Healthcare Companies
Partnership building 10 doctor-owned hospitals
Houston-based University General Hospital Systems has committed to a $1 billion agreement with Alliance Development Group of Charlotte, NC, under which the two will build 10 physician-owned acute care hospitals. Alliance is a construction management company which specializes in delivering turnkey facilities, with seemingly no high-profile healthcare experience to date. University, for its part, already operates a 72-bed hospital near Texas Medical Center in Houston. The next round of …
... Read more...Court freezes millions in McGuire assets
He may be out, but the drama's far from over. Yesterday, as William McGuire (photo) officially stepped down as CEO of UnitedHealth Group, a federal judge froze millions of dollars of his retirement assets and unexercised stock options. The options alone were valued at $1.78 billion at the end of last year, though they could be worth at least …
... Read more...Kaiser faces patient dumping charges
PR managers at Kaiser must all have a migraine. The healthcare giant is facing bad news again: this time with one of its hospitals facing false-imprisonment and dependent-care-endangerment charges for allegedly dumping a homeless person on the street. City officials also filed a civil lawsuit against Kaiser, using a law usually targeting inner-city slumlords, asking a judge to forbid all Kaiser facilities from engaging in patient dumping. Kaiser is one of 10 hospital companies being …
... Read more...$33B HCA sale approved by shareholders
This deal has dragged on for so long that its conclusion is almost an anticlimax. Finally, after months of strife, shareholders have approved the $33 billion sale of HCA Corp. to a private investor group. The sale should represent the largest leveraged buyout in history, topping the $31.3 billion sale of RJR Nabisco in the late 80s. The buyers, which include Bain Capital, Kohlberg Kravis Roberts & Co and Merrill Lynch Global Private Equity, along with HCA managers and founder Tommy …
... Read more...Wal-Mart keeps expanding $4 generics rollout
Wal-Mart's $4 generics juggernaut just keeps on rolling. Wal-Mart announced today that it would roll out its $4 generics program to 11 more states, bringing the total to 38, while adding 17 more generics to the program. The retail giant has added Idaho, Kentucky, Maine, Massachusetts, Nebraska, Oklahoma, Rhode Island, South Carolina, Utah, Washington and West Virginia to the list of states …
... Read more...Philly hospital sued over genetic information
A Philadelphia hospital could be forced to shutter its new genetics program in response to a suit claiming the hospital stole key research information. Children's Hospital of Philadelphia's Center for Applied Genomics, which opened five months ago, is working to collect genetic data from 100,000 children. It plans to screen the data to see if it can detect genetic markers predicting children's risk of developing obesity, diabetes, ADHD, asthma and several other conditions. The Children's …
... Read more...Firm rethinks concierge practice approach
A growing Florida firm is promoting a new approach to concierge healthcare practice. Boca Raton, FL-based MDVIP, which was founded by physician Edward Goldman, helps doctors move from traditional practice to boutique practice, providing clinical and operational support focused on prevention. (In other words, MDVIP is a franchise approach, though not exactly the McDonald's of healthcare.) …
... Read more...HCA settles shareholder suit
HCA has settled with a group of shareholders trying to block the planned sale of the company to a group of private investors. The settlement, which still must be approved by a judge, involves no direct cash payout, though HCA has agreed to pay the shareholders' attorney fees. HCA also agreed to …
... Read more...UnitedHealth financial troubles mount
It's not just about William McGuire (photo) anymore. Now it appears that stock options drama will have a much greater impact, forcing the company to restate earnings all the way back to 1994. True, the outgoing UnitedHealth CEO agreed to reprice his personal stock options, cutting about $200 million in value from his staggering $1.78 billion haul. Incoming CEO Stephen Hemsley has agreed to forfeit $190 million on options he holds, as …
... Read more...Kaiser controversy fells top exec
Kaiser Permanente executives are making money for now, but they may not have time to enjoy it. On the one hand, the health system just announced that it had a nicely profitable quarter, posting third-quarter profits of $417 million on operating revenue of $8.7 billion. On the other, it seems likely that a brewing IT management controversy has pushed one its senior executives out the door. This week, …
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