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Noble Health, a three-year-old private equity-backed startup, acquired Audrain and nearby Callaway Community Hospital during the coronavirus pandemic. Facing staggering debt, lawsuits and two federal investigations, it sold the hospitals to a Texas-based Platinum Health Systems. This month, Platinum Health told hospital workers they no longer had jobs.
Noble Health, a three-year-old private equity-backed startup, acquired Audrain and nearby Callaway Community Hospital during the coronavirus pandemic. Facing staggering debt, lawsuits and two federal investigations, it sold the hospitals to a Texas-based Platinum Health Systems. This month, Platinum Health told hospital workers they no longer had jobs.
Noble Health, a three-year-old private equity-backed startup, acquired Audrain and nearby Callaway Community Hospital during the coronavirus pandemic. Facing staggering debt, lawsuits and two federal investigations, it sold the hospitals to a Texas-based Platinum Health Systems. This month, Platinum Health told hospital workers they no longer had jobs.
The news, under Noble Health letterhead, arrived at 5:05 p.m. on a Friday, with the subject line: "Urgent Notice." Audrain Community Hospital, Paul Huemann's workplace of 32 years, was letting workers go.
Desperate to keep their hospitals open, some rural communities gamble on private equity buyers. Sometimes they lose.