News on Nashville's Health Care Industry |
{daily nashville health care news compiled by the nashville health care council} |
11.17.2004
Nashville Healthcare Leaders Visit Hungary and the Czech Republic (Nashville Medical News, 11.2004)
The Eastern European nations of Hungary and the Czech Republic are "ultimately trying to attract more private-sector involvement in healthcare on both the payer and the provider side," explains Matthew Gallivan, president of the Nashville Health Care Council. That's one reason why the council's fifth international trade mission Sept. 26 through Oct. 1 was to Budapest and Prague. Cosponsored by the Nashville Area Chamber of Commerce, the mission was an opportunity for Nashville-area business executives and professionals who serve the healthcare industry to scope out entrepreneurial opportunities and partnership prospects. Beeman leads Saint Thomas again (The Tennessean, 11.17.2004) When Tom Beeman stepped into the president's office at Saint Thomas Hospital yesterday, he was on familiar ground. Beeman was president and chief executive officer of the Nashville hospital from November 1999 to January 2002. Yesterday, he became the facility's president again, replacing Dr. Deborah German, who stepped down after holding the hospital's top post for two years. Related coverage Hospital chief steps down (Nashville City Paper, 11.17.2004) German steps down at Saint Thomas, Beeman fills in (NashvillePost.com, 11.16.2004 - subscription required) Psychiatric Solutions' stock increases 4% (The Tennessean, 11.17.2004) Franklin-based Psychiatric Solutions Inc.'s stock jumped nearly 4% yesterday after the company said it expects 2005 earnings to get a boost from a revised federal system governing how inpatient psychiatric hospitals are paid under Medicare. Revenues rise 26.3% at Iasis Healthcare (The Tennessean, 11.17.2004) Iasis Healthcare reported that net revenues for the quarter ended Sept. 30 were $357.7 million, a 26.3% increase over the $283.2 million reported in the same quarter a year earlier. Beecher Carlson taps Willis exec to lead new local office (NashvillePost.com, 11.16.2004 - subscription required) Atlanta-based Beecher Carlson Holdings, a global insurance firm, recently announced hired two executives to head its new Nashville office. TENNCARE TennCare talks 'anxious,' 'unsettling' (The Tennessean, 11.17.2004) Governor Puts TennCare on Life Support (Nashville Medical News, 11.2004) OUR INDUSTRY Vandy study: More nurses on the job, but is it enough? (Nashville Business Journal, 11.17.2004) With about 200,000 more registered nurses added to the job market since 2001, nursing as a profession is a growth area. But such gains are a drop in the bucket when it comes to filling what experts say is a growing shortage. Related coverage Nursing shortage eases with higher pay and a weak labor market (Wall Street Journal, 11.17.2004 - subscription required) Nashville Accounting Firms Answer Growing Healthcare Client Needs (Nashville Medical News, 11.2004) Smart heart patients turn to cardiologists for help. But when physicians need fiscal help, not all of them turn to a professional accountant with healthcare know-how. Experts at Nashville-area accounting and consulting firms say that's a mistake because today's medical business environment is so complex. Greg Eli, accounting and assurance partner with Brentwood-based Lattimore Black Morgan & Cain, says LBMC's growth is a direct reflection of the growing needs of the clients, both physicians and institutions. "What we were finding was that, while we were able to provide traditional accounting, tax and consulting services, we weren't necessarily able to provide some of the unique consulting services that a lot of these healthcare providers were looking for," he says. Thus LMBC founded a separate Healthcare Group in 2000 to meet the demand for higher-level assistance. 11.16.2004
Iasis pays for investment deal with year-end loss (Modern Healthcare, 11.16.2004)
