07 February 2012
Paul Sankey: Finance doctors for our hospitals: from sub-prime mortgages to the NHS
So the people who gave AAA ratings to a worthless pile of paper called sub-prime mortgages are now to assess the financial health of our hospitals. Firms like Standard and Poor’s, Fitch and Moody’s may be asked to assess whether hospitals are financially robust enough to treat patients in the future under an idea put forward by the NHS regulator. See http://www.guardian.co.uk/society/2012/jan/19/credit-rating-agencies-hospital-finances
This is the brave new world of the reformed NHS. Can we now sleep easy in our hospital beds?
Ratings Agencies: their track record is not encouraging. Standard and Poor’s, Moody’s and Fitch were the people who brought us the sub-prime mortgage fiasco. They helped the bankers get us in the mess we are in now. Worthless mortgages to people too poor even to pay the first instalment and they rated them triple A. Can we trust their ratings? Do they know an AAA from a BBB? And what do they know about healthcare? There is more to treating patients than making the books balance.
Credit to my colleague, James Bell, for his insightful comment: ‘It’s a BBB idea from a BBB regulator’.Paul Sankey is a solicitor specialising in clinical negligence. If you or a member of your family have a clinical negligence enquiry please call our expert clinical negligence solicitors on 0800 916 9049, fill in our short online claim form or email email@example.com and one of our specialist clinical negligence team will be in touch.