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Quick Take
What does this mean for Watsonville patients and the the community?
According to Eileen Applebaum, an economist who studies private equity firms and the co-director at the Center for Economic and Policy Research, “there doesn’t seem to be any evidence that patients are worse treated” at hospitals where private equity firms like Leonard Green are major investors in hospital companies, as is now the case in Watsonville.
”But what we do see is that [if the firm] thinks an operation is not paying its way, they will close it at that particular hospital,” she said, explaining that certain patient services might be reduced or shut down. “They will say: Well, there’s another hospital, it’s only another 50 miles [away]. [You] want to deliver your baby, go there.”
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02/16/2021 08:00 AM EST
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VENICE – Venice Regional Bayfront Health has contracted with Barry Seidel at American Property Group of Sarasota Inc. to sell 50-plus acres it owns at 2665 East Venice Avenue that had been eyed as a new hospital site.
The land is being listed at $12.99 million, and though it is currently zoned OPI, or office-professional and institutional, the new buyer will have to petition Sarasota County to change it back to residential zoning before development.
“I see it being rezoned again and probably to the delight of the neighborhood,” Seidel said.
When the Sarasota County Commission voted in January 2019 to change the zoning of the parcel in anticipation of Venice Regional building a 210-bed hospital, it did so with the caveat that if a hospital wasn’t built, it should revert to residential use.
Press release content from Business Wire. The AP news staff was not involved in its creation.
Community Health Systems, Inc. Announces Pricing of Senior Secured Notes Due 2031
January 26, 2021 GMT
FRANKLIN, Tenn. (BUSINESS WIRE) Jan 26, 2021
Community Health Systems, Inc. (the “Company”) (NYSE: CYH) today announced that its wholly owned subsidiary, CHS/Community Health Systems, Inc. (the “Issuer”), has priced an offering of $1.095 billion aggregate principal amount of its 4.750% Senior Secured Notes due 2031 (the “Notes”) (the “Notes Offering”). The sale of the Notes is expected to be consummated on or about February 9, 2021, subject to customary closing conditions.
The Issuer intends to use the net proceeds of the Notes Offering, together with cash on hand, to redeem all of its outstanding 8.625% Senior Secured Notes due 2024 (the “2024 Notes”) and to pay related fees and expenses.