Iasis Healthcare, Franklin, Tenn., said profits increased in its fourth quarter ended Sept. 30, but the company reported a loss for the year largely because of costs incurred in Texas Pacific Group's $1.4 billion acquisition of a majority stake in Iasis in May. GTCR invests in NewQuest Health (NashvillePost.com, 11.16.2004) NewQuest Health Solutions, a Nashville-based operator of commercial and Medicare health plans, has taken on a new investor. GTCR Golder Rauner said that it has committed capital to New Quest to further the company’s expansion here, in Texas and Alabama, as well as in such new markets as Mississippi and Illinois. Related coverage GTCR Announces Agreement to Invest in NewQuest Health Solutions (Onlypunjab.com - India, 11.16.2004) NewQuest signs funding agreement with Chicago firm (Nashville Business Journal, 11.16.2004) Nashville device maker pushes for FDA approval and release in 2005 (Nashville Business Journal via HealthLeaders, 11.15.2004) A Nashville-based company that makes external devices to monitor cardiac output and pulse has raised $3.75 million in early-round funding from local and national investors to fund the business, as it seeks U.S. approval to begin mass production in 2005. Led by Nashville healthcare veteran Bob Vraciu, Woolsthorpe Technologies plans to submit its application to the FDA in February, meaning its FloWave 1000 could hit the market by June under a fast-track approval process. Symbion Provides Guidance for 2005; Signals Strong Growth (Business Wire, 211.15.2004) Symbion, Inc. (NASDAQ/NM:SMBI), an owner and operator of surgery centers, today provided financial guidance for 2005. The Company announced that it expects to achieve revenues for 2005 in the range of $245 million to $249 million and earnings per share in the range of $0.78 to $0.80. Same store net patient service revenue growth for the year 2005 is expected to be 5% to 8% over 2004. In addition to financial guidance, the Company expects to make three to four acquisitions and add three to four de novo facilities in 2005. Related coverage Symbion expects earnings jump in 2005 (Nashville Business Journal, 11.16.2004) CMS ruling means boon for Psychiatric Solutions (Nashville Business Journal, 11.16.2004) Franklin-based Psychiatric Solutions Inc. has increased its earnings guidance for 2005, based on a ruling from the Centers for Medicare and Medicaid Services (CMS) that establishes a per diem prospective payment system for inpatient psychiatric hospitals. TENNCARE Advocates' concessions keep TennCare on table (Tennessean, 11.16.2004) TennCare advocates offer olive branch to save program (Nashville Business Journal, 11.16.2004) TennCare gets new chance for survival (Nashville City Paper, 11.16.2004) 11.15.2004
Symbion buys 50% of Surgery Center (Tennessean, 11.13.2004)
Nashville-based Symbion Inc. said yesterday it has acquired a 50% interest in The Surgery Center of Kirkwood, Mo., a multispecialty surgery center in suburban St. Louis. Related coverage Symbion Adds Center in Missouri (Business Wire, 11.12.2004) Iasis closes year on Q4 high note (Nashville Business Journal, 11.15.2004) Franklin-based Iasis Healthcare continued to pick up momentum in the final quarter of its fiscal year ended Sept. 30. Henry Ross named to Aegis board (Nashville Business Journal, 11.15.2004) Henry Ross, chief operating officer of Nashville-based Aegis, has been elected to the company's board of directors. Uninsured lawsuits filed (Nashville City Paper, 11.15.2004) In what is becoming a growing trend in health care litigation, uninsured patients are suing Brentwood-based Community Health Systems Inc. (CHS).The class action suit, filed in August in Barbour County Circuit Court against Lakeview Community Hospital of Eufaula, Ala., and its parent company CHS, accuses the hospital company of overcharging the uninsured. CMS changes lift local health care stocks (MSNBC, Nashville Business Journal, 11.15.2004) It doesn't sound like a lot, but the market sure seems to like 3.3 percent. Shares of several Nashville health care providers have risen sharply since the Centers for Medicare & Medicaid Services announced Nov. 3 that Medicare reimbursements will rise by that amount next year. Changing market saps health of hospital stocks (Tennessean, 11.14.2004) Health insurance with high deductibles and other large out-of-pocket expenses for patients is becoming the norm as insurers and businesses try to hold down the cost of