Sponsored by VMG Health | gregk@vmghealth.com / osullivan@vmghealth.com | 214.369.4888
Two California Bay Area Children's Hospitals Explore Merger
Children's Hospital & Research Center Oakland (Calif.) and Lucile Packard Children's Hospital in Palo Alto, Calif., are exploring a merger or strategic alliance, according to a San Francisco Business Times report.Both hospitals have been struggling to develop financially viable plans to meet California's seismic standards for hospitals. Children's Oakland recently abandoned plans for a $700 million rebuild and will instead pursue a roughly $100 million retrofit, according to the report.
Children's projected a $26 million loss for the year but enacted a number of initiatives with the goal of reducing the projected losses to $16 million.
No additional details about the talks were released, and an official for Lucile Packard said there is no deadline to make a decision in the matter.
Read the San Francisco Business Times report on Children's Hospital & Research Center Oakland and Lucile Packard Children's.
Read more coverage on California children's hospitals:
- Nurses Begin Three-Day Strike at Children's Hospital Oakland
- National Association of Children's Hospitals and Related Institutions Names New Chairman
© Copyright ASC COMMUNICATIONS 2012. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
To receive the latest hospital and health system business and legal news and analysis from Becker's Hospital Review, sign-up for the free Becker's Hospital Review E-weekly by clicking here.
Dow Jones
Company ID [INDEXDJX:.DJI] Last trade:12,502.81 Trade time:4:04PM EDT Value change:▼1.67 (-0.01%)NASDAQ
Company ID [INDEXNASDAQ:.IXIC] Last trade:2,839.08 Trade time:5:16PM EDT Value change:▼8.13 (-0.29%)S&P 500
Company ID [INDEXSP:.INX] Last trade:1,316.63 Trade time:4:32PM EDT Value change:▲0.64 (0.05%)Channels