- Prime Healthcare had the highest and best bid for St. Francis with an offer that provides over $350 million as the sale process enters final stages.
- Prime has committed to continuing St. Francis mission, service lines, trauma care, charity care, community benefit programs, and service to the underserved.
- Prime Healthcare immediately begins the implementation of state-of-the-art technology and systems as part of $47 million capital infusion for technology, infrastructure, equipment, and system upgrades.
- Verity Health and Prime Healthcare value the heroic work of staff and engaged in good faith negotiations with all unions.
LOS ANGELES (June 1, 2020) – Prime Healthcare and Verity Health today highlighted their continued efforts to preserve the legacy and health care mission of St. Francis Medical Center. Since Prime was chosen as the top bidder by the U.S. Bankruptcy Court, millions of dollars have already been invested in state-of-the-art technology improvements—reflecting a commitment to preserving access to care and improving quality for Lynwood and surrounding Los Angeles communities.
Prime, which has earned a national reputation for turning around financially struggling hospitals and saving their community missions, had the highest and best bid approved for St. Francis, in Lynwood, CA., by the U.S. Bankruptcy Court for the Central District of California, with an offer of net consideration in excess of $350 million and also provides for $47 million in much-needed capital improvements.
As part of its asset purchase agreement, Prime has committed to meeting and exceeding mandates for access and services, including maintaining all essential care, trauma care, and community benefit programs, while continuing St. Francis’s important mission of service. In addition, Prime plans to expand service lines based on community needs. As part of the transition, Prime has already begun executing on its commitment to capital investment by installing best-in-class technology and systems such as Epic, as an integrated electronic medical record, Omnicell systems for automated medication dispensing and new interventional radiology and cardiology capability, all of which will serve to improve quality and the patient and caregiver experience at St. Francis.
As one of the nation’s leading hospital systems serving 2.6 million patients annually, Prime is committed to quality and patient-centered care, earning numerous awards time and time again. Prime has been named a Top 10 Health System by IBM Watson Health and its hospitals have also been named among the nation’s best as “100 Top hospitals” more than 45 times.
“Prime’s bid to purchase St. Francis not only ensures St. Francis is able to continue its longstanding legacy of care but will also provide enormous economic and public health benefits to the people of Los Angeles County,” says Rich Adcock, Verity Health CEO. “Given Verity’s ongoing operating losses of nearly $450,000 daily and the uncertain operating environments associated with this pandemic, the importance of St. Francis being sold to a stable operator cannot be understated. Prime has also already demonstrated a level of unique and exceptional talent and dedication to the St. Francis mission which will provide stability.”
Prime’s offer provides a net consideration of over $350 million. Prime has committed to invest $47 million in capital improvements and has agreed to let Verity keep over $100 million in estimated Medicaid Quality Assurance Fee payments. Prime has committed to extending offers of employment to substantially all of the hospital’s current staff and offers an increase in salaries for many members. Prime and Verity have been engaged in good faith negotiations with key unions to reach new collective bargaining agreements that will ensure operational stability. Prime employs nearly 40,000 staff and physicians, including more than 10,000 in California alone.
“Prime’s mission of saving hospitals to save lives has never been more important and we value the heroic and incredible work of staff, physicians and nurses at St. Francis,” says Sunny Bhatia, MD, Prime Healthcare CEO (California) and Corporate Chief Medical Officer. “We recognize the critical role St. Francis plays in its community. Prime has had the opportunity to witness the unique spirit of St. Francis and is committed to preserving it and ensuring an even brighter future.”
The acquisition of St. Francis is occurring at a critical time. As one of Southern California’s key safety-net hospitals, St. Francis is essential to providing care to the community, especially during the ongoing battle against the spread of COVID-19.
About Prime Healthcare
Prime is one of the nation’s leading health systems with 45 hospitals in 14 states across the country. Prime serves over 600 communities, employs 40,000 staff, and provides 2.6 million patient visits annually. In California alone, Prime operates 15 hospitals, employs more than 10,000 people, and serves tens of thousands of patients annually. Prime is nationally recognized for award-winning quality care and has been named a Top 10 and Top 15 Health System by IBM Watson. Its hospitals have also been named among the nation’s best as ”100 Top hospitals” more than 45 times and have received more Patient Safety Excellence Awards from Healthgrades than any other health system in the past four years.
