Tenet deal in St. Louis OK'd. The Missouri attorney general's office last week approved Santa Barbara, Calif.-based Tenet Healthcare Corp.'s $133.5 million acquisition of Deaconess-Incarnate Word Health System in St. Louis. The two sides had entered a tentative sales agreement in January (Jan. 27, p. 14). Deaconess operates three hospitals, two skilled-nursing facilities, a network of clinics and one of the area's largest hospital-owned physician groups. The sale is scheduled to close this week.
Nev. hospital to build facility. St. Rose Dominican Hospital, a 102-bed acute-care facility in Henderson, Nev., operated by Catholic Healthcare West, said last week that it plans to construct a 300-bed facility eight miles west of its campus. It is expected to open in 1999. A price tag for the project was not immediately announced. St. Rose Dominican's admissions have jumped 77% since 1993, officials said, and it could no longer handle the exploding volume alone. In addition to the new facility, St. Rose will undergo a $25 million renovation, the hospital said.
Anspaugh new HFMA chairman. Ronald D. Anspaugh will be installed as chairman of the Healthcare Financial Management Association at the trade group's annual national institute in Orlando, Fla., this week. Anspaugh will join Price Waterhouse's Atlanta office as director of patient financial services on July 1. Most recently, he served as vice president with Alpharetta, Ga.-based Healthcare Management Advisors. Previously, he also was director of patient accounts and admission services for St. Joseph's Hospital in Parkersburg, W.Va. Anspaugh has been an HFMA member since 1979, serving as a member of National Matrix from 1989 to 1990.
Coram adopts stockholder rights pact. Denver-based Coram Healthcare last week adopted a stockholder rights agreement. The agreement essentially allows Coram stockholders to purchase shares in a newly created series of preferred stock in the event a person or group attempts to acquire the company without the board's approval. The rights will be distributed to Coram stockholders on July 9 as a nontaxable dividend. Coram said the agreement "is not in response to, and the company is not aware of, any takeover attempt directed at the company." Coram, a provider of home intravenous therapies, recently received $21 million in breakup fees from Owings Mills, Md.-based Integrated Health Services, which terminated its merger agreement with the company in April.
IHS acquires three companies. Owings Mills, Md.-based Integrated Health Services last week acquired two home-care companies and a contract rehabilitation company in an effort to expand its post-acute services network. Terms of the acquisitions were not disclosed. IHS acquired the home-care operations of Deerfield Beach, Fla.-based Health Care Industries, which provides services to more than 40 retirement communities and expects 1997 revenues of $5 million; Fort Wayne, Ind.-based Nursing Connection, a home-care company with expected 1997 revenues of $2 million; and Minneapolis-based Rehab Dynamics, which projects 1997 revenues of $25 million. IHS operates more than 1,000 post-acute service centers in 41 states.
Cigna completes Healthsource bid. Philadelphia-based Cigna Corp. last week completed its $21.75-per-share cash tender offer for the outstanding common stock of Healthsource, a Hooksett, N.H.-based HMO. Cigna agreed in February to purchase Healthsource for $1.7 billion, including the repayment of $250 million in Healthsource debt. Cigna said it expects to complete the merger "promptly." Cigna now operates HMOs in 30 states with total enrollment of 5.4 million in addition to its indemnity insurance business.