Hospitals Set to Face Credit Rating System Soon

Hospitals Set to Face Credit Rating System Soon

While economic downturn is affecting every single country across the world, a recent report has indicated that a fresh proposal has been made to rate services of hospitals through credit rating. There have always been issues raised about services provided by hospitals and perhaps that's why so much is being talked about. It was told that the new system would allow credit rating agencies like Standard & Poor's, Moody's and Fitch to track range of parameters of hospitals to ascertain their long term sustainability. Even, the management team would be observed on an array of factors to check their competence in various situations.

With the new system in place, health care providers which include hospital trusts and private companies would be entitled to get ratings of BBB by Standard & Poor's, Baa3 by Moody's and BBB by Fitch. The proposal is expected to get green signal once the rehaul of the NHS is done.

While if health care providers overlooked the severity of the proposal and ignored the possible consequences, there are chances that it could even lead to closure of such poorly managed hospitals. Though the newly proposed system is being projected as concrete, there are some critics, questioning the exact rationale behind giving grade to hospitals just to decide on the financial future of the health care organizations or about the care quality.

"This news will send a chill wind through the NHS. People will shudder at the thought of an NHS at the mercy of the money markets, where profits come before patient care", said Andy Burnham, the Shadow Health Secretary. It is being believed that this step would change the perception of general public about the model of health care. While there would be many to oppose the proposal, it would not be wrong to say that every single change take its due course of time to be fully accepted.

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