CHS, LifePoint, Vanguard invest in new locally managed VC pool
Jan 25, 2011 11:15 AM
Vanguard Health Systems' newly acquired Detroit Medical Center laid off about 20 workers from its DMC Sinai-Grace Hospital last week, the health system confirmed to The Detroit News.
DMC Sinai-Grace Hospital on Detroit's northwest side laid off the nondirect care workers this week to "keep its budget in line," said Tiffany Jones, a DMC spokeswoman. "There are no broader layoffs coming," across the system, Jones said.Vanguard closed on the Detroit acquisition on Dec. 31.
Jan 24, 2011 7:52 AM
Bill Siren, former partner-in-charge of health care consulting for LBMC, has joined global business advisory firm AlixPartners. At New York-based Alix, Siren will serve as director in the firm's financial advisory services unit.
“I am excited to join AlixPartners and to work alongside a team of such experienced professionals,” said Siren. “I am looking forward to helping expand the firm’s practice at a time when healthcare organizations and financial buyers such as private-equity firms will have an even greater need for advisory services brought about by legislative change.”Alix has more than 900 professionals in 15 offices around the world. The company recently advised the Michigan Attorney General's Office in Vanguard Health Systems' acquisition of Detroit Medical Center.
Jan 20, 2011 7:22 AM
The Wayne County Airport Authority has renewed the contract of a joint venture between Central Parking and a private Detroit company to manage the parking at Detroit Metropolitan Wayne County Airport. The new deal is for three years and can be extended for two more. Nashville-based Central Parking has been working in Detroit since 2002.
Dec 7, 2010 12:08 PM
Vanguard Health Systems' planned purchase of Detroit Medical Center has been approved by Michigan's attorney general with a number of conditions designed to keep the Nashville-based company accountable for charitable care levels and other community ties.
A 20-person board, composed of current and new DMC members as well as appointees by the attorney general, the mayor of Detroit and the Wayne County executive, will monitor Vanguard's performances and finances. The board "at a minimum" must offer a telephone hotline and permanent e-mail address so people can express their concerns, Cox said. Cox also stretched to 10 years, from the six that Vanguard had proposed, the time in which the company must give written reports to the board about Vanguard's "performance and adherence to its commitments."The deal, which still requires approval from the Centers for Medicare and Medicaid Services, is expected to close by the end of the year. SEE ALSO: The Detroit News' story on the news
Nov 15, 2010 7:07 AM
Even though it's still a few weeks away from closing on its purchase of Detroit Medical Center, Vanguard Health Systems already has filed a certificate of need to revamp one of the system hospitals' emergency rooms. The project is worth about $25 million.
Oct 11, 2010 9:08 AM
Moody's Investors Service has reiterated its rating on $486 million in debt issued by Detroit Medical Center, which Vanguard Health Systems is in the process of buying. But the credit raters have cut their outlook for the eight-hospital system to 'negative.'
The outlook revision is attributable to our concerns with the difficult operating environment that is contributing to an inability to improve liquidity with anticipated sizable cash contributions needed in the near term to fund the large underfunded defined benefit pension liability and to support needed capital investment. With the decline in the Michigan economy that has led to declines in the population, especially in the metro-Detroit area, along with increased competitive pressure on the fringes of the service area from newly opened hospitals in the last two years, we believe increased pressure will be placed on volume metrics and revenue growth.
Sep 28, 2010 1:25 PM
The Federal Trade Commission has granted Vanguard Health Systems an early end to the waiting period required by law as part of its planned acquisition of Detroit Medical Center. Next is up a nod from the Michigan AG; Vanguard officials are aiming to wrap up the $1.5 billion by the end of October.
Sep 9, 2010 10:58 AM