82-year-old Seoul Paik Hospital set to close

An 82-year-old general hospital in central Seoul is in the process of closing its doors, due mainly to mounting losses.

Inje University Seoul Paik Hospital’s board of directors will convene on June 20 to finalize the decision, proposed by the hospital’s self-help task force, an official from the hospital said.

The hospital, located near Myeongdong Cathedral in Seoul’s Jung-gu district, has accumulated a deficit of 174.5 billion won ($135 million) over the past 20 years. Since forming the task force in 2016, it has employed various measures to recover from its financial difficulties, including reducing the number of beds, cutting personnel expenses, and renovating the hospital wards.

Paik Hospital was established in 1941 as a surgical clinic by Dr. Inje Paik, one of the early pioneers in modern Korean medicine.

Should the business termination be approved, its nearly 400 employees would be re-employed by other hospitals and institutions affiliated with its Inje University and Paik Hospitals.

The foundation operates Busan Paik Hospital, Sanggye Paik Hospital, Ilsan Paik Hospital, and Haeundae Paik Hospital, besides Seoul Paik Hospital.