Billionaire Physician To Take Over 6 California Hospitals
NantWorks, a company controlled by Dr. Patrick Soon-Shiong, will acquire a majority stake in Integrity Healthcare, which operates the hospital chain Verity Health. And, development at other hospitals in California, Maryland, Missouri, Texas and Minnesota also make the news.
Los Angeles Times:
Patrick Soon-Shiong's NantWorks To Take Over St. Vincent And 5 Other California Hospitals
NantWorks, the Culver City company controlled by billionaire physician Patrick Soon-Shiong, has taken over the operator of half a dozen California hospitals, including St. Vincent Medical Center near downtown Los Angeles and St. Francis Medical Center in Lynwood. NantWorks acquired a controlling stake in Integrity Healthcare, which in 2015 took over management of six hospitals from the struggling nonprofit Daughters of Charity Health System. The hospital chain now goes by the name Verity Health. (Koren, 7/5)
San Jose Mercury News:
Billionaire Acquires Majority Stake In 4 Bay Area Hospitals
Eighteen months after a New York-based hedge fund invested $260 million in the former Daughters of Charity Health System, a Los Angeles-based billionaire physician on Wednesday announced that his company has bought a majority stake in the management company that runs the system’s six hospitals. Dr. Patrick Soon-Shiong, a surgeon, scientist and inventor, said his company, NantWorks, has acquired a controlling stake in Integrity Healthcare, the company that manages Verity Health System, formerly the Daughters of Charity. (Seipel, 7/5)
Modern Healthcare:
Beaumont, Oakwood, Botsford Hospital Foundations Merge
Three years after the merger of Beaumont Health System, Oakwood Healthcare Inc. and Botsford Hospital, the fundraising arms of the three health systems have legally merged, creating a foundation with $100 million in assets. The Beaumont Health Foundation became a legal entity effective July 1. (Welch, 7/5)
The Baltimore Sun:
Kaiser, Bon Secours Join Forces On Plan To Improve Health Through Economic Opportunity
Under normal circumstances they would be competitors, but two Baltimore health systems are combining resources to create economic opportunities to address health disparities in the sickest neighborhoods in the state. Kaiser Permanente of the Mid-Atlantic States announced Wednesday that it is giving Bon Secours Baltimore Health System $1.7 million to build a community resource center that officials hope will spur economic opportunity in communities that are part of the 21223 ZIP code of West Baltimore. (McDaniels, 7/5)
St. Louis Post Dispatch:
St. Mary's Hospital Has Second Lowest C-Section Rate In The Country Among Low-Risk Moms
SSM Health St. Mary’s Hospital in Richmond Heights has the second lowest C-section rate among large hospitals across the country for first-time low-risk mothers, according to a Consumer Reports analysis of data. At just 12.3 percent, the rate is far below the 24 percent statewide average. The analysis of data from more than 1,300 hospitals across the country confirms research that shows how C-section rates — even among low-risk births — can vary dramatically from hospital to hospital. (Munz, 7/5)
Houston Chronicle:
Cleveland Hospital Opens Doors After Three-Year Closure
It was an event many in the Cleveland community never saw coming. Bright and early Wednesday morning, and with very little fanfare, the Texas Rural Hospital, formerly known as Cleveland Regional Medical Center, reopened its emergency room. The hospital was shuttered for three years since its abrupt closing in August 2014. Under new management and owners, CEO Don Vickers said the hospital will keep some of the positive traditions of the past but is embracing modern health care. (Brashier, 7/5)
Pioneer Press:
Children's Hospitals, Clinics And Blue Cross: No Deal By Deadline
Children’s Hospitals and Clinics are out of network for patients with Blue Cross and Blue Shield insurance, effective Wednesday. The Minnesota-based hospital network and insurance provider did not reach a contract agreement by July 5, the deadline for negotiations set after a March dispute. (Carson, 7/5)
