DOCSLIB.ORG

Healthcare Services

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Healthcare Services HEALTHCARE SERVICES Quarterly Update Second Quarter 2021 CONTENTS Key Highlights . 2 Sub-Sector Highlights . 3 Physician Services . 3 Ambulatory Care . 4 Hospitals & Health Systems . 4 Healthcare Technology & Telemedicine Services . 5 Long-Term Care/Senior Living . 6 Diagnostic Services . 7 Healthcare Distribution . 7 Managed Care . 8 Representative Transaction . 9 Notes . 10 RESTRUCTURING • INVESTMENT BANKING • DISTRESSED ASSET SUPPORT SERVICES KEY HIGHLIGHTS HEALTHCARE SERVICES SECOND QUARTER 2021 KEY HIGHLIGHTS Healthcare M&A activity in Q2 2021 continued on its record pace which began in Q1 2021. According to preliminary figures from Irving Levin Associates Inc., healthcare M&A transaction values reached $126.1 billion, a 38% increase from the $91.3 billion in Q1 2021 and almost 10x the transactionH EvalueAHLTEHA inCLAT Q2HRCE A S2020.RERE VSIEC R EVSI C– EFSIR –S FTI RQSUTA QRUTEARR T2E0R2 12021 Transaction activity was robust in all sectors, but was particularly strong in physician services, post-acute KEY KHEIGY HHLIGIGHHLTIGSHTS care and health systems. • Physician Services: With $1.7 billion in transaction value in Q2 2021, a more than 3x increase from the The recovery in equity capital markets, rollout of COVID-19 vaccine programs, supportive central bank previous quarter, the physician practice sector is attracting significantThe recov einvestorry in eq interest,uity capi tapredominantlyl markets, roll o ut of COVID-19 vaccine programs, supportive central bank monmetoanryetaproylicpyolaicnyd arnodbursotbuasctceascscetoss ctaopitcaalpiatvaal ilaavbalielabtoleptroivaptreivaetqeuietyqu(iPtyE)(PinEv)esintoversstaonrsd asnpdecsiaplecial from private equityHEHA EandLATLHT CHcommercialACRAER SEE SREVRIVC IEinsuranceCSE –S –FI FRISRTS TQcompanies UQAURATRETRE R2 0220121 purppousrepoascequaicsiqtuioisnitcioonmcpoamnipeasn(iSePsA(CSsP)AaClsl)paolilnptotiontatorebaoruenbdoiunngdMing&AMm&Aarkmeatriknet20in212.02A1c.coArcdcinogrdtiong to • Ambulatory Care: The post-acuteKEKYE YH sector IHGIHGLHIGL includingIHGTHSTS surgerypre lcenters,ipmreinliamryin hospice,afirgyurfeigsufr rehomeosmfroIrm vhealth,inIgrvLineg vphysicalinLeAvisnsoAc si a s toecsiaItnecs.,Inhce.a, lhthecaaltrhecMare&AMt&raAnstraacntisoancstiotontsalteodta5le9d6 5in96Qi1n Q1 therapy and personal care is growing in the mid-to-high single20212 ,0digit a2 1,7 a%range 1 in7%cr e iandnacsree consolidatingfarsoem f rtohme pthrieo rp atqriuo anar rqt eu ra, rwteitr,h wailtmhoaslmt $o9s0t $b9il0lio bnil liino nto itna lt otrtanl straacntisoanc tvioalnu eva. lue. accelerating rate, driving private equity investment and M&A activity to record levels ● P●hysPichiyasnicSiaenrvSiceersv:icePso:isePdoisfoerdafnoraacntivaect2iv0e2120w2i1thw1i1th0 1M1&0 AMt&raAnstraacntisoancstioinnsQi1n, Qan1,8a3n%8i3n%creinacsreease ThTehererceocvoevreyryinineqeuqiutyitycacpaiptaitlaml marakrektest,sr,orlololluotuot foCfOCVOIVDI-D1-919vavcaccincieneprporgorgarmafrmso,mss,fu rtsophumpepo p ptrohrtireovt eirpv qreciueocanre rtqntreuatrlaarbltaebnraknk mmonoenteatray•ry p Healthoploiclyicyan Systems:adndrorboubsuts tHealthacaccecsess ssystemstotocacpaipta iintla lageneralvaavilaaiblalbe areletot oshiftingprpivraivtaet etheireqeuqiut yfocusity(P(EP) Efrom)inivnevs eacquisitionstostrosrsanadndspse pofceiac small,lial independent ● A●mbAumlabtourlayt Coaryre C:aMre&:AM a&cAti vaitcyti vinit Qy 1in e Qxp1e erxiepnecreiedn scevde sreavl ehriaghl h pigrohf pilero tfrialen straacntisoancstions puprupropsoesea c a qhospitalscuqiusiitsiiotinonc toocmo regionalmpapnaineises( Spartnerships,(PSAPCAsC)sa)llalpl opion anditnto tfor-profitoa arerbeobuonud