Verity Health System considering sale of hospitals
Los Angeles-based Verity Health System is considering selling some or all of its six hospitals in a move to address financial and operational pressures, the nonprofit system announced this week.
The system is exploring multiple strategic options to "establish a long-term, sustainable path forward for our hospitals," said Rich Adcock, CEO of Verity Health. He said the hospital was selling assets to address the hospital's balance sheet and address challenges posed by a decade of deferred maintenance, poor payer contracts and increasing costs.
Cain Brothers is acting as financial adviser to the company. Dentons is acting as legal adviser. (Release)
Burnout could cause mistakes, study says
Burnout isn't just bad for healthcare workers. It could be linked to medical errors, according to a new study published Mayo Clinic Proceedings.
In the national survey of nearly 6,700 physicians, researchers found physician burnout, fatigue and work unit safety grades were independently associated with major medical errors.
The authors of the study said interventions to reduce rates of medical errors must address both physician well-being and work unit safety. (Study)
Cerner inks $266M Lumeris partnership
Cerner will become a minority owner in the parent company of the population health services platform Lumeris as part of a 10-year strategic partnership that includes a new value-based technology offering geared towards Medicare Advantage plans.
The deal allows Cerner to tap into an established Medicare Advantage plan in Missouri, operated by Lumeris. The two companies plan to use data and digital processes to help providers “maximize outcomes” for patients enrolled in value-based arrangements, including Medicare Advantage and provider-sponsored plans.
As part of the deal, Cerner subsidiary Cerner Capital will become a minority stakeholder in Lumaris’ parent company, Essence Group Holdings, purchasing $266 million in stock, according to a financial filing. The company also owns Essence Healthcare, a Lumeris-operated Medicare Advantage plan with 65,000 beneficiaries in Missouri. (FierceHealthIT)