providing medical coverage, but the trend could spell trouble for hospital profits, and before long, their stocks. Governor to shed light on TennCare (Tennessean, 11.15.2004) Bredesen to give major speech today; some ask if switch would save money Gov. Phil Bredesen is poised to deliver a major speech on TennCare today as time ticks down to tomorrow's deadline to reach a compromise to save the health insurance plan for the state's indigent and uninsurable. Aides to the governor said late last week that he will deliver a major speech on TennCare and education at the Tennessee School Boards Association annual convention this morning at Gaylord Opryland Resort & Convention Center. Advocates to ask for moratorium (Nashville City Paper, 11.15.2004) The Tennessee Justice Center, which represents some 1.3 million citizens currently on the state’s troubled TennCare insurance program, backed down Monday from several court settlements Gov. Phil Bredesen insists could ultimately kill the program. Related coverage TennCare legal battle costly (Nashville City Paper, 11.15.2004) Nashville Cares files emergency TennCare motion (NashvillePost.com, subscription required, 11.12.2004) McWherter predicts the Legislature will get involved in the TennCare dilemma. (WATE6.Knoxville, 11.14.2004) No easy choices involving TennCare (Knoxville News Sentinel, subscription, 11.13.2004) TennCare advocates back off court wins in effort to save program (WMCTV-Memphis, 11.15.2004) TennCare money could fund pre-K program, governor says (Tennessean, 11.15.2004) Tennessee could begin funding a universal public pre-K program if it dipped into projected savings from a scaled-down TennCare, Gov. Phil Bredesen told members of the Tennessee School Boards Association at their annual convention this morning. 5 local companies make Forbes list (Tennessean, 11.13.2004) Five Nashville-area companies made the Forbes 2004 list of the nation's biggest private companies. Ingram Industries was No. 101 with just under $2.2 billion in estimated sales and 6,730 employees. It has interests in book wholesaling (Ingram Book Group), inland marine transportation (Ingram Marine Group), insurance (Ingram Insurance Group) and digital fulfillment services (Lightning Source). Others were: Vanguard Health Systems, No. 143, with nearly $1.8 billion in revenue and 14,247 employees; Ardent Healthcare Services, No. 207, with $1.3 billion in revenue and 10,100 employees; Iasis Healthcare, No. 263, with almost $1.1 billion in revenue and 8,200 employees; and Ingram Entertainment Holdings, No. 284, with $1.03 billion in revenue and 962 employees. Iasis signed a deal to be acquired by the Texas Pacific investor group for $1.4 billion this summer. Related coverage 5 Nashville companies on Forbes biggest private companies list (NashvillePost.com, subscription required, 11.12.2004) HHS seeks comments on proposed national IT network (Modern Healthcare, 11.15.2004) HHS is seeking public comment through Jan. 18 to further develop its proposal for a national health information network for moving electronic information among providers, patients and payers. Among the questions being asked are: Who should pay for building and operating the network? How should privacy and security be maintained? What kind of financial incentives should be offered? The health information network was proposed by David Brailer, HHS' national IT coordinator, in a July report to President Bush. Read the report. Read the request for information. UPS buys distribution facility on old speedway site (MSNBC, 11.15.2004) A subsidiary of United Parcel Service Inc. has bought the first building of a developing industrial park at the old Louisville Motor Speedway site and plans to use the facility to receive, store and distribute pharmaceuticals and medical devices. Caremark Rx to Present at the Credit Suisse First Boston Healthcare Conference (BUSINESS WIRE, 11.15.2004) Caremark Rx, Inc. (NYSE:CMX) today announced its intention to present at the upcoming Credit Suisse First Boston Healthcare Conference. The presentation is scheduled for Wednesday, November 17, 2004, at the Arizona Biltmore Hotel in Phoenix. An audio presentation will be broadcast live via the Internet.  |