Alliance HealthCare Services, Inc., has announced that Paul S. Viviano, chairman of the board and chief executive officer of the company, has resigned to be effective in June, 2012. Larry C. Buckelew has been named chairman of the board and interim chief executive officer, to be effective immediately upon Mr. Viviano’s departure. Mr. Viviano is leaving the company to accept the position of associate vice chancellor for health sciences at the University of California, San Diego and chief executive officer of the UCSD Health System. Alliance also announced that Michael J. Shea has joined the company as chief operating officer effective June 4, 2012.
Health Care REIT, Inc., has completed the acquisition with Chartwell Seniors Housing REIT of 42 seniors housing and care communities in attractive Canadian markets, which was previously announced on Feb. 15, 2012. Thirty-nine of the properties are owned 50% each by the company and Chartwell. The company wholly owns the remaining three properties. Chartwell will manage the communities under an incentive-based management contract. The portfolio, comprised primarily of independent living residences, closed on May 1. The purchase price was $936.5 million. The company's share of the purchase price was $509.5 million.
Universal Health Services, Inc., has signed a definitive agreement to sell Auburn Regional Medical Center, a 213-bed acute care hospital located in Auburn, Washington. The hospital will be sold to MultiCare Health System, a regional not-for-profit integrated health system based in Tacoma, Washington. The Company expects the sale proceeds to be approximately $98 million, including estimated net working capital, which will result in a substantial gain on the sale. The transaction is subject to customary regulatory approvals and closing is expected to occur by September 2012.
Brookdale Senior Living, Inc., reported a net loss of $10.3 million on total revenues of $683.5 million for the first quarter ended March 31, 2012, compared with a net loss of $12.3 million on revenues of $586.9 million for the comparable period in 2011. The Company's balance sheet at March 31, 2012, reflected total assets of $4.58 billion, total liabilities of $3.54 billion and stockholders' equity of $1.04 billion.
HCA Holdings, Inc., reported net income of $639.0 million on revenues of $8.41 billion for the first quarter ended March 31, 2012, compared with net income of $334.0 million on revenues of $7.41 billion for the comparable period in 2011. The Company's balance sheet at March 31, 2012, reflected total assets of $27.14 billion, total liabilities of $34.46
billion and total deficit of $7.32 billion.
National Health Investors, Inc., announced it has entered into an amended $320 million unsecured credit facility that includes $120 million of combined 5-year and 7-year term loans that were drawn immediately at closing to pay down revolving credit borrowings and for other corporate purposes. The facility also includes an uncommitted incremental facility feature allowing for an additional $130 million of total borrowings.
Vanguard Health Holding Company II, LLC, a subsidiary of Vanguard Health Systems, Inc., entered into an Incremental Commitment Agreement with Citicorp North America, Inc., JPMorgan Chase Bank, N.A., Royal Bank of Canada, Wells Fargo Bank, N.A., and Bank of America, N.A., as Administrative Agent, Swingline Lender and Issuing Lender, pursuant to which the Incremental Revolving Lenders agreed to provide additional revolving loan commitments that increased the borrowing capacity under the Company’s senior secured revolving credit facility from $260 million to $365 million.
Moody's Investors Service commented that Tenet Healthcare Corporation's offering of $141 million of senior secured notes due 2018 are rated B1 (LGD 3, 39%). Tenet's offering of $150 million senior unsecured notes due 2020 have been rated Caa1 (LGD 5, 87%).
Emeritus Corporation reported a net loss of $19.4 million on total operating revenues of $323.0 million for the first quarter ended March 31, 2012, compared with a net loss of $22.7 million on total operating revenues of $300.2 million for the comparable period in 2011. The Company's balance sheet at March 31, 2012, reflected total assets of $2.80 billion, total liabilities of $2.53 billion and total shareholders' equity of $266.6 million.
Abraham, Fruchter & Twersky, LLP has commenced an investigation into possible violations of federal securities laws on behalf of purchasers of the common stock of Assisted Living Concepts, Inc.
The Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physician's medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services. The Prospector is designed to support the marketing programs of professional firms and aid investors in identifying new opportunities and risks with profiles of entities that meet predetermined criteria. Information is compiled weekly and the Prospector is distributed by email every Sunday evening to arrive before 9:00 A.M. every Monday. For each business identified, the Prospector provides the trigger event and enough information to assess the prospect and make an initial evaluation of the opportunity. The Healthcare Prospector is published by Beard Group, Inc. (http://beardgroup.com).
Information is provided by the Healthcare Prospector. For more information please follow this link http://www.healthcaredatadepot.com/healthcareProspector.php
Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.