nichainsdnigngMM& areA&A mfocusingmarakrekteitn onin20 2building2012.1.AcAcc ostrongcrodridnigng tregionaloto markets o KoKR KbKuRy sb Aubyso dAeb oHdeea lHthecaaltrhecare prperleimliminian r ay r andyfigfuig divestingruersesfrofrmom hospitalsIrvIrinvigngLeLve outsideinvinAsAssosc otheiriactiaetse coresInIcn.,c .regionalh, ehaeltahltchac rscopeaereMM&A&Atratrnasnascatciotinosnstottoatlealded595696ininQ1Q1 o HoCAH bCuAy sb Buryoso Bkrdoaolekd Haolem Heo Hmeea lHthe a&lt Hh o&s pHicoespice 2022012,1 a, 1a 71%7 %in icnrceraesaes efr ofrmom th teh ep rpioriro qr uqauratertre, rw, iwthithalmalmosot s$t 9$09 0b iblliollino nin i nto ttoatl atlr atrnasnascaAtcTiotIino Pnvha vyluaslieuc.ael. Therapy, operator of 900 clinics in 25 states merges with SPAC for $2.5B • Digital Health: Investment in digital health has shown no signs ofo slowing,o ATI evenPhys iasca ltheTh globalerapy, pandemicoperator of 900 clinics in 25 states merges with SPAC for $2.5B transaction ●● PhPyh s y i cs beginsiiacinanSeSr etovricv subside.eicse:s:PoPios eiSectorsdedfofroar investmentnanacatcivteive2022 0recently121wiwthith11 1topped010MM&A& $14.7Atratrnasna sbillioncatciotinosn isatni nQthe1Qt,1r enda,nasn8a of3c8%t3 iQ2o%innic n2021,rceraesaes eexceeding last ● Long Term Care: Continues to struggle to recover from sharp occupancy declines from pandemic frofrmo m t year’sh teh ep rpio rtotaliro qr uqa uinrate rjusttrer the first half of 2021 ● Long Term Care: Continues to struggle to recover from sharp occupancy declines from pandemic (occupancy below 80% in many SNFs and ALs) ●● AmAmbublualtaotroyr Cy aCraer:eM: M&A& Aac atcivtitvyit iyn i nQ 1Q 1ex epxepreierinecnecde dse sveevrearlahlihghig hp rporfoilfeil etr atrnasna(socatccicotuinopsnasncy below 80% in many SNFs and ALs) ● Hospitals and Health Systems: Continue to try to rebound from suspended elective procedures, ooOneKKKR Kof Rb uthebyusy Asbiggest bAobdoed eH trendseHaeltahltchac rinaer Q2e 2021 was the growing consolidat●ion Hacrossospita marketsls and H eina lhealthcare.th Systems :HumanaContinu e to try to rebound from suspended elective procedures, plummeting ED visits, temporary closures of physician practices and home health visit cancellations ooInc.HCH (NYSE:AC Ab ubyusy BsHUM) rBorookodk aacquireddleal eH oHmome eHthe eHae lremainingtahlt h& &H oHsopsi pc60%eice of Kindred at Home itp didlum notme towning E forD v i$5.7sits, tbillion,empor aar yclearclos ures of physician practices and home health visit cancellations fromfr2o0m202.02E0v.enEvweinthweicthoneocmonyormeoypreenoipnegnwinigthwviathccvinaeccrionlel-oroultl-,oAuHtA, ApHreAdpicrtesdhicotsphitoaslpsictaoluslcdoluolsdelose ooexampleATAITIPhPy hofsyics theaiclalT verticalhTehrearpayp, yintegration,opoepreartaotroro thatfof909 0is00 continuingclicnlincsicsinin2 with525stas managedttaetsesmmeregre gcareseswiw companies.thithSPSAPCACfofr oLifePointr$2$.25.B5B Health, one of betwbeeetwn e$e5n3 $b5il3lio bnil laionnd a$n1d2 2$ 1b2il2lio bnil ldioune dtou eth teo ltihnege lirninggereinffgecetfsf eocft Cs ovf iCdo-1v9id.-19. thetrat country’srnasnascatciotinon largest health systems, acquired Kindred Healthcare, creating a dominant player in the acute LoLnogngTeTremrmCaCraer:e:CoCnotnintiuneusetsotostrsutrgugglegletotorerceocvoevrefrrofrmomshsahraprpococcucpuapnacnycydedcelicnliensefsrofrmompapnadnedmemicic ●● and post-acute healthcare market, and HCA Healthcare, theT hlargeste TMh&e AM publicly-tradedr&eAcorveecroyvtehrayttbh ehospitalagtabneginant hproviderien stheceosned cinoh ntheadlf ho aflf20o2f020is2l0ikieslylikteolyactcoealecrcaetleriante20in212.0W21it.hWloitwh lcoowstcoofst of (o(coccucpuapnacnyc by ebleolwo w8 08%0 %in i nm manayn SyN SFNsF asn adn dA LAsL)s) country, closed