Moody’s hopes hospitals learned the lessons of Allegheny Health collapse
In the 1990s, big hospital systems in Pennsylvania engaged in an arms race for doctors' practices and rushed to buy or affiliate with independent hospitals. Then, the competitive frenzy produced a $2 billion statewide colossus called Allegheny Health & Education Research Foundation, but Allegheny filed for bankruptcy in Pittsburgh a decade ago. Moody's Investor Service has marked the anniversary by issuing a report that asks, "What have we learned?" Allegheny's collapse remains the nation's biggest bankruptcy by a nonprofit health system and in several ways, Philadelphia is still dealing with the fallout, according to this blog posting published in the Philadelphia Inquirer.
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