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How could a flagship healthcare institution renowned for superb patient care find itself facing a financial crisis so severe that its very future was at risk? When the U.K.’s independent hospital regulator, known as Monitor, hired Alvarez & Marsal Europe, this was the very basic, yet extraordinarily complex, question at hand.

In the summer of 2004, Bradford Teaching Hospitals, designated by Monitor as one of England’s first “foundation” hospitals under a new government program to recognize leading organizations and trusts, suddenly became stricken with an acute liquidity crisis. The surprising news sparked headlines and a wave of political controversy
as officials struggled to comprehend how Bradford’s financial condition could have deteriorated so far, so fast and within just months of being awarded foundation status. 

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cash flow