April 2, 2015 |
Individual hospitals in the behavioral health unit of Universal Health Services Inc. have long been dogged by federal investigations into their billing practices, but the King of Prussia company disclosed Tuesday in a regulatory filing that it was under criminal investigation at the corporate level. The Securities and Exchange Commission filing updated legal matters noted in UHS's Feb. 26 annual report. "UHS and its subsidiary facilities have cooperated with the investigating agencies and will continue to do so," the company said in a statement.
September 28, 2014 |
Universal Health Services Inc., of King of Prussia, paid $335 million for Cygnet Health Care Ltd., which owns 15 behavioral health facilities and two nursing homes in the United Kingdom, UHS said. Alan B. Miller, chairman and chief executive of UHS, called the deal an excellent opportunity. "Over 90 percent of the patients are National Health Service contracts," Miller said of Cygnet's customer base and referring to Britain's system of socialized medicine. "There's more," Miller said.
November 1, 2013 |
If there is any document that illustrates the dizzying interplay between government and the business of health care, it might be Tuesday's third-quarter financial report from Universal Health Services Inc. The King of Prussia-based company operates more than 210 behavioral-health and acute-care hospitals nationwide, so the expectation would be news about admissions and patient days. Instead, it's those numbers, complicated by millions of dollars in delayed government reimbursements to Universal's hospitals for care they provided to the poor Steve Filton, Universal's chief financial officer, said that the reimbursements relate to care for the uninsured who need hospital services, but have no money to pay for them.
January 15, 2013
Securities trades recently reported to the Securities and Exchange Commission by officers, directors and principal shareholders of corporations based or having sizable employment in the Philadelphia area. Titles are as reported to the SEC. Cigna Corp. John M. Murabito , officer, sold 6,250 shares at $53.91 on Jan. 2, and now directly holds 122,175 shares. Kulicke & Soffa Industries Inc. Brian R. Bachman , director, sold 6,825 shares at $12.22 on Jan. 2, and now indirectly holds 35,716 shares.
July 27, 2012
IN THE REGION Hospital operator reduces outlook Citing the sluggish economy and negative operating trends during the first six months of the year, Universal Health Services Inc. , a King of Prussia hospital operator, reduced its full-year outlook for earnings per share by a range of 2 percent to 3 percent. The company said it expected earnings per share to be in the range of $4.25 to $4.35, down from the range of $4.33 to $4.48. Universal Health's behavioral health facilities showed strong results, but operating margins at its acute-care hospitals were down in the first six months of the year.
June 5, 2012 |
Universal Health Services Inc., of King of Prussia, is pushing further into behavioral health, announcing Monday that it had agreed to pay $500 million in cash for Ascend Health Corp., which operates eight inpatient psychiatric hospitals and one substance-abuse treatment center. The planned acquisition, which includes facilities in Texas, Arizona, Utah, Oregon, and Washington, builds on Universal Health Services' $3.1 billion purchase of Psychiatric Solutions Inc. in November 2010.
June 16, 2011 |
Ex-U.S. Sen. Rick Santorum (R., Pa.) has quit his post as a member of the board of directors of Universal Health Services Inc. , the King of Prussia, for-profit hospital chain that relies on taxpayer-funded programs for more than one-third of its revenue, "as a result of his recent and formal announcement" that he's running for president of the United States, Universal said Wednesday. Santorum is stepping away from a post that paid him $168,000 in cash and stock last year for attending board and compensation committee meetings.
May 12, 2011 |
Alan B. Miller does not lack confidence. The chief executive officer of Universal Health Services Inc. sat in a conference room last week at the company's King of Prussia headquarters and was a bit surprised at the simple question of how his Fortune 500 company produced an operating margin of 18 percent last quarter. "Well," Miller sniffed, "we've been in business for 32 years and we've had a lot of good quarters. " Miller's company runs and builds hospitals, with efficiency and acquisition being the path to profitability.
November 16, 2010 |
Universal Health Services Inc., in King of Prussia, closed its $3.1 billion deal to buy rival Psychiatric Solutions Inc. on Monday. Universal Health Services said the purchase would make it a $7 billion company and the country's largest owner of freestanding inpatient psychiatric facilities. PSI is based in Franklin, Tenn. In a news release, Alan B. Miller, chief executive officer and chairman of UHS, called the deal "transformative" and said it "establishes an industry leader with the scale and scope to impact mental health issues at the national level.
May 18, 2010 |
In a $3.1 billion deal, Universal Health Services Inc., which is based in King of Prussia, is buying rival Psychiatric Solutions Inc., creating what it says is the nation's largest network of freestanding inpatient psychiatric facilities. "We believe this is a truly transformative transaction," Steve Filton, senior vice president and chief financial officer for UHS, said during a conference call with analysts Monday. The hospital management company had boosted its offer after private-equity firm Bain Capital L.L.C.