Financial Analysis of St. Vincents hospital Essay

Financial Analysis of St. Vincents hospital - Essay Example The St. Vincent’s hospital was a major health providing institution within the Manhattan area and it had been serving the local community since being formed in the year 1849, besides the health care facility, a medical college was also on the offerings. St. Vincent’s hospital was closed on April 30, 2010 and it was found that the hospital owed billions of dollars; hence it had to file for bankruptcy. As of April 30th, the hospital had to sack 3000 employees because of its closure. This led to a huge hue and cry amongst the employees of the hospital as the 3000 employees had to face the grudging effect of the loan and that too in a very stiff economic environment where job cutting was a major feature (NY1 News, 2010). Many attempts were made to stop the closure of the hospital but all of these attempts went in vain. U.S. Senators Chuck Schumer, Kirsten Gillibrand and Congressman Jerrold Nadler were all involved in forwarding an application to the U.S. Department of Housi ng and Urban Development (HUD) so that the hospital could be saved from bankruptcy. This request was made to the HUD department because of the department’s ability to offer mortgage insurance. The senators along with the congressman explained that the hospital had a long history of offering major emergency and other health care services in that area and it would be difficult to diversify the emergency patients of St.