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PubMed2005

Debtor education, financial literacy, and pending bankruptcy legislation.

This paper reports on an evaluation of a financial education-training program for residents of New York who had filed for bankruptcy. Over 400 individuals divided into three groups (trained debtors, untrained debtors, and non-debtors) completed identical questionnaires approximately three months apart. Trained debtors took the pretest before training and the post-test after training. Results revealed that trained debtors' financial knowledge increased after training compared with untrained and non-debtors. Trained debtors showed more negative attitudes towards unnecessary spending compared with the other two groups and reported less intention to buy than non-debtors reported. Self-reported behaviors showed significant changes in the desired direction for trained debtors' use of credit cards (i.e. number owned, purchases, and balance amount), paying bills, budgeting, and borrowing from predatory lenders. Implications for pending legislation are discussed.

Adult↗
PubMedDate not supplied

The fall of the house of AHERF: the Allegheny bankruptcy.

The $1.3 billion bankruptcy of the Allegheny Health, Education, and Research Foundation (AHERF) in July 1998 was the nation's largest nonprofit health care failure. Many actors and factors were responsible for AHERF's demise. The system embarked on an ambitious strategy of horizontal and vertical integration just as reimbursement from major payers dramatically contracted, leaving AHERF overly exposed. Hospital and physician acquisitions increased the system's debt and competed for capital, which sapped the stronger institutions and led to massive internal cash transfers. Management failed to exercise due diligence in many of these acquisitions. Several external oversight mechanisms, ranging from AHERF's board to its accountants and auditors to the bond market, also failed to protect these community assets.

Academic Medical Centers↗
PubMed2006

Bankruptcy is the tip of a medical-debt iceberg.

Medical bankruptcy, whatever its actual frequency, is an extreme example of a much broader phenomenon. Medical debt is surprisingly common, affecting about twenty-nine million nonelderly adult Americans, with and without health insurance. The presence of medical debt, even for the insured, appears to create health care access barriers akin to those faced by the uninsured. Policymakers, researchers, and medical providers should consider medical debt a risk factor for reduced health access and poorer health status. Simply reducing the number of uninsured Americans would be a hollow policy victory if the problems arising from medical debt persist.

Adult↗
PubMed1991

Coping with Medicare overpayments and other cash-flow problems: bankruptcy and nonbankruptcy alternatives.

Over the last several years, many home care agencies have encountered serious financial difficulties as a result of, among other reasons, Medicare's attempts to recover alleged overpayments. Depending on the cause of the financial difficulties, a provider, in consultation with accountants and attorneys, may decide to restructure its business through either a nonbankruptcy workout or a Chapter 11 bankruptcy filing.

Accounts Payable and Receivable↗
PubMed1992

Ferranti talks to potential buyers after Chapter 11 bankruptcy filing.

More than 500 nursing facilities and 26 hospitals that rely on the financial software of Ferranti Healthcare Systems Corp. are wondering what will happen now that the company filed for protection from creditors under the Federal Bankruptcy Act. Ferranti executives say they're talking to several potential buyers.

Bankruptcy↗
PubMed1992

Recovery strategies help faltering hospital pull back from brink of bankruptcy.

Delaware Valley Medical Center was slipping fast, heading toward bankruptcy or closure. But thanks to a corrective business plan established a year ago, the Langhorne, Pa., osteopathic facility has turned profitable a year ahead of schedule. Physician recruitment, new services and a flexible hospital board have played key roles.

Bankruptcy↗
PubMed1999

Bankruptcy protection and Medicare.

The changes in Medicare reimbursement for home health services have forced many agencies to close and still others to face difficult financial times. As a result, home care providers, like many other businesses, have turned to the federal bankruptcy courts in hopes of reorganizing their debts.

Bankruptcy↗
PubMed1999

The bankruptcy of the Allegheny Health System and its consequences.

In the midst of the healthcare consolidation of the past decade, many have overlooked the inevitable: some of the consolidated systems are bound to fail. The following Commentary gives the reader a close look at the rapid decline of one such system, the Allegheny Health System, and the impact of that failure, the "rescue" of the System's facilities, and the System's ongoing bankruptcy upon delivery of healthcare in the Philadelphia area.

Bankruptcy↗
PubMed2000

Lessons from the Allegheny bankruptcy.

On July 21, 1998, the nonprofit Allegheny Health, Education, and Research Foundation (AHERF) filed for bankruptcy, with $1.3 billion in debt and 65,000 creditors. The Pittsburgh-based organization had pursued an aggressive strategy of acquiring physicians and hospitals in the Philadelphia area. Its dramatic collapse prompted the entry of a for-profit hospital chain into the Philadelphia market, as Tenet Healthcare Corp. purchased eight hospitals from AHERF at firesale prices. This Issue Brief chronicles the hows and whys of the nation's largest nonprofit health care failure, and analyzes its lessons for other struggling academic health centers.

Academic Medical Centers↗
PubMedDate not supplied

Medical group bankruptcies: an emerging problem.

This article explores the reasons why medical group practices and independent practice associations are filing for bankruptcy with increasing frequency. The problem stems from capitation payments by managed care organizations that are not sufficient to cover the costs of providing necessary care. The result is the dislocation of patients who have to find a new provider and providers who have to find a new practice setting. This article suggests that if the managed care industry could adopt clinical risk adjustment as a mainstay of physician compensation, medical groups and IPAs would have a far better chance of managing patient risk more successfully under capitation.

Bankruptcy↗
PubMed1990

Restructuring hospital costs to improve solvency and prevent bankruptcy.

The authors present a framework, derived from successful experience with an actual hospital turnaround, for helping hospital management to restructure costs quickly and strategically under the pressure of losses. The framework isolates structurally inefficient hospital overheads into four distinct categories and prescribes very different corrective actions for each of them. Application of the framework to bankruptcy is also discussed.

Cost Allocation↗
PubMed1987

Retiree medical benefit plans and the impact of the bankruptcy filing of LTV Corp.

In the past two decades, post-retirement medical benefit programs have become a significant feature in the benefits packages of many employers. Soaring medical costs and decreasing work forces have made it increasingly difficult for employers to pay for these programs, while at the same time, Congress has made it more difficult for employers to prefund them. The critical level of unfunded retiree medical liability faced by many companies was brought to prominence when LTV Corp., the nation's second largest steel producer, filed for bankruptcy reorganization and promptly terminated its retiree medical benefit plan.

Aged↗