Allegheny University of the Health Sciences
Encyclopedia
Allegheny University of the Health Sciences was formed in 1994 when the Medical College of Pennsylvania (MCP) and Hahnemann University merged to form the largest private medical school in the US (MCP Hahnemann School of Medicine), under the new University of the Health Sciences, which also included schools for allied medical disciplines. MCP had been the first medical school to be purchased by a hospital (Pittsburgh's Allegheny General Hospital). The new university and other hospitals all were units of the Allegheny Health, Education and Research Foundation (AHERF).
On July 21, 1998 Allegheny University of the Health Sciences became the first US medical school to declare bankruptcy
with a deficit of $25-35 million as part of the financial collapse of the parent organization, which had run up a deficit under the policy of rapid expansion led by its president Sherif S. Abdelhak claimed to be $1.3 billion.
Eight of the hospitals were taken over by the for-profit Tenet Healthcare Corporation in a deal where Tenet acquired the schools of the university, but induced Drexel University
to manage them as the MCP Hahnemann University of Health Sciences.
In 2002 the MCP Hahnemann University of Health Sciences was merged into Drexel University as the Drexel University College of Medicine
and the Drexel University College of Nursing and Health Professions
.
On July 21, 1998 Allegheny University of the Health Sciences became the first US medical school to declare bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
with a deficit of $25-35 million as part of the financial collapse of the parent organization, which had run up a deficit under the policy of rapid expansion led by its president Sherif S. Abdelhak claimed to be $1.3 billion.
Eight of the hospitals were taken over by the for-profit Tenet Healthcare Corporation in a deal where Tenet acquired the schools of the university, but induced Drexel University
Drexel University
Drexel University is a private research university with the main campus located in Philadelphia, Pennsylvania, USA. It was founded in 1891 by Anthony J. Drexel, a noted financier and philanthropist. Drexel offers 70 full-time undergraduate programs and accelerated degrees...
to manage them as the MCP Hahnemann University of Health Sciences.
In 2002 the MCP Hahnemann University of Health Sciences was merged into Drexel University as the Drexel University College of Medicine
Drexel University College of Medicine
Drexel University College of Medicine is the medical school of Drexel University. The medical school has the nation's largest enrollment for a private medical school, and represents the consolidation of two medical schools: the nation's first medical school for women and the first U.S. college of...
and the Drexel University College of Nursing and Health Professions
Drexel University College of Nursing and Health Professions
The College of Nursing and Health Professions , is a college of Drexel University. The college offers six undergraduate degree programs and seven graduate degree programs....
.