Hospitals in New York City Facing Financial Pressure

From The New York Sun:

In the last few years, several private hospitals in the city have closed, filed for Chapter 11, had their bond status downgraded, or sold off major assets to raise cash.

While the financial status varies widely at the 73 hospitals in the city, those in the industry say fiscal pressures are mounting on the facilities, which are not generally known for their business acumen.

"There are a lot of hospitals in New York that are operating with no cushion," the director of health care ratings at Standard & Poor's, Liz Sweeney, said. "They're operating with enough cash to make maybe the next payroll."

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