Maimonides Hospital May be Close to Collapse

 

Boro Park’s Maimonides Medical Center may need to be “saved” even sooner than expected.

In addition to its allegedly subpar conditions and poor record of treatment, the hospital appears to be on the verge of financial collapse, according to the NY Post.

Financial filings show that the iconic yet beleaguered hospital lost a whopping $145 million last year and defaulted on some debt.

As a result, the facility may not be financially sustainable. At the end of 2021, the hospital had just $148 million in cash on hand, which may only be enough to last another year

The 52-page report, dated Aug. 26 was prepared by renowned accounting firm Price Waterhouse Cooper highlights just how precarious Maimonides’s position is currently.

The news comes as the hospital’s management is engaged in a bitter feud with high-profile businessmen and askanim over the hospital’s future, amid a plethora of complaints over poor care, dilapidated conditions, faulty a/c systems, and excessive executive compensation.

The hospital’s CEO Kenneth Gibbs’ yearly salary nearly doubled from $1.8 million to $3.2 million in 2020 — even though the hospital posted a $16 million loss that year.

In July, five state lawmakers signed a letter calling for hearings into the hospital’s operations.

Then in August, state Senator Simcha Felder labeled the “Save Maimonides” campaign a “not kosher…smear campaign.”