The season of bankruptcies -- think GM, AIG, Chrysler -- is upon us. And the health care industry is not exempt.
For Catholic hospitals in New York City, bankruptcy arrived in 2005 when the flagship St. Vincent Catholic Medical Centers took the dramatic step. It could have been worse: All the other church-affiliated, acute care hospitals in the city bypassed bankruptcy and headed straight to closure. In 2007 there were eight Catholic acute care hospitals and by the end of 2008 only St. Vincent’s survived.