Wednesday, May 9, 2012
Tuesday, August 16, 2011
Gentiva May Breach Loan Covenant
Richard Bravo of Bloomberg reports that cuts in Medicare payments may force Gentiva Health Services, Inc., to breach a loan covenant this year, Credit Suisse AG said, as trading prices drop for debt of the largest U.S. home-health and hospice company by sales.
Bloomberg says that the federal Centers for Medicare & Medicaid Services last month proposed a 3.4% reduction to home health payments for 2012 to promote greater payment accuracy. New Medicare cuts issued in November forced the company to trim its projected 2011 sales by as much as $150 million to a range of $1.8 billion to $1.85 billion, Atlanta-based Gentiva said in its second-quarter earnings announcement on August 4.
According to Bloomberg, Medicare may be subject to further cuts if Congress fails to agree on alternative measures to remain in compliance with the debt-ceiling agreement struck this month. Gentiva receives 85.3% of its revenue from the program, and a further reduction in the company's sales could cause it to fall out of compliance with its debt-to-earnings loan covenant. Its loans have fallen 3.5% since July 27.
Gentiva Health Services, Inc., provides home health services throughout the United States. Gentiva is a producer of hospice services in the southeast United States. The Company operations include Home Health segment and Hospice segment.
Information is provided by the Healthcare Prospector. For more information please follow this link http://www.healthcaredatadepot.com/healthcareProspector.php
The Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.
Bloomberg says that the federal Centers for Medicare & Medicaid Services last month proposed a 3.4% reduction to home health payments for 2012 to promote greater payment accuracy. New Medicare cuts issued in November forced the company to trim its projected 2011 sales by as much as $150 million to a range of $1.8 billion to $1.85 billion, Atlanta-based Gentiva said in its second-quarter earnings announcement on August 4.
According to Bloomberg, Medicare may be subject to further cuts if Congress fails to agree on alternative measures to remain in compliance with the debt-ceiling agreement struck this month. Gentiva receives 85.3% of its revenue from the program, and a further reduction in the company's sales could cause it to fall out of compliance with its debt-to-earnings loan covenant. Its loans have fallen 3.5% since July 27.
Gentiva Health Services, Inc., provides home health services throughout the United States. Gentiva is a producer of hospice services in the southeast United States. The Company operations include Home Health segment and Hospice segment.
Information is provided by the Healthcare Prospector. For more information please follow this link http://www.healthcaredatadepot.com/healthcareProspector.php
The Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.
Tenet Names CEO for East Cooper Medical Center
Tenet Healthcare Corporation announced that East Cooper Medical Center has appointed Jason Alexander as its new chief executive officer . As CEO, Alexander will oversee strategic, operational and clinical activities for the 140-bed acute-care hospital in Mount Pleasant, S.C.
Tenet Healthcare Corporation is an investor-owned company that operates in one line of business: the provision of health care services through the operation of acute care hospitals and related health care facilities. All of Tenet’s operations are conducted through its subsidiaries and affiliates. Its business includes inpatient care, intensive care, cardiac care, radiology services and emergency medical treatment.
Information is provided by the Healthcare Prospector. For more information please follow this link http://www.healthcaredatadepot.com/healthcareProspector.php
The Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.
"We are pleased that Jason is re-joining our organization. He is a proven leader who has consistently demonstrated an ability to develop and execute sound strategies, improve operations and clinical quality and work collaboratively with physicians," said John Holland, senior vice president of operations for Tenet's Southern States region. "His skill set and 15 years of experience in health care management will be integral in enhancing the success of East Cooper Medical Center."
Previously, Alexander served as executive vice president and chief operating officer for Providence Healthcare in Mobile, Ala., where he was responsible for the day-to-day operations of more than 2,350 employees at the 349-bed acute care hospital. During his five year tenure at the hospital, Alexander created and implemented operational initiatives that generated savings of $14 million, raised patient satisfaction from the 60th to 80th percentile, and improved employee satisfaction from the 50th to the 80th percentile.
Prior to joining Providence Healthcare, Alexander served as the director of business development and physician operations for Tenet's 602-bed Brookwood Medical Center where he oversaw strategy development, managed ambulatory care centers, and recruited and managed employed physicians.
Information is provided by the Healthcare Prospector. For more information please follow this link http://www.healthcaredatadepot.com/healthcareProspector.php
The Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.
Kindred Healthcare Acquires Professional HealthCare for $51 Million
Kindred Healthcare, Inc., announced that its subsidiary has signed a definitive agreement to acquire the equity of Professional HealthCare, LLC, a portfolio company of Mainsail Partners, for $51 million in cash. Professional HealthCare is a provider of home health, hospice, private duty nursing services and durable medical equipment. The Company expects to finance the transaction with operating cash flows and proceeds from its revolving credit facility. Professional HealthCare will have no outstanding long-term debt at closing.
