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April 30, 2016 01:00 AM

Community Health Systems spins off Quorum unit

Modern Healthcare
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  • Community Health Systems has completed its spinoff of 38 hospitals into a separate, independent company, Quorum Health Corp. Quorum begins trading to the general public on Monday under the symbol QHC.

    CHS said it will use the $1.2 billion it gained in net proceeds to pay off some of its debt and for expenses incurred from the spinoff. Even after the divestiture, Franklin, Tenn.-based CHS remains one of the nation’s three largest hospital companies with 160 hospitals in 22 states. The hospitals taken over by Quorum are predominantly small and rural.

  • Abbott Laboratories will buy St. Jude Medical for $19.3 billion. The cash-stock deal aims to strengthen the medical-device maker’s stake in cardiovascular care. Abbott expects the combined company to compete in nearly every area of the specialty. It noted that the acquisition will blend St. Jude’s heart-failure devices and cardiac rhythm-management business with Abbott’s coronary intervention and transcatheter mitral-repair products. Abbott said St. Jude shareholders will receive $46.75 in cash and a portion of Abbott stock for each St. Jude share. The deal’s value totals $25 billion based on Abbott’s recent stock price and assuming about $5.7 billion in St. Jude debt. Abbott said the boards of both companies have approved the deal, which is expected to close in the fourth quarter if approved by regulators and St. Jude shareholders.

  • Senate Finance Committee members from both parties told the CMS not to go forward with a Medicare Part B initiative that would change how hospitals and doctors are reimbursed for outpatient drugs. The five-year pilot program from the Center for Medicare and Medicaid Innovation would, starting this year, decrease the percentage of a drug’s average sales price paid to providers from 6% to 2.5% while adding a flat payment of $16.80 per drug a day. The program would later include other options for value-based drug payments. Senate Republicans said the rule would hurt patient care and that the CMS did not consult with outside experts. Democrats said the model is too complex to implement without more research and added provisions to protect consumers.
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    • News
      • Current News
      • Providers
      • Insurance
      • Digital Health
      • Government
      • Finance
      • Technology
      • Safety & Quality
      • Transformation
        • Patients
        • Operations
        • Care Delivery
        • Payment
      • People
      • Regional News
        • Midwest
        • Northeast
        • South
        • West
      • Digital Edition (Web Version)
    • Unwell in America
    • Opinion
      • Bold Moves
      • Breaking Bias
      • Commentaries
      • Letters
      • Vital Signs Blog
      • From the Editor
    • Events & Awards
      • Awards
        • Nominate/Eligibility
        • 100 Most Influential People
        • 50 Most Influential Clinical Executives
        • Best Places to Work in Healthcare
        • Excellence in Governance
        • Health Care Hall of Fame
        • Healthcare Marketing Impact Awards
        • Top 25 Emerging Leaders
        • Top 25 Innovators
        • Diversity in Healthcare
          • - Luminaries
          • - Top 25 Diversity Leaders
          • - Leaders to Watch
        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
        • Digital Health Transformation Summit
        • ESG: The Implementation Imperative Summit
        • Leadership Symposium
        • Social Determinants of Health Symposium
        • Women Leaders in Healthcare Conference
      • Galas
        • Best Places to Work Awards Gala
        • Health Care Hall of Fame Gala
        • Top 25 Diversity Leaders Gala
        • Top 25 Women Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Hospital at Home
        • - Workplace of the Future
        • - Digital Health
        • - Future of Staffing
        • - Hospital of the Future (Fall)
      • Webinars
    • Multimedia
      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
      • Video Series - The Check Up
      • Sponsored Video Series - One on One
    • Data Center
      • Data Center Home
      • Hospital Financials
      • Staffing & Compensation
      • Quality & Safety
      • Mergers & Acquisitions
      • Data Archive
      • Resource Guide: By the Numbers
      • Surveys
      • Data Points
    • MORE+
      • Contact Us
      • Advertise
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