Verity Health and St. Francis Medical Center announced today that the California Attorney General has conditionally approved Verity Health’s application to transfer ownership of St. Francis Medical Center to Prime Healthcare.
“Achieving this milestone is an important step in ensuring Prime is able to preserve the St. Francis mission for the benefit of associates, members of the medical staff and most importantly the patients and Southeast Los Angeles community that have relied on St. Francis for 75 years,” said Rich Adcock, CEO of Verity Health
In early April, the U.S. Bankruptcy Court for the Central District of California in Los Angeles approved the Asset Purchase Agreement (APA) for the sale of St. Francis Medical Center to Prime. Under the agreement, Prime will acquire St. Francis for a net consideration of over $350 million, including a $200 million base cash price and $60 million for accounts receivable. In addition, Prime has committed to invest $47 million in capital improvements.
As part of its APA, Prime committed to meeting and exceeding mandates for access and services, including maintaining all essential care, trauma care, and community benefit programs, while continuing St. Francis’s important mission of service. In addition, Prime plans to expand service lines based on community needs. As part of the transition, Prime has already begun executing on its commitment to $47 million in capital investment by installing best-in-class technology and systems such as Epic, as an integrated electronic medical record, Omnicell systems for automated medication dispensing, and new interventional radiology and cardiology capability, all of which will serve to improve quality and the patient and caregiver experience at St. Francis.
“We are honored to be selected to continue the St. Francis legacy and will continue to collaborate with the Attorney General’s office while we examine the recommended conditions and work to finalize the sale,” said Sunny Bhatia, MD, CEO, Region I and Chief Medical Officer of Prime Healthcare. “St. Francis’s mission is especially critical during this pandemic and Prime has already started investments that will optimize patient care at St. Francis. We recognize the tremendous contributions of our staff at St. Francis, along with those across the nation who are tirelessly serving on the frontlines.”
The Attorney General’s office conducted an exhaustive review of the transaction for the past several months and considered public input on the proposed transaction. The Attorney General’s approval includes conditions for the sale which Prime is currently reviewing. Pending a final ruling by the Bankruptcy Court, the transaction is expected to be completed this summer.
About Prime Healthcare
Prime is one of the nation’s leading health systems with 45 hospitals and more than 300 outpatient locations in 14 states. Prime serves over 600 communities, employs 35,000 staff, and provides 2.6 million patient visits annually. In California alone, Prime operates 15 hospitals, employs more than 10,000 staff, and serves tens of thousands of patients annually. Prime is nationally recognized for award-winning quality care and has been named a Top 10 and Top 15 Health System by IBM Watson. Its hospitals have also been named among the nation’s best as ”100 Top hospitals” 53 times and have received more Patient Safety Excellence Awards from Healthgrades than any other health system in the past five years.
Prime Healthcare announced today that 36 of its hospitals in 13 states are recipients of the Healthgrades 2020 Patient Safety Excellence AwardTM.
With this recognition, Prime Healthcare has more Patient Safety Excellence Award recipients for five consecutive years (2016-2020) than any other health system in the country.The distinction places 26 of Prime Healthcare’s hospitals in the top 5% and 10 others in the top 10% of all acute care hospitals reporting patient safety data as evaluated by Healthgrades, a leading resource connecting consumers, physicians, and health systems.“The need for hospitals to provide a safe environment for all patients is more important than ever.
We commend Prime Healthcare and its hospitals for their success in providing quality care and supporting their local communities across the country,” said Rob Draughon, CEO, Healthgrades.“Providing exceptional care and ensuring patient safety is at the core of our mission and has been especially critical during this pandemic.
We are grateful that nearly all our hospitals were honored by Healthgrades,” said Sunny Bhatia, MD, CEO of Region I and Corporate Chief Medical Officer for Prime Healthcare.
“This recognition is a testament to the commitment of Prime Healthcare, its clinicians and staff to delivering quality care with exceptional outcomes for our patients.”During the study period (2016 through 2018), Healthgrades 2020 Patient Safety Excellence Award recipient hospitals demonstrated excellent performance in safeguarding patients in the Medicare population, as measured by objective outcomes—risk-adjusted patient safety indicator (PSI) rates—for 13 PSIs defined by the Agency for Healthcare Research and Quality (AHRQ).
A 14th PSI included in the evaluation is “Foreign Objects Left in Body During a Surgery or Procedure,” which is a “never” event and does not have an expected rate.Healthgrades found that patients treated in hospitals receiving the Patient Safety Excellence Award were, on average*:48.3% less likely to experience a collapsed lung due to a procedure or surgery in or around the chest, than patients treated at non-recipient hospitals.54.4% less likely to experience a hip fracture following surgery, than patients treated at non-recipient hospitals.66.8% less likely to experience pressure sores or bed sores acquired in the hospital, than patients treated at non-recipient hospitals.63% less likely to experience catheter-related bloodstream infections acquired at the hospital, than patients treated at non- recipient hospitals.In addition, if all hospitals in the country performed at the level of award recipients for each of the 13 patient safety indicators, 110,864 patient safety events could have been avoided.
Prime Healthcare scored a key victory in its breach of contract lawsuit with Humana, which allegedly underpaid or denied payment for services provided to Medicare Advantage beneficiaries.
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According to a research report "Cognitive Assessment and Training Market by Assessment Type (Pen- and Paper-Based, Hosted, Biometrics), Component, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the cognitive assessment and training market size is expected to grow from USD 1.98 Billion in 2016 to USD 8.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3%.Browse 63 market data tables and 47 figures spread through 150 pages and in-depth TOC on "Cognitive Assessment and Training Market - Global Forecast to 2021"The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology.
The growing market for cognitive solutions and increasing demand for brain training by next-generation tech-savvy population are contributing to the growth of the cognitive assessment and training market.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1039Clinical trials in terms of application is expected to hold the largest market share in the cognitive assessment and training market during the forecast periodClinical trials are mainly used to identify, measure, or monitor cognitive impairments and cognitive changes.
The assessment of cognitive functions is an integral part of decision-making during clinical drug development, as certain drugs can have an impact on the cognitive capabilities of the brain.
The market is expected to contribute the highest revenue for vendors offering clinical trials.Education vertical is expected to grow at the highest CAGR in the marketCognitive assessment solutions and services are used in the education vertical for screening prospective candidates for schools or colleges.
The leading cognitive assessment and training vendors for this vertical are Pearson Assessment and CogniFit.North America is expected to contribute to the largest market share and Asia-Pacific to grow at the highest CAGRNorth America is expected to hold the largest market share and to dominate the cognitive assessment and training market from 2016 to 2021, due to the increasing awareness among population about adopting medication for cognitive diseases.
The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
