A Look Back At The Legacy Left Behind Following Kaiser Permanente CEO Bernard Tyson’s Death
Kaiser Permanente Chief Executive Bernard Tyson, one of a few top black executives of major U.S. for-profit or nonprofit corporations, is remembered as an influential voice on issues of race relations and health policy. But his tenure at Kaiser Permanente wasn't without strife. In other health industry news: a canceled merger, a promotion at UnitedHealth Group, and a possible acquisition.
The Wall Street Journal:
Death Of CEO Comes At A Time Of Expansion, Big Bets For Kaiser Permanente
The unexpected death of Kaiser Permanente Chief Executive Bernard Tyson leaves the hospital and health-insurance giant in flux at a time of ambitious growth and it was met with shock by those who praised his work on public health and social issues. Kaiser, based in Oakland, Calif., gained heft as one of the nation’s largest hospital and health insurance systems with $83 billion in annual revenue under Mr. Tyson. He bet heavily on technology to reach more patients and set plans to expand Kaiser’s reach nationally. (Evans, 11/12)
The Wall Street Journal:
Major Midwest Hospital Systems Call Off Planned Merger
Two Midwestern hospital giants became the latest to break off merger talks, another drag on deal making across the $1 trillion hospital sector. Sanford Health, based in Sioux Falls, S.D., and UnityPoint Health, based in Des Moines, Iowa, separately said Tuesday they had ended merger talks. Sanford CEO Kelby Krabbenhoft faulted UnityPoint for rejecting an agreement to create a major U.S. hospital system. The combination would have created a 76-hospital giant with operations across 26 states and $11 billion in operating revenue, executives said in June. (Evans, 11/12)
Modern Healthcare:
Sanford Health And UnityPoint Health Call Off Merger
Sanford Health and UnityPoint Health nixed their proposed merger that would have formed an $11 billion, 76-hospital system, the organizations said late Tuesday. The not-for-profit health systems announced their letter of intent to merge in June. The combined entity would have ranked among the top 15 not-for-profit health systems by revenue, with operations across 26 states and more than 83,000 employees. (Kacik, 11/12)
Des Moines Register:
UnityPoint Health, Sanford Merger Plans Abruptly Halted
UnityPoint Health, one of Iowa's main hospital and clinic systems, and South Dakota-based Sanford Health have halted plans to merge, officials with both organizations said Tuesday. The merger would have created one of the largest nonprofit health care systems in the country, with more than $11 billion in operating revenue, 83,000 staff and 2,600 physicians in 26 states and nine countries. (Rodriguez, 11/12)
The Star Tribune:
UnitedHealth Group Names Optum CEO As President
The chief executive of UnitedHealth Group’s Optum division for health care services is now president of the parent company as well. Andrew Witty will oversee enterprise business strategy formulation and development among other duties while continuing as CEO at Optum, according to an announcement this week from Minnetonka-based UnitedHealth Group. (Snowbeck, 11/12)
Modern Healthcare:
UnitedHealth Group Promotes Optum CEO To Group President
UnitedHealth Group has tapped the CEO of its Optum business, Andrew Witty, to serve as president of UnitedHealth Group. Witty will also continue to serve as Optum's chief, the Minnetonka, Minn.-based health insurance giant said Monday. He will oversee enterprise business strategy, development and partnerships, as well as enterprise research and development and clinical capacities, the company said. (Livingston, 11/11)
Bloomberg:
KKR Makes Formal Approach To Walgreens Boots On Record Buyout
KKR & Co. has formally approached drugstore giant Walgreens Boots Alliance Inc. about a deal to take the company private, in what could be the biggest-ever leveraged buyout, people familiar with the matter said. The New York private equity firm has been preparing a proposal to potentially buy out shareholders of Walgreens Boots, said the people, who asked not to be identified because discussions are private. (Hammond, Kirchfeld and Nair, 11/11)
