Hermitage, TN-based Summit Medical Center wants to build an emergency and diagnostic medical complex in Mt. Juliet. Summit, part of HCA Corp.'s TriStar division, has presented Mt. Juliet with a letter of intent to develop and operate an "outpatient medical facility providing emergency services, diagnostic imagery, laboratory services and/or physician office space." Jeffrey Whitehorn, the hospital's chief executive, said his hospital is the emergency room of choice for about three-fifths of Mt. Juliet's residents who seek such care.
Hospital operator HealthSouth Corp.'s third-quarter net income tumbled 98% from a year ago when the company recorded a big tax benefit, but the company raised its 2008 per-share earnings forecast on its efforts to reduce debt. Shares were up 10% to $13.50 in after-hours trading. HealthSouth reported net income of $6.6 million, or less than 1 cent a share, down from $287.6 million, or $3.13 cents a share, a year earlier. The latest quarter included a $17.1 million charge related to its securities litigation, while the year-ago period reflected a $281.2 million tax benefit and a $40.4 million gain on the sale of certain operations.
A merger between St. Elizabeth Medical Center and St. Luke Hospitals is complete, making all of Northern Kentucky's hospitals under one umbrella. The hospitals now employ more than 4,600 full-time workers and have over 2 million square feet of medical facilities in the Kentucky counties of Boone, Kenton, Campbell, and Grant.
Patients of St. Francis Hospital & Health Centers who are covered by Anthem insurance have received a reprieve, as both parties postponed a contract termination. After a weekend of intense discussions, both organizations reported that "significant progress in negotiations have taken place" and both hope to reach a deal "in the next few days," according to a news release. The contract was scheduled to terminate at midnight on November 2.
Citing the economic downturn, Milwaukee-based Columbia St. Mary's eliminated 74 jobs as part of a systemwide initiative to control costs. The eliminated jobs did not affect any registered nurses or the healthcare system's nurse-to-patient ratio, Columbia St. Mary's said in the announcement to its employees. The system operates hospitals in Milwaukee and Mequon, WI.
Tenet Healthcare Corp. has announced it swung to a third-quarter profit on an investment sales gain, but lowered its outlook as patients struggled to pay bills amid a worsening economy. The company earned $104 million, or 22 cents per share, after a loss of $59 million, or 12 cents per share, a year earlier. Revenue rose 6% to $2.16 billion. Excluding a $140 million gain from the sale of an investment and other items, the company lost 6 cents per share. That and the outlook sent shares plunging more than 25% to $3.01 during the trading session, their lowest point in a decade.