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Responsibility for Healthcare Quality and Risk Management →

Buy custom Implementation, Monitoring, Evaluating and Adjusting Strategy essay

Global financial recess has impacted the medical sector. Most of the organizations have restructured their financial structure in order to incorporate the changes imminent in the economy. Although it has been argued that industrial and manufacturing firms were highly affected by the recess, medical sector was also adversely affected. The paper analyzes two healthcare organizations - Saint Vincent’s Medical Center and Michael Reese Hospital. It provides the impact of filing Chapter 11 on the strategic plan for companies. Indeed, not all the companies continued with their operations after filing of Chapter 11 reorganization, some of them had collapsed.

St. Vincent’s Medical Center is a New York based healthcare system that was initiated in 1849. At its early stage, it was anchored by the then renowned St. Vincent’s Hospital-Manhattan. Though it was launched to issue medical services to the residents of the UK, the organization was also vital in providing education to New York Medical College. Its fellowship and residency program was among the respected events, which served as one of the clerkship facility that enhanced the students' undertakings in medicine, physical therapy, nursing, occupational therapy and pharmacy. However, the education sector came to a standstill when financial stability of the company was at stake.

In 2005 Saint Vincent’s Medical Center faced financial pressure from increasing administration costs, burgeoning involvements in charity work; health care costs rose and the company did not lay-off the excess number of employees in due time (Niles, 2010). As such, Saint Vincent’s Medical Center was forced to file for Chapter 11 bankruptcy. Following the filing for bankruptcy, the system launched a reorganization effort that aimed at safeguarding the company’s demise. It transferred and/or sold some of the healthcare facilities that were ‘money-losing’ and re-invested in the development of the main hospital. In addition, the organization also enacted strategies to demolish the current Manhattan Hospital building and to construct a new one, which would be adjacent to the old building. The strategy was the restructuring and modernization of the organization. The operation was supposed to commence in 2011 (Delgado et al., 2009). Various stakeholders including Municipal Art Society were contented by the plan; however, Landmarks Preservation Commission was able to approve the project in 2009.

In 2010 the report by the government demonstrated the adversity of the hospital’s financial position. It argued that its financial stability was at stake and frantic measures were required in order to ascertain the management of the going concern of the hospital. As such, the hospital has approached Mount Sinai Medical Center, Berth Israel and Continuum Health Partners in an attempt to negotiate with them to take over the business operations - all of them declined the offer (Langabeer & Napiewocki, 2009). Congressional representatives, members of City council and senators undertook all measures to save Saint Vincent’s Medical Center from collapsing. However, in mid 2010, the organization was officially closed ending the company’s 161 years of operation in New York.

Michael Reese Hospital also underwent the same financial difficulties as St. Vincent’s Medical Center. Incorporated in 1881, Michael Reese Hospital became one of the leading medical service providers in Chicago, Illinois (Langabeer & Napiewocki, 2009). As a non-profit making organization, the county council assisted the organization through financial aid in an attempt to realize reliability. Ideally, between 1955 and 1987, the hospital was able to acquire properties that were adjacent to the medical institution, demolish the buildings and structures that were on the properties acquired and erected pavilions and clinics that necessitated the competitiveness of the organization. Initially the buildings held tumor center, specialty clinics, Psychiatric and Psychosomatic Institute and residential houses. In 1991 the hospital was transformed to profit-making organization after it was purchased by Columbian Corporation.

However, in 1998, after the transfer of the company’s ownership to Envision Hospital Corporation, most of the employees were laid-off. The number of beds was reduced from 1100 to 450, and the organization began closing some of the activities. The operating expenses increased tremendously, especially in the case of aged facilities, while the organization always operated at a deficit for several decades. Physical plant and heating expenditure increased as compared to modern facilities that were acquired by rival organizations like Little Company of Mary Hospital and Mercy Catholic Hospital (Delgado et al., 2009).

Following the escalation of financial challenges, Michael Reese Hospital abandoned their hard earned strategy to be a profitable organization. Most of the buildings were unused due to the reduction of employees and number of bed space available for patients. In 2004 there was a further reduction in number of beds and the medical records were shifted to wooden pallets - this was later revealed after a research was undertaken in the hospital (Kaissi et al., 2008). Consequently, in 2008 the then famous WLS-TV announced that the hospital had already filed for closure or end of its operations to the government. In the same year the management also filed for Chapter 11 bankruptcy protection; although the protection was not successful. The report highlighted by the media showed that Michael Reese Hospital owed Medline industries (its landlord) over $6.6 million, $4.7 million to electric and gas utilities and over $860,000 to state and county taxes. Immediately after its closure, patients were admitted to Mercy Medical Hospital Center to undertake their medication.

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