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Business Roundup: Tenet's Vanguard Buyout Raises Bar for Independent Hospitals

John Commins, for HealthLeaders Media, July 15, 2013

Glenview, HMA's largest shareholder, filed documents with the Securities and Exchange Commission calling for the replacement of its board of directors.

In the SEC filing, Glenview says, "…[W]e are setting forth a path that we believe creates the strongest future for HMA's patients, employees, and investors while minimizing the risk to each vital constituency. We suggest HMA shareholders consent to fully reconstitute the Board…"

Glenview recommended replacing the board with "highly qualified, independent, newly elected directors" which it dubbed the "Fresh Alternative."

Headquartered in Naples, FL, HMA operates 71 healthcare organizations in 15 states. The fight for control of the company comes as Reuters reports that rivals of HMA, including Community Health Systems, are discussing a potential deal to buy the $4 billion hospital operator.

Carolinas HealthCare System to Buy Stanly Health Services

The board of directors at Stanly Health Services has agreed to sell the Albemarle, NC-based health system to Carolinas HealthCare System after negotiating a deal that includes $70 million in upgrades and other investments over the next 12 years, the two systems announced.

If the deal is approved by state regulators and the Carolinas HealthCare board, the existing management services agreement between the two health systems that has been in effect since 2009 will be cancelled and the transfer of ownership will become effective Oct. 1.

Financial terms of the deal were not disclosed, but Carolinas said it will spend $70 million over 12 years to improve patient care services and facilities within Stanly. Targeted investments include an upgrade of the information technology systems, expanding the intensivist program at the 119-bed Stanly Regional Medical Center, expanding the emergency department from 18 to 28 beds, patient room improvements, and building an urgent care center in Albemarle.

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