Information is provided by the Healthcare Prospector. For more information please follow this link http://www.healthcaredatadepot.com/healthcareProspector.php
The Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.
Professional HealthCare operates 27 locations in northern California, Arizona, Nevada and Utah that currently generate annualized revenues of approximately $53 million. Kindred currently operates 21 nursing and rehabilitation centers and four long-term acute care hospitals within Professional's service areas. In addition, Kindred's Peoplefirst home health and hospice business currently provides home health services in San Francisco and southern California.
The transaction is subject to several regulatory approvals and other conditions to closing and is expected to close by the end of the third quarter of 2011. The Company expects that the transaction will be slightly accretive to earnings in 2012.
Information is provided by the Healthcare Prospector. For more information please follow this link http://www.healthcaredatadepot.com/healthcareProspector.php
The Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.
IPC Inks New $75-Million Wells Fargo Credit Agreement
IPC The Hospitalist Company, Inc., has entered into a new $75 million, five-year secured revolving credit agreement with Wells Fargo Bank, National Association and Comerica Bank as lenders and with Wells Fargo as lead arranger and sole book runner and as administrative agent for the lenders. The credit agreement will mature on August 4, 2016 and contains an "accordion" feature that allows an increase of $25 million to the facility with lender approval. Interest rate options for each borrowing include LIBOR plus a margin of either 0.75% or 1.25% based on a leverage ratio, or the lender's prime rate. This new credit agreement replaces IPC's existing $30 million credit agreement that was scheduled to mature on September 15, 2011. At the time of closing there were no borrowings under the existing credit agreement.
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Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.
Devra Shapiro, Chief Financial Officer of IPC, commented, "The successful completion of this larger five-year credit facility demonstrates the confidence of the financial community in the strength of our financial performance and credit profile. In addition, we are pleased to develop a new financial relationship with Wells Fargo, while continuing to maintain our long term relationship with Comerica Bank. We believe that this facility, along with our cash position and positive cash flow from operations, provides us with sufficient capital to continue to fund our organic and acquisition growth strategy."
IPC The Hospitalist Company, Inc., is a leading physician group practice company focused on the delivery of hospitalist medicine and related facility-based services. IPC's physicians and affiliated providers practice exclusively in hospitals or other inpatient facilities, including acute, sub-acute and long-term care settings. The Company offers its providers the comprehensive training, information technology, and management support systems necessary to improve the quality and reduce the cost of patient care in the facilities it serves.
Information is provided by the Healthcare Prospector. For more information please follow this link http://www.healthcaredatadepot.com/healthcareProspector.php
Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.
Tuesday, August 2, 2011
Duke LifePoint Acquires Maria Parham Medical Center
Duke LifePoint Healthcare, a joint venture of Duke University Health System, Inc. and LifePoint Hospitals, and the board of directors of Maria Parham Medical Center (MPMC) have signed a definitive agreement to jointly own and operate MPMC. The transaction is expected to close within the next 60 to 90 days, subject to review and approval by the Attorney General of the State of North Carolina and the satisfaction of other customary closing conditions.
Under the terms of the agreement, Duke LifePoint will own 80 percent of the new joint venture. The retained assets of MPMC and the proceeds from the transaction will eliminate MPMC's debt, and the remaining assets -- approximately $30 million -- will be used to create a locally governed charitable foundation that will fund new programs and services in the community. Duke LifePoint also has committed to investing $45 million in capital improvements at the hospital over the next 10 years.
Duke LifePoint will own 80 percent of all MPMC operations and equipment, and MPMC will retain 20 percent ownership. To maintain a strong community voice in the governance of the hospital, a 10-member board will be equally represented by Duke LifePoint and MPMC appointees. A separate hospital advisory board consisting of physicians, local community leaders, MPMC President and CEO Robert Singletary and a representative from Duke LifePoint also will be established.
Maria Parham Medical Center is a private, non-profit, full-service regional hospital serving the people of north central North Carolina and Southside Virginia. With a team of more than 150 physicians and 700 clinical and support staff, Maria Parham offers a wide range of services and the latest technology to meet the healthcare needs of the community. Maria Parham, located in Henderson, N.C., is fully accredited by both The Joint Commission and CMS.
Duke LifePoint Healthcare, a joint venture of Duke University Health System, Inc. and LifePoint Hospitals, was established to build a dynamic network of hospitals in North Carolina and the surrounding areas. The joint venture, which brings together LifePoint's experience in community-based hospital management and Duke's world-renowned leadership in clinical service, is strengthening and improving healthcare delivery by providing community hospitals the clinical, quality and operational resources they need to grow and prosper.
