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Universal Health Services

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BUSINESS
February 14, 1987 | By Gilbert M. Gaul, Inquirer Staff Writer
Battered by a downturn in business and high costs associated with the opening of several facilities, Universal Health Services Inc. reported yesterday that it lost more than $15 million in the fourth quarter. The hospital-management company, based in King of Prussia, also said that profits for the year fell more than 90 percent, with earnings per share declining to the lowest level in seven years. Joseph Gaynor, Universal's treasurer and senior vice president, said that the company experienced an extraordinary loss of $10.7 million in the fourth quarter as a result of its decision to sell certain securities and a loss of $2 million from joint ventures with another hospital-management company and Maxicare Health Plans Inc. Maxicare and Universal operate an HMO in Las Vegas, Nev. Gaynor also attributed the company's lower earnings to increased capital expenditures and negative business trends that affected all for-profit hospital chains.
BUSINESS
June 16, 2011 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
BUSINESS
May 29, 1995 | By John J. Fried, INQUIRER STAFF WRITER
Washington wants to cut Medicare, a munificent source of revenues for many hospitals. Private insurers, trying to control costs, are fostering bidding wars among hospitals. Hospitals, hoping for bargaining leverage, are forming medical alliances that make Balkan politics look childlike. But as spring blossoms, it's his itching eyes and sneezing that are putting Alan B. Miller, president of Universal Health Services Inc.(UHS), on edge, forcing him to reach more often for paper tissues than for paperwork.
BUSINESS
October 19, 2001 | By Josh Goldstein INQUIRER STAFF WRITER
Universal Health Services Inc., of King of Prussia, one of the largest for-profit hospital chains in the nation, has signed a letter of intent to acquire its first community hospital in this region. Universal said it expected to reach a definitive agreement with North Penn Hospital, a 150-bed acute-care facility in Hatfield Township, today or early next week. Universal, which owns four psychiatric hospitals in the Philadelphia region, anticipates getting the necessary regulatory and court approvals by the end of the year.
BUSINESS
July 20, 1999 | By Josh Goldstein, INQUIRER STAFF WRITER
At a time when hospitals and health systems in the Philadelphia area and across the nation are struggling financially, King of Prussia-based Universal Health Services continues to grow steadily and to meet analysts' expectations. Universal is the third-largest for-profit hospital operator in the United States - behind Columbia/HCA Healthcare Corp. and Tenet Healthcare Corp. Founded in 1978, Universal has grown from a fledgling firm with a single management contract for a hospital in Waupun, Wis., into a Fortune 600 company with income of nearly $80 million on net revenue of $1.9 billion last year.
BUSINESS
September 28, 1999 | By Karl Stark, INQUIRER STAFF WRITER
Alan B. Miller likes to speak in military metaphors when he describes the challenges of conducting business in health care. There's no power on Earth that can prevent a Marine regiment from going where it wants to go, said Miller, chief executive officer of Universal Health Services, which owns and operates hospitals and other health-care facilities. Likewise, if people believe in what they're doing and see a chance to win, there's no limit to what they can do. Miller's call to arms resonates in an industry that has been thrust into the line of fire.
BUSINESS
July 6, 1997 | By Andrea Gerlin, INQUIRER STAFF WRITER
Phillip Schaengold surveys a laminated map on the wall of his modest office at George Washington University Hospital. The 2-by-3-foot street map is crowded with multicolored pins. Each flags a competitor's hospital used by local residents. It would be a slight exaggeration to say that Schaengold, who was recently hired by Universal Health Services Inc. of King of Prussia to run the 501-bed teaching hospital, is preparing for war. But the newly installed chief executive is getting ready to do battle.
BUSINESS
November 16, 2010 | By Stacey Burling, Inquirer Staff Writer
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.
NEWS
July 26, 2005 | By Virginia A. Smith and Shirley Wang INQUIRER STAFF WRITERS
Central Montgomery Medical Center in Lansdale has settled a case with the federal government over its alleged improper use of restraints on 91 patients over six months, including an elderly woman who apparently suffocated after she fell out of bed still attached by a vest restraint. While admitting no wrongdoing, the 125-bed hospital and its management company, Universal Health Services of Delaware Inc., have agreed to pay the government $200,000 and to hire an outside consultant to review how restraints are used.
NEWS
December 19, 2007 | By John Sullivan INQUIRER STAFF WRITER
The family of a Philadelphia teenager who was killed when staff at a Tennessee treatment center put him into a restraint hold sued the city yesterday, saying the child-welfare agency sent him there despite warnings that the facility was dangerous. The lawsuit, filed in federal court in Philadelphia, alleges that the city's Department of Human Services and a city-associated mental-health organization acted in "shocking disregard" for the safety of Omega Leach, 17, by not warning Family Court about the "manifestly unsafe and dangerous conditions" at the center.
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BUSINESS
April 2, 2015 | By Harold Brubaker, Inquirer Staff Writer
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.
BUSINESS
September 28, 2014 | By Harold Brubaker, Inquirer Staff Writer
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.
BUSINESS
November 1, 2013 | By Jane M. Von Bergen, Inquirer Staff Writer
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.
BUSINESS
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.
BUSINESS
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.
BUSINESS
June 5, 2012 | By Harold Brubaker and INQUIRER STAFF WRITER
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.
BUSINESS
June 16, 2011 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
BUSINESS
May 12, 2011 | By David Sell, Inquirer Staff Writer
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.
BUSINESS
November 16, 2010 | By Stacey Burling, Inquirer Staff Writer
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.
BUSINESS
May 18, 2010 | By Stacey Burling INQUIRER STAFF WRITER
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.
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