About Verity Health System
Verity Health System operates St. Francis Medical Center in Los Angeles County, as well as Seton Medical Center and Seton Coastside, both in San Mateo County. Verity previously owned and operated several California-based hospitals including O’Connor Hospital in San Jose, St. Louise Regional Hospital in Gilroy, and St. Vincent Medical Center in Los Angeles County.
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Prime Media Contact:
Elizabeth Nikels
[email protected] / 909-235-4305
Verity Media Contact:
Jenny Kantor
Prime Healthcare announced today that 36 of its hospitals in 13 states are recipients of the Healthgrades 2020 Patient Safety Excellence AwardTM.
With this recognition, Prime Healthcare has more Patient Safety Excellence Award recipients for five consecutive years (2016-2020) than any other health system in the country.The distinction places 26 of Prime Healthcare’s hospitals in the top 5% and 10 others in the top 10% of all acute care hospitals reporting patient safety data as evaluated by Healthgrades, a leading resource connecting consumers, physicians, and health systems.“The need for hospitals to provide a safe environment for all patients is more important than ever.
We commend Prime Healthcare and its hospitals for their success in providing quality care and supporting their local communities across the country,” said Rob Draughon, CEO, Healthgrades.“Providing exceptional care and ensuring patient safety is at the core of our mission and has been especially critical during this pandemic.
We are grateful that nearly all our hospitals were honored by Healthgrades,” said Sunny Bhatia, MD, CEO of Region I and Corporate Chief Medical Officer for Prime Healthcare.
“This recognition is a testament to the commitment of Prime Healthcare, its clinicians and staff to delivering quality care with exceptional outcomes for our patients.”During the study period (2016 through 2018), Healthgrades 2020 Patient Safety Excellence Award recipient hospitals demonstrated excellent performance in safeguarding patients in the Medicare population, as measured by objective outcomes—risk-adjusted patient safety indicator (PSI) rates—for 13 PSIs defined by the Agency for Healthcare Research and Quality (AHRQ).
A 14th PSI included in the evaluation is “Foreign Objects Left in Body During a Surgery or Procedure,” which is a “never” event and does not have an expected rate.Healthgrades found that patients treated in hospitals receiving the Patient Safety Excellence Award were, on average*:48.3% less likely to experience a collapsed lung due to a procedure or surgery in or around the chest, than patients treated at non-recipient hospitals.54.4% less likely to experience a hip fracture following surgery, than patients treated at non-recipient hospitals.66.8% less likely to experience pressure sores or bed sores acquired in the hospital, than patients treated at non-recipient hospitals.63% less likely to experience catheter-related bloodstream infections acquired at the hospital, than patients treated at non- recipient hospitals.In addition, if all hospitals in the country performed at the level of award recipients for each of the 13 patient safety indicators, 110,864 patient safety events could have been avoided.
Prime Healthcare scored a key victory in its breach of contract lawsuit with Humana, which allegedly underpaid or denied payment for services provided to Medicare Advantage beneficiaries.
The Global PVC Window Profile Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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The Global Polyvinyl Alcohol Fibers Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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According to a research report "Cognitive Assessment and Training Market by Assessment Type (Pen- and Paper-Based, Hosted, Biometrics), Component, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the cognitive assessment and training market size is expected to grow from USD 1.98 Billion in 2016 to USD 8.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3%.Browse 63 market data tables and 47 figures spread through 150 pages and in-depth TOC on "Cognitive Assessment and Training Market - Global Forecast to 2021"The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology.
The growing market for cognitive solutions and increasing demand for brain training by next-generation tech-savvy population are contributing to the growth of the cognitive assessment and training market.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1039Clinical trials in terms of application is expected to hold the largest market share in the cognitive assessment and training market during the forecast periodClinical trials are mainly used to identify, measure, or monitor cognitive impairments and cognitive changes.
The assessment of cognitive functions is an integral part of decision-making during clinical drug development, as certain drugs can have an impact on the cognitive capabilities of the brain.
The market is expected to contribute the highest revenue for vendors offering clinical trials.Education vertical is expected to grow at the highest CAGR in the marketCognitive assessment solutions and services are used in the education vertical for screening prospective candidates for schools or colleges.
The leading cognitive assessment and training vendors for this vertical are Pearson Assessment and CogniFit.North America is expected to contribute to the largest market share and Asia-Pacific to grow at the highest CAGRNorth America is expected to hold the largest market share and to dominate the cognitive assessment and training market from 2016 to 2021, due to the increasing awareness among population about adopting medication for cognitive diseases.
The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
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