its transaction to acquire an 80% interest inc Brookdaleapitcaalpaitnadl a aHealthncdceascscibe Carelsesidbele bServices,tdmebatrkmeat sexpandingr,kelatrsg,elabrgaela itsbnac elasnhceesthse, eavtsa,ilaavbaiilliatybiolifty$2o.f5$t2ri.l5liotrnilloiofnproivfaptreiveaqteuietyqudirtyy dry ●● HoHsopsiptaitlaslsanadndHeHaelathlthSySsytsetmems:s:CoCnotnintiuneuetototrytrytotorerbeobuonudndfrofrmopmosuwssudpseprn,ednaedndeddealerlcetcivtoeirvdepr$po8rco1ecdebudilruleiorsen,s,raised by SPACs in 2020 that must be invested in the next two years, reach of post-acute care services across the continuum of care.powder, and a record $81 billion raised by SPACs in 2020 that must be invested in the next two years, plpulmummeteintignEgDEDvisviitssit,st,etmempoproarrayrcyloclsousruerseosfopfhpyhsyicsiiacnianprparcatcicteicseasnacdonrdhpochomoorramepteohrehaaentletadhltaphvnridsivviitaspitctreaicvnaincntevecleelasilntlaovioterinssostnhosarsvehavceceascscteosscatopitcaalpaitnadl aanrde abreleatboleputorspuuersdueealdsetaolsbutoildbusciladlescaanled and frofrmoWem202 welcome2002.0.EvEevne nyourwiwthit hecommentsceocnoonmomy yre androepoep nhopeeinigngw youiwthith vfindavcacci ncieourneroSOLIConnect rlol-lol-uotu, teA,xHApAHaenApx reportdrppeasrdneciodcpticse tcinformative.h.soohpAsoesp.siCptAOaitlsVsaCIlcsDOoc-uV1ol9IudDlcd-lo1lsn9oetscineounetisntuoesimtopaimctpoaucrt foaumriflaiemsialineds afrniednfdriseanrdosuanrdouthnedwthoerlwd,oorludr, tohuorutghhotusghts bebtewteweene n$ 5$35 3b iblliollino nan adn d$ 1$2122 2b iblliollino nd udeu eto t oth teh elin lignegreinrignegfefeffcetcst os fao Cnf odCvaoipndvrid-ad1y-9p1e.r9as.yearse athreatthyaotu yaonud aynoduryofaumr iflaymairlye ahreealhtheya,ltshayf,e,saafned, amndakminagktinhge tbheestboefstaorfealirteyatlihtyatthat continues to change. We welcome your comments and hope you find our SOLIConnect report ThTeheMM&A&Arerceocvoevreyrythtahtabtebgeagnanininthtehesesceocnodndhahlfaloffo2f0220020isilsikleikleyltyotoacacceclelrceaortaneteiiniun2e02s2012t.o1W. Wcithhiathlnoglwoew.cocWsotesotfowfelcome your comments and hope you find our SOLIConnect report informative. cacpaiptaitlaalnadndacaccecsessibsilbelededbetbmt marakrektest,sla, rlagregebablanlacneceshseheetest,sa,vaavilaaiblaiblitilyitoyfo$f2$.25in.5tfroitrlrlmiollainotinovfeop.frpivraivtaeteqeuqiutyitdyrdyry
Load more

Recommended publications
  • Tenet Reports Results for the First Quarter Ended March 31, 2017
    Tenet Reports Results for the First Quarter Ended March 31, 2017 Reported a net loss from continuing operations of $52 million or $0.52 per share. Adjusted diluted earnings per share from continuing operations was a loss of $0.27. Adjusted EBITDA was $527 million including a $7 million benefit from a change in pension accounting. Same-hospital patient revenue declined 1.0% and reflects a 1.6% increase in revenue per adjusted admission offset by a 2.5% decline in adjusted admissions. Hospital segment Adjusted EBITDA totaled $309 million. Ambulatory Care segment revenue increased 6.1% on a same-facility system-wide basis, with cases increasing 0.5% and revenue per case increasing 5.6%. Adjusted EBITDA for the Ambulatory segment was $153 million, a 12.5% increase, representing a margin of 33.6%. Revenue from Conifer Health Solutions increased 4.4% with revenue from third parties increasing 11.5%. Conifer generated $65 million of Adjusted EBITDA, a 3.2% increase, representing a margin of 16.2%. Net cash provided by operating activities was $186 million, a $39 million improvement when compared to $147 million in the first quarter of 2016. Adjusted Free Cash Flow was $9 million, a $2 million decline when compared to $11 million in the first quarter of 2016. Reached new multi-year agreement with Humana to restore in-network access to all Tenet providers between June 1, 2017 and October 1, 2017. Entered into definitive agreement to sell acute care hospitals and related operations in Houston to HCA, with net proceeds anticipated to be approximately $725 million.
