November 13, 2014 |
Memorial Hospital of Salem County made New Jersey history when a major for-profit health-care system bought the struggling facility. The law was changed to clear the way for the 2002 purchase of the nonprofit hospital for $34 million by Community Health Systems. Lawmakers were optimistic Memorial would expand into a thriving health network in the region. But now, a dozen years later, the excitement has apparently waned and lawmakers are painting a dismal outlook for the hospital.
September 13, 2014 |
An unencrypted desktop computer containing personal information on 3,780 patients was stolen during a break-in at a Temple University physicians' office in late July, the university said in a statement Thursday. The computer, in the department of surgery, contained files with patient information that could be used for identity theft, including name, age, billing codes, and, in some cases, the name of the referring physician. The files did not contain Social Security numbers or financial data, according to the university.
August 22, 2014 |
Computer hackers traced to China stole personal data belonging to 4.5 million patients who used hospitals owned by Community Health Systems, which includes 20 hospitals in Pennsylvania and one in South Jersey. The stolen information included patient names, addresses, birth dates, and telephone and Social Security numbers, but not credit card or medical information, according to a report filed with the federal government by Community Health. "The company is providing appropriate notification to affected patients and regulatory agencies as required by law," the report said.
April 11, 2013 |
NEW YORK - Technology stocks roared back Wednesday, driving the Standard & Poor's 500 and Dow Jones industrial average to record highs. The industry has lagged the broader market this year but surged after the network-communication company Adtran reported earnings that were double what Wall Street analysts expected. That boosted optimism that businesses will increase spending on technology equipment. The chipmakers Micron and Intel jumped, as did other network-equipment makers such as Cisco and JDS Uniphase.
May 18, 2012 |
Profitability at hospitals in Philadelphia and its Pennsylvania suburbs improved slightly last year, but the revenue growth rate continued sliding, according to an annual report by the Pennsylvania Health Care Cost Containment Council to be released Thursday. The report, which is appearing as hospital interests are lobbying hard in Harrisburg to undo funding cuts proposed by Gov. Corbett in February, showed that the overall operating profit margin at 41 area for-profit and nonprofit hospitals edged up to 4.4 percent from 4.3 percent.
November 21, 2011
Theodore J. Forstmann, 71, a longtime Wall Street financier who was a major player during the wave of corporate takeovers in the 1980s, including the battle for RJR Nabisco, died of brain cancer Sunday, said a statement from the sports agency IMG. Mr. Forstmann was chairman and chief executive officer of IMG and senior founding partner of the investment firm Forstmann Little & Co. Forstmann Little bought IMG in 2004. Forstmann Little, which was founded in 1978, completed leveraged buyouts of companies including Dr Pepper, Yankee Candle, General Instrument, and Community Health Systems.
September 12, 2011 |
Shares of Tenet Healthcare Corp. sank Monday after the hospital operator said it expects 2011 earnings to be at the low end of its previously announced guidance, due in part to growth in Medicaid admissions, which offer relatively low reimbursement. THE SPARK: Tenet earlier said it expects adjusted earnings before interest, taxes, depreciation, and amortization to range between $1.17 billion and $1.27 billion. Tenet, which operates Hahnemann University Hospital and St. Christopher's Hospital for Children in Philadelphia, said Medicaid patient admissions made up 75 percent of its growth so far in the third quarter.
May 3, 2011 |
Is there a difference between "I won't sell" and "Pay me more"? Take Cephalon Inc. , which gave an emphatic "no" to a $5.7 billion takeover bid from Canada's aggressive Valeant Pharmaceuticals International last month. Frazer-based Cephalon insisted it had all the drugs and cash it needed to make the big time on its own. Then it turned around and accepted a $6.8 billion proposal from Israel-based Teva Pharmaceutical Industries Ltd. on Monday, even though the higher bid means more pressure to end programs and jobs.
April 21, 2011 |
Drexel University president John A. Fry won't help hospital chain Community Health Systems Inc. , where he's been a board member since 2004, in its effort to buy reluctant Tenet Healthcare Corp. , whose Hahnemann University Hospital is affiliated with Drexel's medical school. Fry "is recusing himself from participation in any discussions, deliberations, or decisions at CHS relating to Tenet and will continue to do so," Drexel spokeswoman Lori Doyle says.
April 19, 2011 |
NEW YORK - Hospital operator Community Health Systems Inc. on Monday revised its $3 billion offer for rival Tenet Healthcare Corp. to an all-cash bid. Community Health is now offering $6 per share in cash. In December, it had gone public with a bid of $5 per share in cash and $1 per share in stock. At the time, the offer was a premium of about 40 percent to the Dallas company's shares. But Tenet's board rejected that offer and adopted a "poison pill" measure to fend off the bid. In the region, Tenet owns Hahnemann Hospital and St. Christopher's Hospital for Children.