Michigan Attorney General Michael Cox is holding a forum next week on Vanguard Health Systems' planned $417 million purchase of Detroit Medical Center, Bloomberg reports. The August 18 event is a chance for public questions and comments on the deal, which Cox must approve before the transaction can close.
Aug 11, 2010 9:10 AM
Brentwood-based hospitalist company Cogent Healthcare has landed a deal to provide hospitalist services to Allegiance Health, a 411-bed health care system in Jackson, Mich. The community health system, which serves a six-county region with more than 40 health care facilities, launched its hospitalist program in 2006. Today the program encompasses 14 physicians and two nurse practitioners. Cogent will be tasked with helping to improve continuity of care, communication with primary care doctors, and patient satisfaction and quality outcomes.
Aug 10, 2010 12:11 PM
The Michigan Attorney General's Office has selected two consulting firms to review Vanguard Health Systems' planned acquisition of eight-hospital Detroit Medical Center. According to the Free Press, AlixPartners of Chicago and Focus Management Group of Tampa will "evaluate the financial viability of the purchase" and review "whether DMC's historic commitment to serve the poor will be maintained after the sale." Vanguard and DMC announced their definitive agreement for the $1.2 billion deal last week. The parties hope to close by Nov. 1.
Jun 14, 2010 2:50 PM
Vanguard Health Systems has signed a definitive purchase agreement to acquire eight-hospital Detroit Medical Center. The deal, first announced in March, has a cash purchase price of $417 million with an additional $850 million in capital commitments over the next five years. From here, the acquisition must be approved by Michigan Attorney General Michael Cox, given that DMC will transition from a nonprofit to a for-profit entity under Vanguard. Closing is also subject to regulatory and other approvals. Vanguard is planning to seal the deal no later than November 1. More background on the deal, including coverage of local labor group opposition, is available here and here. Earlier this week, Vanguard received approval from Illinois regulators to purchase two hospitals from Resurrection Health Care.
Jun 11, 2010 9:40 AM
Detroit Medical Center officials have extended by 10 days their deadline to wrap up the paperwork involved in the sale of the eight-hospital system to Nashville-based Vanguard. Once complete, the planned transaction will go before the Michigan Attorney General.
Jun 1, 2010 12:49 PM
Michigan company to lease 150,000 square feet in phases; incentives still in the works
May 25, 2010 11:39 AM
The coalition of community groups opposing Vanguard Health Systems' planned acquisition of Detroit Medical Center have asked Michigan's attorney general to launch an investigation that would, among other things, examine the company's track record in Arizona, Illinois, Massachusetts and Texas.
“We want to know if Vanguard provided essential services to the community” after those purchases, While a pledge by Vanguard to invest $850 million in DMC improvements will provide short-term benefits, “what’s in it for the long term?” said Marjorie Mitchell, a coalition spokeswoman and executive director of the health care network.Hmm, not to go all hometown cheerleader on you, but $850 million sounds pretty long-term to me.
Apr 7, 2010 8:01 AM
Vanguard Health Systems' plan to buy Detroit Medical Center, already facing headwinds, got some more competition yesterday when a local health system announced plans to invest $500 million in renovations and the creation of a mixed-use "health park." According to the Free Press, Henry Ford Health System said the planned upgrades to its flagship Detroit hospital were, in part, a result of Vanguard's move to buy DMC and invest $850 million to spruce up the eight-hospital system. In other competition news, the nonprofit group that last week announced opposition to Vanguard's buy in a letter to Michigan's attorney general tomorrow will meet with a representative from the AG's office to discuss their concerns in more detail.
Apr 6, 2010 2:46 PM
The Coalition to Protect Detroit Health Care this week sent a letter (and what looks like an essay test) to Michigan Attorney General Mike Cox, opposing the sale of Detroit Medical Center to Nashville's Vanguard Health Systems. The Free Press has the full text of the letter, which argues the sale violates the state's nonprofit corporation statute. Here's a snippet:
We understand the desire to move swiftly – by June 1, 2010 according to the press. But this sale will have a long term effect on the residents of Detroit and Southeast Michigan. The commitments in the LOI are only for 10 years while a not-for-profit with its mission is forever. Rather than having the cash flow of the DMC remain in Detroit, a portion of the cash will be sent to Tennessee and after 10 years VHS is free to do with our community assets what VHS wants, based solely on their bottom line and not on the needs of Detroiters.
Mar 31, 2010 7:01 AM