    [Show full text]
  • HEALTHCARE TRANSACTIONS: Year in Review
    HEALTHCARE TRANSACTIONS: Year in Review JANUARY 2018 NASHVILLE KNOXVILLE MEMPHIS WASHINGTON DC bassberry.com OVERVIEW On December 3, 2017, CVS Health Corp. (NYSE: CVS) announced it would purchase health insurer Aetna Inc. (NYSE: AET) for $67.5 billion, a transaction that would be one of the biggest healthcare mergers in the past decade. The proposed deal would combine the largest U.S. drugstore chain with one of the country’s largest health insurers. Although consolidation is not a new trend in healthcare, the merger between CVS and Aetna would present a new type of framework, a vertically consolidated company that offers healthcare services through CVS’s pharmacies, Minute Clinics and pharmacy benefit manager services, while also providing managed care services to Aetna’s millions of plan members. The transaction raises an intriguing question: is this the beginning of a transformational shift in healthcare? With 2017’s failure of the proposed horizontal mergers between health insurance giants still fresh, the CVS–Aetna deal could be the first of many cross-sector mergers. Indeed, only a few days after the announcement, UnitedHealth Group Inc. (NYSE: UNH), the largest U.S. health insurer, announced that it would expand its OptumCare business by acquiring approximately 300 physician practices from DaVita Inc. (NYSE: DVA). If the CVS-Aetna deal is in fact the beginning of a new era, the integration of different healthcare sectors and service lines would be a possible response to the government’s emphasis on value-based care, and could serve
    [Show full text]
  • Managed Care
    This year marks 30 years since the inception of C5 Group. ACI It is time to match our brand with the dynamic strides we have made. American Conference Institute See inside for details… Business Information in a Global Context May 2–3, 2016 | InterContinental Chicago Magnificent Mile | Chicago, IL EARN CLE ETHICS CREDITS American Conference Institute’s 7th Annual Advanced Forum on MANAGED CARE DISPUTES AND LITIGATION Bolstering defensive strategies in the face of growing litigation costs Gain Government Insights on the False Claims Act, from: Nicholas N. Paul Supervising Deputy Attorney General Benchmark Your Strategies Against Leading Office of the California Attorney General MCO’s: Jeremy Brieve Erin Hiley In-house industry leaders and the top litigators in the country Associate Counsel Assistant General Counsel will share their insights on how to battle the onslaught of Priority Health Molina Healthcare litigation continuing to mount against MCO’s by helping you: John Charnecki Tim McMichael COMPREHEND the inner workings of in-house counsels’ ever expanding Senior Counsel Assistant General Counsel wheelhouse Tenet Healthcare Co. Premera Blue Cross MINIMIZE RISK before, after and during a CYBER ATTACK Mark R. Chilson Elizabeth Monohan Executive Vice President Assistant General Counsel DECIPHER provisions of the Emergency Medical Treatment and Active Labor Act and General Counsel Humana Inc. CareSource BOLSTER your affirmative cost recovery litigation when a plan is a plaintiff Caroline L. Schiff A. Courtney Cox Counsel – Litigation ADAPT to a commercial consumer model in the Age of the Affordable Care Act Vice President, Litigation Humana Inc. WellCare Health Plans Inc. DEFEND and PREVENT government investigations and FCA claims Matthew R.
