Bankruptcy and sale for Allegheny; Vanguard health bids for 9 hospitals
Article Abstract:
Vanguard Health Systems Inc. offers to buy nine area-hospitals in Philadelphia, that are run by troubled Allegheny Health, Education and Research Foundation. The Pittsburgh, PA-based Allegheny health system will sell to a private firm after deciding to file for bankruptcy. Close to all schools and physician practices in the state are affected by the decision. The sale marks the first time a for-profit hospital chain will enter a region, that is long serviced by nonprofits. Vanguard Health, which has an allotment of $1.5 billion for expansion, would take the nine facilities debt-free.
Comment:
Offers to buy nine area-hospitals in Philadelphia, that are run by troubled Allegheny Health, Education and Research Foundation
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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Doctors resist Allegheny's plea for salary cuts
Article Abstract:
Allegheny University Hospitals/Hahnemann's proposal to reduce salaries of its doctors by as much as 25% has been building up resistance from physicians. Observers noted that the financial problems that the hospital is facing are among the reasons why doctors refuse to make voluntary sacrifice by giving up a portion of their salary. A lawyer who represents several dozen Allegheny doctors stressed that doctors are reluctant to accept the plan because they are afraid Allegheny hospitals' holdings may possibly be sold or go bankrupt and have their sacrifices go in vain.
Comment:
Proposal to reduce salaries of doctors by as much as 25% has been building up resistance from physicians
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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Jefferson says it won't try to buy eight Allegheny hospitals
Article Abstract:
Jefferson Health System has decided not to bid for the eight hospitals owned by Allegheny health system that are slated to go on the auction block on Sept. 29, 1998. Douglas S. Peters, Jefferson's president and chief executive, announced the decision to the health system's employees via a one-sentence e-mail. A Jefferson spokeswoman said that the decision not to offer a bid for the eight Allegheny hospitals, which are now in bankruptcy, was reached during a recent meeting of Jefferson's board of trustees.
Comment:
Decides not to bid for 8 hospitals owned by Allegheny health system that are slated to be auctioned on 9/29/98
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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Comment about this article or add new information about this topic:
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