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Verity Health System, St. Francis Medical Center Health Care Impact Reports

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Verity Health System, St. Francis Medical Center Health Care Impact Reports Effect of the Asset Purchase Agreement between Verity Health System of California, Inc., Verity Holdings, LLC, St. Francis Medical Center and Strategic Global Management, Inc. on the Availability and Accessibility of Healthcare Services to the Communities Served by St. Francis Medical Center Prepared for the Office of the California Attorney General August 16, 2019 Contents Introduction & Purpose ........................................................................................................................4 Reasons for the Transaction as Stated in the Notice to the California Attorney General ............................... 5 Timeline of the Transaction ............................................................................................................................. 6 Summary of the Asset Purchase Agreement ................................................................................................. 11 Use of Net Sale Proceeds ............................................................................................................................... 20 Profile of Verity Health ....................................................................................................................... 21 Verity Health Inpatient Statistics ................................................................................................................... 24 Statement of Operations ............................................................................................................................... 25 Net Patient Service Revenue ......................................................................................................................... 25 Operating Expenses ....................................................................................................................................... 26 Financial Position and Debt Obligations ........................................................................................................ 26 Credit Rating and Outlook ............................................................................................................................. 27 Verity Health Payer Mix ................................................................................................................................. 28 Unionized Employees .................................................................................................................................... 29 Profile of Purchaser ............................................................................................................................ 30 Overview ........................................................................................................................................................ 30 KPC Hospitals ................................................................................................................................................. 31 PHH Hospitals ................................................................................................................................................ 32 Victor Valley Hospital Acquisition, Inc. and Victor Valley Hospital Real Estate, LLC ..................................... 32 Hospital Compare .......................................................................................................................................... 35 Profile of St. Francis Medical Center .................................................................................................... 37 Overview of the Hospital ............................................................................................................................... 37 Key Statistics .................................................................................................................................................. 38 Programs and Services ................................................................................................................................... 39 Accreditation.................................................................................................................................................. 40 Quality Measures ........................................................................................................................................... 40 Seismic Issues................................................................................................................................................. 42 Payer Mix ....................................................................................................................................................... 43 Managed Medi-Cal Managed Care ................................................................................................................ 44 Medical Staff .................................................................................................................................................. 45 Patient Utilization Trends .............................................................................................................................. 46 Financial Profile.............................................................................................................................................. 48 Cost of Hospital Services ................................................................................................................................ 49 Charity Care ................................................................................................................................................... 49 Community Benefit Services .......................................................................................................................... 51 Reproductive Health ...................................................................................................................................... 53 Analysis of the Hospital’s Service Area ................................................................................................ 54 Service Area Definition .................................................................................................................................. 54 Service Area Map ........................................................................................................................................... 55 Health Professional Shortage Areas (HPSA) .................................................................................................. 56 Medically Underserved Areas & Medically Underserved Populations .......................................................... 57 STEMI Receiving Centers in Los Angeles County ........................................................................................... 58 Certified Stroke Centers in Los Angeles County ............................................................................................ 59 Service Area Trauma Services ........................................................................................................................ 60 Demographic Profile ...................................................................................................................................... 62 Medi-Cal Eligibility ......................................................................................................................................... 64 Selected Health Indicators ............................................................................................................................. 64 2 2016 Community Health Needs Assessment ................................................................................................. 66 Hospital Supply, Demand & Market Share .................................................................................................... 67 Hospital Market Share ................................................................................................................................... 68 Market Share by Payer Type .......................................................................................................................... 69 Market Share by Service Line ........................................................................................................................ 70 Market Share by ZIP Code ............................................................................................................................. 71 St. Francis Medical Center Analysis by Bed Type .................................................................................. 72 Medical/Surgical Capacity Analysis ................................................................................................................ 72 Intensive Care Capacity Analysis .................................................................................................................... 73 Obstetrics Capacity Analysis .......................................................................................................................... 74 Pediatrics Capacity Analysis ........................................................................................................................... 75 Neonatal Service Capacity Analysis ............................................................................................................... 76 Skilled Nursing/Subacute Capacity Analysis .................................................................................................. 77 Psychiatric Capacity Analysis ........................................................................................................................
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