    [Show full text]
  • Public Notice
    PUBLIC NOTICE Federal Communications Commission News Media Information 202 / 418-0500 445 12th St., S.W. Internet: http://www.fcc.gov Washington, D.C. 20554 TTY: 1-888-835-5322 Report Number: 9449 Date of Report: 03/19/2014 Wireless Telecommunications Bureau Assignment of License Authorization Applications, Transfer of Control of Licensee Applications, De Facto Transfer Lease Applications and Spectrum Manager Lease Notifications, Designated Entity Reportable Eligibility Event Applications, and Designated Entity Annual Reports Action This Public Notice contains a listing of applications that have been acted upon by the Commission. Assignment of License Authorization Applications and Transfer of Control of Licensee Applications Purpose File Number Parties Action Date Action AA 0002781619 Assignor: MICRO TECHNOLOGY SOUTHEAST 03/12/2014 M Assignee: Southern Communications Services, Inc d/b/a Southern LIN Partial Assignment Call Sign or Lead Call Sign: KNIX798 Radio Service Code(s) YM Page 1 Purpose File Number Parties Action Date Action AM 0004526264 Assignor: Maritime Communications/Land Mobile, LLC 03/12/2014 Z Assignee: ATLAS PIPELINE - MID CONTINENT LLC Partitioning AND/OR Disaggregation Call Sign or Lead Call Sign: WQGF316 Radio Service Code(s) PC AA 0005224980 Assignor: Maritime Communications/Land Mobile, LLC, Debtor-in-Po 03/12/2014 Z Assignee: Shenandoah Valley Electric Cooperative Partitioning AND/OR Disaggregation Call Sign or Lead Call Sign: WQGF315 Radio Service Code(s) PC AA 0005299519 Assignor: R F DATA INC 03/12/2014 Z Assignee: BHOGAL, BALBIR Full Assignment Call Sign or Lead Call Sign: WPTX917 Radio Service Code(s) YG AA 0005344125 Assignor: FORD MOTOR COMPANY 03/13/2014 M Assignee: Nextel License Holdings 4, Inc.
    [Show full text]
  • Tenet Healthcare Annual Report 2021
    Tenet Healthcare Annual Report 2021 Form 10-K (NYSE:THC) Published: February 19th, 2021 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year endedD ecember 31, 2020 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File Number 1-7293 ________________________________________ TENET HEALTHCARE CORPORATION (Exact name of Registrant as specified in its charter) Nevada 95-2557091 (State of Incorporation) (IRS Employer Identification No.) 14201 Dallas Parkway Dallas, TX 75254 (Address of principal executive offices, including zip code) (469) 893-2200 (Registrant’s telephone number, including area code) ________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol Name of each exchange on which registered Common stock, $0.05 par value THC New York Stock Exchange 6.875% Senior Notes due 2031 THC31 New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None ________________________________________________________ Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No ¨ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ¨ No x Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Tenet Healthcare Corporation Completes United Surgical Partners International and Aspen Healthcare Transactions
    Tenet Healthcare Corporation Completes United Surgical Partners International and Aspen Healthcare Transactions DALLAS – June 16, 2015 – Tenet Healthcare Corporation (NYSE:THC) (“Tenet”) has completed its previously announced joint venture transaction with Welsh, Carson, Anderson & Stowe that combines the short-stay surgery and imaging center assets of Tenet and United Surgical Partners International (“USPI”) to create the leading U.S. short-stay surgery platform. “This joint venture significantly expands our ability to benefit from the growing demand for convenient, cost-efficient outpatient care and enhances our growth and earnings potential,” said Trevor Fetter, Tenet’s chairman and chief executive officer. “The new USPI is the largest provider of ambulatory surgery in the United States and the leading partner for physicians and not-for-profit health systems seeking to expand their ambulatory service offerings. We look forward to collaborating with USPI’s outstanding management team to capitalize on the strategic and financial benefits of this joint venture, and working with USPI’s 50 not-for-profit health system partners to provide patients across the country with high-quality care.” As contemplated in the original agreement announced on March 23, 2015, Tenet contributed its interest in 49 ambulatory surgery centers and 20 imaging centers to the joint venture and refinanced approximately $1.5 billion of existing USPI debt, which will be allocated to the joint venture through an intercompany loan. Tenet also made an approximately $404 million payment to pre-existing USPI shareholders to align the respective valuations of the assets contributed to the joint venture. Tenet owns 50.1% of the new USPI and will consolidate USPI’s financial results.
