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Heather Mayer, DOTmed News Reporter | October 13, 2010
In 2009, Bankruptcy Creditors’ Service, Inc. recorded seven hospital bankruptcy filings, including three New York hospitals. The company, which publishes the Troubled Company Reporter, a daily newsletter that tracks large companies and their credit quality, reported that nine hospitals have filed for bankruptcy so far in 2010. The report noted that St. Vincent Catholic Medical Centers has liabilities worth more than $1 billion.
And even while cutting costs, there has been a jump in hospital bankruptcy filings, says Rogoff, and those filings are expected to increase.
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“There is a greater demand [for] health care services,” he says. “But there is less revenue coming in.”
“At the end of the day, a hospital is still a business,” Rogoff says.
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