Hillenbrand Industries, Batesville, Ind., said it approved a plan to split its medical technology business, famous for hospital beds, from its equally dominant casketmaking business into two independent, publicly traded companies. Under the plan, Hill-Rom, the hospital bed business, would be spun out through a tax-free dividend of its shares to Hillenbrand shareholders. Meanwhile, Batesville Casket Co. would become the sole operating unit of Hillenbrand Industries and continue to be publicly traded under the Hillenbrand name. The split is expected to be completed within nine months pending regulatory and board approval as well as favorable market conditions, officials said.
The CMS hopes that by mid-2008 it will be able to provide reports to physicians on their use of resources, which can include the services they provide or services they order, such as laboratory work or diagnostic testing, Herb Kuhn, acting deputy administrator of the CMS, told reporters at a hearing of the House Ways and Means health subcommittee. In his testimony before the panel, Kuhn said the agency has been investigating ways to measure individual resource use that link quality to the provision of care for beneficiaries and which encourage physicians to focus on efficiency.
Iasis Healthcare Corp., Franklin, Tenn., said it has entered into a definitive agreement to acquire 50-bed Alliance Hospital, Odessa, Texas, for
$65.5 million. The hospital is across the street from 111-bed Odessa Regional Hospital, which is owned and operated by an Iasis subsidiary. Iasis said it expects to close the deal by June 30, subject to customary closing conditions, including federal antitrust review. Completing the purchase of Alliance Hospital would give Iasis two of the three acute-care hospitals in Odessa; 311-bed Medical Center Hospital would remain as a competitor.
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