    [Show full text]
  • Manager and Executive Compensation in Hospitals and Health Systems Survey Report
    2019 Manager and Executive Compensation in Hospitals and Health Systems Survey Report Survey data effective January 1, 2019 © 2019 SullivanCotter, Inc. All rights reserved. 200 W. Madison Street, Suite 2450 Chicago, IL 60606-3416 2019 MANAGER AND EXECUTIVE COMPENSATION IN HOSPITALS AND HEALTH SYSTEMS SURVEY REPORT Survey data effective January 1, 2019 LICENSE AGREEMENT LICENSE AGREEMENT By accessing or downloading the Survey Report files online or by opening the packaging for this Survey Report, you agree to the terms of this License Agreement (this “Agreement”). If you do not agree to these terms and have not yet accessed or downloaded the Survey Report files or opened the packaging for this Survey Report, you may cancel your online purchase or download at this time or you may return this Survey Report to SullivanCotter, Inc. for a full refund within thirty (30) days of receipt, but you may not access or download the Survey Report files or open the packaging for, or otherwise use, this Survey Report. Accessing or downloading the Survey Report files or opening the packaging, or otherwise using, this Survey Report binds you to this Agreement. This Agreement is entered into by and between SullivanCotter, Inc. ("SullivanCotter") and the purchaser or participant of this Survey Report (the “Licensee”). In consideration of the mutual covenants in this Agreement, SullivanCotter and the Licensee agree as follows: Grant of License. This Survey Report contains the aggregation of compensation data and other data provided to SullivanCotter by its survey participants, statistics, tables, reports, research, aggregations, calculations, data analysis, formulas, summaries, content, text and other information and materials provided to the Licensee by SullivanCotter through any other means, whether digital or hard copy, related thereto (the “Aggregated Data”).
    [Show full text]
  • In the Matter of Tenet Healthcare Corporation
    UNITED STATES OF AMERICA BEFORE FEDERAL TRADE COMMISSION ___________________________________ ) In the Matter of ) ) File No. 971-0024 TENET HEALTHCARE CORPORATION, ) a corporation. ) ___________________________________) AGREEMENT CONTAINING CONSENT ORDER The Federal Trade Commission ("Commis sion"), having initiated an investigation into the pro posed acquisition of OrNda Healthcorp ("OrNda") by Tenet Healthcare Corporation ("Tenet"), and it now ap pear ing that Tenet ("pro posed re spon dent") is willing to enter into an agreement con taining an order to di vest certain as sets, to cease and desist from making certain acquisitions, and provid ing for other relief; IT IS HEREBY AGREED by and between the proposed respon dent by its duly authorized officer and attorney, and counsel for the Commission that: 1. The proposed respondent Tenet is a corporation organized, existing, and doing business under and by virtue of the laws of Nevada, with its prin cipal place of busi ness at 3820 State Street, Santa Barbara, California 93105. 2. The proposed respondent admits all the jurisdictional facts set forth in the draft of complaint here attached. 3. The proposed respondent waives: a. any further procedural steps; b. the requir ement that the Commission's decision contain a statement of findings of fact and conclusions of law; c. all rights to seek judicial review or otherwise to challenge or contest the validity of the order entered pursuant to this agreement; and d. any claim under the Equal Access to Justice Act. 4. This agreement shall not become a part of the public record of the proceeding unless and until it is accepted by the Commission.
