A bid to save Mount Carmel Hospital in Dublin was turned down by NAMA before it was put into liquidation.
Staff representatives are before the Oireachtas Health Committee this afternoon.
Some 382 people lost their jobs at the private hospital in Churchtown when it was liquidated last month.
Philip McAnenly from the INMO said St James' Hospital were interested in taking over Mount Carmel, but the bid was turned down.
"Firstly it would allow the hospital to transfer patients and services to Mount Carmel and thereby create capacity for the planned new children's hospital on site in Dublin 8," he said.
"Also St James' plan was to reduce waiting list numbers with the extra bed and theatre capacity that would open up by the useage of Mount Carmel's facilities.
"Following NAMA's rejection of this bid, these opportunities have now been lost."