BRIDGEPORT: A report late Thursday, February 23 in the Connecticut Post revealed that management at Bridgeport’s St. Vincent's Hospital has told employees that a merger or sale of the hospital was possible.
No official actions have been filed with the state, but employees were given a heads up last week at employee, management “town hall” meetings.
According to the Post, Dianne Auger, senior vice president and chief strategy officer at the hospital and president and CEO of the St. Vincent’s Medical Center Foundation, told employees, “we are exploring a variety of strategic options for St. Vincent’s.”
The St. Vincent's Medical Center is a 473-bed acute care Catholic hospital in Bridgeport, and with 3,700 hundred employees, it is the city’s largest employer.
New Haven’s former Catholic Hospital, Saint Raphael’s was purchased by the Yale New Haven Health System in 2012. The Yale system owns the 425 bed 2,300 employee Bridgeport Hospital.
Officials at Yale would not comment on any discussion they may have had with St. Vincent’s.
In September the state of Connecticut gave the go ahead for Yale’s purchase of New London’s Lawrence+Memorial Hospital, after Governor Dannell Malloy relented having previously declared a “moratorium” on hospital mergers.
In addition to Yale there are at least three potential suitors for St. Vincent’s.
Trinity Health New England, the Catholic hospital group includes Hartford’s Saint Francis Hospital, Waterbury’s Saint Mary’s, Mercy Medical Center in Springfield Mass., and Johnson Memorial Hospital in Stafford Springs. Trinity Health, New England is part of the larger Trinity Health, one of the largest multi-institutional Catholic health care delivery systems in the nation. It serves communities in 22 states with 92 hospitals. Based in Livonia, Mich., it has annual operating revenues of $15.9 billion and assets of $23.4 billion.
Another possible purchaser is the Hartford Healthcare System which includes; Hartford Hospital, the Hospital of Central Connecticut in New Britain, Backus Hospital in Norwich, Windham Hospital, and Mid State Medical in Meriden.
Prospect Medical Group is a private for profit company that owns or operates 21 hospitals, as well as 140 clinics and outpatient centers. In October, 2016 it purchased the Waterbury Hospital, the Eastern Connecticut Health Network, including Rockville General Hospital and Manchester Memorial Hospital in a transaction totaling $335 million.
The Connecticut Post report can be found at this link:
By, Mitchell Young
NEW HAVEN: When a company reports organic revenue growth of 18.6% year over year, hats typically get tipped to the company, all over Wall Street.
New Haven’s Alexion Pharmaceuticals [ NASDAQ: ALXN] did just that and more, its fourth quarter income was up substantially, from $67 million to $93 million. That’s real money, in anyone’s book, but there remain Alexion doubters still.
Only a couple of months back the company parted ways with its CEO David Hallal and CFO Vikhas Sinha and installed an interim CEO, David Brennan a board member and former CEO of Astra Zeneca.
Inbox Health a Connecticut start up says they can help health care prodivers, from very small practices to large health care systems better control their patient billing, insurance management and the patient office experience. Inbox provide a HIPPA compliant software system and online portal that can be utilized even at very low costs. The company provide a three users model for as little as $79 per month and even has a pay as you go model for smaller practices.
Currently located in Bridgeport, the company is getting ready to move to New Haven in early Spring. Inbox has raised $2.5 million of capital including a recent seed round of $1.5 million. The new investment was led by Connecticut Innovations [CII] which had invested in a still earlier seed stage and a diverse group of seed investors.
|Hartford HealthCare CEO Elliot Joseph: "this will raise the cost of health care for all our state’s residents and businesses.”|
HARTFORD: Gov. Dannel P. Malloy is proposing that cities and towns be allowed to levy a property tax on nonprofit hospitals, and would offset their liabilities with new state and federal funding. But hospitals blasted the concept, calling it “a dangerous precedent.”
The governor’s plan also would cut an $11.8 million fund that has provided money to small, independent hospitals. And it would restore the administration’s ability to unilaterally cut more than $120 million in funding to hospitals if the state faces a budget shortfall.
The Yale New Haven Health System, which includes four nonprofit hospitals in Connecticut, cited “grave concerns” about the property tax proposal, while the Connecticut Hospital Association [CHA] called it “a direct attack on the fabric of our communities.” Hartford HealthCare, the parent company of five nonprofit hospitals, said the property-tax proposal could cost it $52 million per year.
“In addition to being patently unfair, this will raise the cost of health care for all our state’s residents and businesses,” CEO Elliot Joseph said in a statement.
By, Arielle Levin Becker
With the potential for major changes in federal health care policy looming, hospital leaders are watching closely, worried especially that cuts to Medicaid could bring a big financial hit and that a repeal of Obamacare could raise the number of uninsured Connecticut residents.
Borgstrom: “I worry that we’re going to go back to growing the number of people who just come in and don’t have any insurance.
Barnes: “Hospitals think that we’ve been underfunding them for the last few years anyways.”
“With all of the uncertainty that is coming out of Washington now, we’re obviously very concerned,” said Dr. Rocco Orlando, senior vice president and chief medical officer at Hartford HealthCare, the parent company of Hartford, Backus and Windham hospitals, The Hospital of Central Connecticut, and MidState Medical Center.
In contingency planning, Hartford HealthCare’s worst-case scenario involves Medicaid: the possibility that the federal government will shift from its open-ended funding approach to giving the state a lump-sum of money – and reduce funding by 25 percent.
Hospital leaders also worry about the effects of repealing Obamacare – a top agenda item for President-elect Donald J. Trump and Congressional Republicans.
HARTFORD: St. Francis Hospital and Medical Center’s medical marijuana research program has been approved by the state. The hospital say’s its research goal is “to compare the effectiveness of medical marijuana versus oxycodone in patients with post traumatic acute, subacute and chronic pain from multiple rib fractures.”
Consumer Protection Commissioner Jonathan A. Harris released a statement saying, “Our medical marijuana program has already given nearly 15,000 patients relief from severe debilitating conditions, and these research programs will provide medical professionals the information they need to help their patients make good health care decisions.”
Connecticut companies may want to move down South to save on electricity and wage costs, but according to the 2016 report by the United Health Foundation, communities with low incomes and poor public support have the most unhealthy citizens.
According to the survey, the unhealthiest states in the country all are in the southeast US.
For the 27th year in a row, UHF has ranked America’s states, incorporating data on factors including smoking, obesity, cardiovascular disease, air pollution, poverty and health outcomes.