    [Show full text]
  • Changes in Hospital Ownership in California
    Changes in Hospital Ownership in California ••• Joanne Spetz Jean Ann Seago Shannon Mitchell 1999 PUBLIC POLICY INSTITUTE OF CALIFORNIA Foreword Californians are understandably concerned about rapid changes in the health care industry. One concern that has prompted state legislation is the increased merger activity between for-profit and nonprofit hospitals. Many critics view the potential decline of nonprofit hospitals as another restriction on choice in health care. In response to this concern, Joanne Spetz and her colleagues Jean Ann Seago and Shannon Mitchell have undertaken a careful study of the state’s hospital mergers and their consequences. Their findings indicate that nonprofit hospitals are in no danger of extinction. About 80 percent of hospital mergers and acquisitions between 1986 and 1996 did not involve any change in the profit status of the hospitals. The remaining mergers were almost equally divided between conversions to for-profit and to nonprofit status. Although these mergers have not altered the overall balance between for-profit and nonprofit hospitals, they have raised new concerns about the concentration of hospital ownership in California. At least half of the iii state’s hospitals are now affiliated with multi-site hospital corporations, and the six largest firms in the state operate over one-third of its hospitals. The three largest hospital firms in both Sacramento and San Diego control more than 60 percent of the beds. Although hospital ownership is less concentrated in the Los Angeles and San Francisco metropolitan areas, both markets are far more consolidated than they were ten years ago. With these patterns in mind, the authors plan to continue their study of ownership changes and their consequences.
    [Show full text]
  • SEC Complaint: Tenet Healthcare Corporation, David L. Dennis
    BRIANE NELSON MITCHELL. Cal. Bar No. 116037 E-mail: mitchellbn dsec, ov LORRAINE B. ECJf AV&lUA:Cal. Bar No. 191860 E-mail: echavanrial, sec. ov DAVID VAN HA@AT, Cal Bar No. 175761 . E-mail: vanhaverrnaatd sec.. ov WILLIAM G.BERRY, % al. fi ar No. 206348 E-mail: [email protected] Attorneys for Plaintiff Securities and Exchange Commission Randall R. Lee Regional Director M~chcleWein tape, Associate Regional Director 5670 Wilshire Boulevard 1 lth Floor Los Angels, California $0036-3648 323 965-3998 ! b23) 965-3908 10 I1 UNITED STATES DI~STRICTCOURT 12 CENTRAL DISmCT OF CALIFORNIA 13 RG$ (hGRx) 14 . ~~-~7-2'144 15 SECURITIES AND EXCHANGE Case No, 16 COMMISSION, COMPLAINT FOR VIOLATIONS 17 Plaintiff, OF THE FEDERAL SECURITIES 18 VS. LAWS 19 TENET HEALTHCARE 20 CORPORATION,a Nevada corporation, DAVID L. DENNIS, THOMAS B. 21 MACKEY, CHRIST1 R. SULZBACH, 22 and RAYMOND L. MATHIASEN, 23 Defendants. 24 - Plaintiff Securities and Exchange Commission (the "Commission") alleges as follows: 1. This civil fraud case involves material misrepresentations and omissions made by defendants Tenet Healthcare Corporation ("Tenet") and four of its former senior officers, David L. Dennis ("Dennis"), Thomas B. Mackey ("Mackey"), Christi R. Sulzbach ("Sulzbach"), and Raymond L. Mathiasen ("Mathiasen") (collectively, "defendants"), in Tenet's filings with the Commission. I. JURISDICTION AND VENUE 2. This Court has jurisdiction over this action pursuant to Sections 20(b), 20(d)(l), and 22(a) of the Securities Act of 1933 ("Securities Act"), 15 U.S.C. $5 77t(b), 77t(d)(l), and 77v(a), and Sections 2 1(d)(l), 2 1(d)(3)(A), 2 1(e), and 27 of the Securities Exchange Act of 1934 ("Exchange Act"), 15 U.S.C.
