As financial pressures mount and competition intensifies, hospitals and health systems are increasingly pursuing mergers and acquisitions to diversify their portfolios, strengthen bargaining power and pursue economies of scale.
Transactions & Valuation Issues
U.S. Bankruptcy Court Judge Christopher Lopez approved the sale of seven Dallas-based Steward Health Care hospitals to Healthcare Systems of America, an affiliate of Glendale, Calif.-based American Healthcare Systems during an Oct. 25 court hearing.
During an Oct. 24 third quarter earnings call, Franklin, Tenn.-based Community Health Systems CFO Kevin Hammons reiterated the health system's commitment to selling $1 billion in hospital assets.
Connecticut has told Los Angeles-based Prospect Medical Holdings that it wants monitors on board at its three state hospitals amid ongoing disputes with Yale New Haven (Conn.) Health over a $435 million stalled deal for the facilities.
Orlando (Fla.) Health has completed the purchase of three Steward Health Care hospitals and related physician practices in Florida.
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Sioux Falls, S.D.-based Sanford Health and Marshfield (Wis.) Clinic Health System have signed an affiliation to combine.
U.S. Bankruptcy Court Judge Christopher Lopez has approved Santa Fe Springs, Calif.-based College Health Enterprises, a healthcare management company, as interim manager for Phoenix-based St. Luke's Behavioral Health Center in an Oct. 22 hearing.
Norton Travis, a healthcare attorney with more than 40 years of experience, joined Rivkin Radler, a New York City-based healthcare law firm, as counsel in the firm's Health Services Practice Group.
Jersey City, N.J.-based CarePoint Health, a three-hospital system, and Hudson Regional Hospital in Secaucus, N.J., plan to affiliate under a management services organization known as Hudson Health System.
Two health systems are taking over urgent care clinics previously managed by Optum's MedExpress Urgent Care.