In this type of economy we know businesses are going to start filing for bankruptcy. But one of the saddest things I see is the fact that hospitals are getting hit very badly financially. These are the places that take care of us when we’re sick and dying. These are the types of places that really need to be held together.
At the start to the downturn of this economy, South Beach hospital in Florida filed for Chapter 11 bankruptcy protection after listing debts totaling more than $5.3 million. They hospital had to discharge its patients and dismiss all employees except for a small clean-up crew.
Just today, Michael Reese Hospital in Chicago, Illinois filed for Chapter 11 bankruptcy as it has racked up between $50 million and $100 million dollars in debt. They also owe $19.4 million to their unsecured creditors and a substantial amount to Medicine Industries Inc. who owns the property and leases the hospital to Michael Reese.
There should be some dedication and responsibility to maintaining these hospitals. For example, another hospital in Chicago, Mercy Hospital, almost filed for bankruptcy four years ago. Thankful for them though they had gained good recognition and support from their community. The mayor was born at Mercy Hospital and couldn’t let it go so he and the Mercy staff made some very strategic decisions in order to refinance the hospital.
Posted by: Kelsey Hoffman
References:
http://www.chicagobusiness.com/cgi-bin/news.pl?id=31200&seenIt=1
http://southflorida.bizjournals.com/southflorida/stories/2006/02/27/daily38.html
http://www.suntimes.com/news/watchdogs/1821278,CST-NWS-watchdogs13.article
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Great article Kelsey. It truely is sad that our health and medical service are being effected by money. This truely isnt something we can live without.
ReplyDeleteposted by, meredith anderson