    [Show full text]
  • In Re: Tenet Healthcare Corporation Securities Litigation 02-CV-08462-Consolidated Amended Class Action Complaint for Violation
    4K U S "';STRICT COURT .stopher Kim (Bar No. 082080) a J. Yang (Bar No. 208971) .M RUGER & KIM LLP // fi^ Y23 055 West Seventh Street, Suite 2800 HAL 01 LOS Angeles CA 90017 Rt 0 CALIFORNIA Telephone: (213) 955-9500 [Liaison Counsel for Lead Plaintiff, the State of New Jersey, and tl\e Class] 5 Richard S. Schiffrin (Pro Hac Vice) Allyn Z. Lite (Pro Hac Vice) 6 Andrew L. Barroway (Pro Hac Vice) Joseph J. DePalma (Pro Hac Vice) Jacob A. Goldberg (Pro Hac Vice) Mary Jean Pizza 7 Stuart L. Berman (Pro Hac Vice) Susan D. Pontoriero SCHIFFRIN & BARROWAY, LLP Katrina Blumenkrants 8 Three Bala Plaza Suite 400 LITE DEPALMA GREENBERG Bala Cynwyd PA 19004 & RIVAS, LLC 9 Telephone: (^l0) 667-7706 Two Gateway Center, 12" Floor Newark, New Jersey 07102 10 Telephone : (973) 623 -3000 ' - 11 [Co-Lead Counsel for Lead Plaintiff, the State of New Jersey, and the$ lass] 12 UNITED STATES DISTRICT COURT X- 13 CENTRAL DISTRICT OF CALIFORNI\ 14 WESTERN DIVISION 15 In re TENET HEALTHCARE CORP. No. CV-02-8462-RSWL SECURITIES LITIGATION I 16 CLASS ACTION 17 This Document Relates To: CONSOLIDATED AMENDED 18 CLASS ACTION COMPLAINT ALL ACTIONS. FOR VIOLATION OF 19 SECTIONS 10b( (a), AND 20(A) OF THE SORITIES 20 EXCHANGE ACT OF 1934 AND SECTIONS 11 AND 15 21 OF THE SECURITIES ACT OF 1933 22 JURY TRIAL DEMANDED 1603 23 Date: 24 Time: Judge: The Hon. Ronald Lew 25 ^ e :at ` ;GOON Courtroom: 21 26 27 28 ` : 7- KAI880'u02\Amcnded Complaint (2003-05-23).wpd I AMENDED CLASS ACTION COMPLAINT 1 TABLE OF CONTENTS 2 1.
    [Show full text]
  • Llln/4 --;; -Oun~ Ttorney "-- ' O* E
    / Agenda Item #: 6 A •l­ PALM BEACH COUNTY BOARD OF COUNTY COMMISSIONERS BOARD APPOINTMENT SUMMARY Meeting Date: December 5, 2017 Department: Public Safety Advisory Board: Emergency Medical Services Advisory Council I. EXECUTIVE BRIEF Motion & Title: Staff recommends motion to approve: appointment/reappointment of the following individuals to the Emergency Medical Services Advisory Council (EMS Council) for the term from December 5, 2017 to September 30, 2020. NOMINEE SEAT DESIGNATION NOMINATED BY Brian Fuller 5 PBC EMS Providers PBC EMS Providers Roger Kirk (Reappointment) 18 PBC Independent Self Bethesda Health Hospital CEO Commissioner Abrams Robbin Lee 18 PBC Independent Self Wellington Reg Hosp. Hospital CEO Commissioner Burdick Commissioner McKinlay Gina Melby (Reappointment) 19 PBC HCA Hospital CEO HCA East Florida Division JFK.Medical Center Gabrielle Finlay-Hazel 20 PBC Tenet Hospital Tenet Health St. Mary's Med Center CEO Summary: Per Resolution R2014-0100, the Board of County Commissioners approved a representative make-up of the EMS Council to include 20 members. Thirteen members are representatives of the various components of the EMS system with specific requirements and seven members are Commission District Con~um_er appointments. A memo was sent to all Board members on August 7, 2017, seeking a nomination for the above at-large seats. The EMS Council has 20 seats, 15 are currently filled. The diversity of the current board members is as follows: Caucasians: 14 (93%); African American: 1 (7%). The gender ratio (female: male) is 4: 11. Countywide (LDC) Background and Justification: The purpose of the EMS Council is to provide recommendations for improving Emergency Medical Services in Palm Beach County.
    [Show full text]