Information is provided by the Healthcare Prospector. For more information please follow this link http://www.healthcaredatadepot.com/healthcareProspector.php
The Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.
Under the terms of the agreement, Duke LifePoint will own 80 percent of the new joint venture. The retained assets of MPMC and the proceeds from the transaction will eliminate MPMC's debt, and the remaining assets -- approximately $30 million -- will be used to create a locally governed charitable foundation that will fund new programs and services in the community. Duke LifePoint also has committed to investing $45 million in capital improvements at the hospital over the next 10 years.
Duke LifePoint will own 80 percent of all MPMC operations and equipment, and MPMC will retain 20 percent ownership. To maintain a strong community voice in the governance of the hospital, a 10-member board will be equally represented by Duke LifePoint and MPMC appointees. A separate hospital advisory board consisting of physicians, local community leaders, MPMC President and CEO Robert Singletary and a representative from Duke LifePoint also will be established.
Maria Parham Medical Center is a private, non-profit, full-service regional hospital serving the people of north central North Carolina and Southside Virginia. With a team of more than 150 physicians and 700 clinical and support staff, Maria Parham offers a wide range of services and the latest technology to meet the healthcare needs of the community. Maria Parham, located in Henderson, N.C., is fully accredited by both The Joint Commission and CMS.
Duke LifePoint Healthcare, a joint venture of Duke University Health System, Inc. and LifePoint Hospitals, was established to build a dynamic network of hospitals in North Carolina and the surrounding areas. The joint venture, which brings together LifePoint's experience in community-based hospital management and Duke's world-renowned leadership in clinical service, is strengthening and improving healthcare delivery by providing community hospitals the clinical, quality and operational resources they need to grow and prosper.
Information is provided by the Healthcare Prospector. For more information please follow this link http://www.healthcaredatadepot.com/healthcareProspector.php
The Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.
Omega Healthcare Closes Four Nursing Homes in Connecticut
Omega Healthcare Investors, Inc., will close four skilled nursing & rehabilitation centers in Connecticut and ultimately lay off a total of 575 workers at the facilities.
The skilled nursing & rehabilitation centers -- Bishops Corner in West Harford, Rocky Hill, Soundview in West Haven and University in New Haven -- have been in state receivership since January.
In April, the Superior Court has previously ordered the skilled nursing & rehabilitation centers shut down due to their poor financial condition. All four skilled nursing & rehabilitation centers previously belonged to Haven Healthcare, which filed for Chapter 11 on Nov. 20, 2007, after suffering financial problems and repeated citations for deficient patient care. Judge Albert S. Dabrowski of the United States Bankruptcy Court for the District of Connecticut dismissed the Chapter 11 cases of Haven Healthcare Management LLC and its debtor-affiliates on Aug. 15, 2008.
Omega Healthcare Investors, Inc., is a Real Estate Investment Trust (REIT) providing financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities located in the United States. At March 31, 2011, the Company owned or held mortgages on 398 skilled nursing facilities, assisted living facilities and other specialty hospitals with approximately 46,172 licensed beds (44,425 available beds) located in 35 states and operated by 50 third-party healthcare operating companies.
Information is provided by the Healthcare Prospector. For more information please follow this link http://www.healthcaredatadepot.com/healthcareProspector.php.
The Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.
The skilled nursing & rehabilitation centers -- Bishops Corner in West Harford, Rocky Hill, Soundview in West Haven and University in New Haven -- have been in state receivership since January.
In April, the Superior Court has previously ordered the skilled nursing & rehabilitation centers shut down due to their poor financial condition. All four skilled nursing & rehabilitation centers previously belonged to Haven Healthcare, which filed for Chapter 11 on Nov. 20, 2007, after suffering financial problems and repeated citations for deficient patient care. Judge Albert S. Dabrowski of the United States Bankruptcy Court for the District of Connecticut dismissed the Chapter 11 cases of Haven Healthcare Management LLC and its debtor-affiliates on Aug. 15, 2008.
Omega Healthcare Investors, Inc., is a Real Estate Investment Trust (REIT) providing financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities located in the United States. At March 31, 2011, the Company owned or held mortgages on 398 skilled nursing facilities, assisted living facilities and other specialty hospitals with approximately 46,172 licensed beds (44,425 available beds) located in 35 states and operated by 50 third-party healthcare operating companies.
Information is provided by the Healthcare Prospector. For more information please follow this link http://www.healthcaredatadepot.com/healthcareProspector.php.
The Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.
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