April 15, 2010 | Read Time: 1 minute
New York’s St. Vincent’s Hospital, which has been in service for 160 years, filed for Chapter 11 bankruptcy protection Wednesday, reports Reuters.
Saint Vincent Catholic Medical Centers of New York, which operates the Greenwich Village institution, said it has more than $1-billion in liabilities against $100-million to $500-million in assets.
The bankruptcy filing, the charity hospital’s second in five years, came eight days after the St. Vincent’s board voted to stop inpatient services and transfer or shutter several outpatient facilities.
In a report issued Wednesday, the rating agency Moody’s said the U.S. health-care overhaul will hurt nonprofit hospitals’ credit profile, Reuters also writes.
Initial benefits for charity hospitals arising from the wave of newly insured patients and reimbursement protections this year will be outweighed by long-term challenges, such as pressure to increase operating efficiency, according to Moody’s.
