News reports earlier in the day said Baldwin, 51, was found by a relative and was unresponsive, prompting a call to 911. Police and paramedics reportedly arrived on the scene, and Baldwin ended up in Lenox Hill Hospital, where he was examined and remained for an hour before being released.
"This was a misunderstanding on one person's part," the Emmy winner's rep, Matthew Hiltzik, said in a statement Thursday. "Alec was quickly released from the hospital, he's completely fine and will be at work today."
"If there was a real problem, he wouldn't have been released within an hour," Hiltzik also tells PEOPLE.
Baldwin, meanwhile, is due to co-host the Oscars with Steve Martin March 7.
Reporting by KATE COYNE and LIZ McNEIL