Iasis Healthcare has opened a new hospital in Lehi, Utah, about 30 miles south of Salt Lake City.
Mountain Point Medical Center is a 124,000-square-foot hospital equipped with comprehensive care units, including an emergency department, intensive care unit and full lab. A 60,000-square foot integrated medical office houses primary care and multi-speciality physician groups. Nashville-based Earl Swensson Associates served as the architect and interior designer of the building.
“We have been preparing for this day for over two years and are thrilled that we can now provide high-quality healthcare to this growing community,” Carl Whitmer, president and CEO of IASIS Healthcare, said in a release. “We are proud of the skilled and experienced staff at Mountain Point that is committed to providing excellent care and service, and we look forward to serving patients in this community for many years to come. IASIS remains focused, along with our medical staffs, on continuing to improve access to high-quality, cost-effective healthcare for employers and residents of Utah."
The Franklin company announced plans in February to raise $100 million by going public. Iasis operates 17 hospitals and 132 outpatient facilities as well as a managed care platform.
HCA Holdings Group President Charles Hall, who oversees the hospital giant's operations in 12 states, has become the latest executive at the company to cash in some of his paper gains. Hall on Tuesday exercised 50,000 options that would have expired in early 2017 for about $5 apiece and then sold the same number of shares at more than $82 each. His profit on the transactions totaled more than $3.8 million.
By our count, HCA execs have now booked stock or option-related gains of more than $49 million in the past six weeks. An overview of our coverage of insider trades is here.
This was a tight one.
Shareholders of Community Health Systems last week voted definitively to reinstall the company's board, stick with Deloitte & Touche as the hospital operator's auditor and give a nod to its executive compensation plans. But shareholder requests to expand how the company might claw back some of its executives' compensation as well as make it easier for investors to nominate board candidates were much closer.
Earlier this spring, CHS executives had encouraged shareholders to turn down both proposals, saying the clawback push was too vague and that the proxy access proposal "advances a solution for a problem that does not exist."
In the case of the second of those proposals — advanced by the Connecticut Retirement Plans and Trust Funds — CHS barely got the negative result it wanted: With more than 99 million shares voted at the meeting, the difference between the nays and ayes was only 423,000, or 0.4 percent. Check the numbers here.
We will not be at all surprised next spring to see the Connecticut pension managers return with their plan — if it isn't quietly adopted before CHS' 2016 proxy filing deadline.
Community Health Systems has secured two loans totaling $4.54 billion that will be used to pay off a $4.6 billion loan due in 2021, according to a filing with the Securities and Exchange Commission.
The first, a $1.6 billion loan, has an interest rate of LIBOR plus 275 basis points and matures at the end of 2019. The second loan of $2.94 billion matures in January 2021 and carries an interest rate of LIBOR plus 300 basis points. The 2021 loan being paid off has a rate of LIBOR plus 325 basis points.
HCA Holdings will pay $2.3 million to the federal government in a Medicare fraud settlement.
According to The Wall Street Journal, four HCA hospitals are among nine facilities accused of benefiting from medically unnecessary ambulance rides.
The nine hospitals, which include Jacksonville-based Baptist Health facilities and a University of Florida hospital, will pay a total of $7.5 million to settle allegations that non-emergency patients were being transported from hospitals to residences and nursing homes in ambulances.
The hospitals didn’t directly profit from the ambulance rides at issue because ambulance companies bill Medicare themselves for rides they provide, but prosecutors found that the hospitals benefited indirectly by speeding up their admissions and discharges—a key contributor to hospital profitability dubbed “throughput."
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Shares of HCA (Ticker: HCA) were up 1 percent to $80.72 Monday morning. Year to date, they're up almost 10 percent.
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