital, which served adolescents in Tinley Park, Illinois.
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Source: https://bhbusiness.com/2024/10/23/miracare-group-bankruptcy-reflects-pressure-on-psychiatric-hospitals