Community Health Systems

From Infogalactic: the planetary knowledge core
Jump to: navigation, search
Community Health Systems
Public
Traded as NYSECYH
Industry Health care
Founded 1985
Founders Richard Ragsdale
David Steffy
Headquarters Franklin, Tennessee, United States
Key people
Wayne T. Smith (CEO)
Larry Cash (CFO)
Revenue Increase$18.6 billion (2014)
Increase$1.3 billion (2014)
Decrease$136 million (2014)
Number of employees
135,000
Website http://www.chs.net/

Community Health Systems Inc. is a Fortune 500 company based in Franklin, Tennessee. It is one of the largest providers of general hospital healthcare services in the United States in terms of number of acute care facilities.[1] As of August 2015, it owns, leases or operates 198 hospitals in 29 states.[2][3]

In August 2015, the company announced plans to spin off 38 hospitals and its management and consulting subsidiary, Quorum Health Resources, into a new publicly traded company called Quorum Health Corporation.[4]

The company operates 25 of the fifty hospitals in the United States that charge uninsured patients the most - all charge such patients more than ten times the actual cost of care.[5][6]

History

E. Thomas Chaney, former executive of Hospital Affiliates, Inc. and David Steffy and Richard Ragsdale, former executives at Hospital Corporation of America spinoff Republic Health Corporation, formed Community Health Systems in 1985.[7]

The company made its initial public offering in 1991. In 1996, the company was purchased by private equity firm Forstmann Little & Company.[8] Community Health Systems went public again in 2000.[9] In August 2003, the company acquires Southside Regional Medical Center.[10] On October 10, 2015, the 372-bed Grandview Medical Center began operating in Birmingham, Alabama, replacing Trinity Medical Center.[11]

In 2007, Community Health Systems purchased Plano, Texas-based Triad Hospitals for $6.8 billion, adding nearly 50 hospitals, hospital management and consulting business Quorum Health Resources, and nearly doubling the size of the company. Among the facilities included in the deal was McKenzie-Willamette Hospital in Springfield, Oregon; Trinity Medical Center in Birmingham, Alabama; and the seven hospitals of Lutheran Health Network in the Ft. Wayne, Indiana region.[12][13][14] In 2010, McKenzie-Willamette's healthcare workers' union, SEIU, Local 49, claimed that workload increases, slashed benefits, and staff reductions had lowered the quality of both patient care and quality of life for employees.[15] The union, in its "Profits Before Community" campaign against the hospital, continues to highlight that profits have tripled while charitable care and employee benefits have steadily decreased since the hospital moved from a non-profit to a for-profit enterprise under CHS.[16] After the latest round of negotiations with this Fortune 500's Oregon holding, another round of cuts means that "30 workers are aware that they will no longer have a job with benefits after the new year."[17]

In 2011, it was accused by Tenet Healthcare of overbilling Medicare in its aggressive admissions policy compared to its peers. It was subpoenaed by Medicare on its aggressive billing to the Medicare systems.[18]

In 2013, Community Health Systems entered into an agreement with Health Management Associates to purchase HMA for about $3.6 billion in cash and stock.[19] The merger was completed in January 2014 and made Community Health Systems the largest for-profit hospital operator at the time,[20] with 206 hospitals in 29 states.[21]

It was reported on August 18, 2014 that hackers broke into Community Health System's records system and stole data on 4.5 million patients. This data included names, Social Security numbers, physical addresses, birthdays and telephone numbers. CHS provided all patients whose records were impacted with free identity theft protection.[22]

References

  1. Lua error in package.lua at line 80: module 'strict' not found.
  2. Lua error in package.lua at line 80: module 'strict' not found.
  3. Lua error in package.lua at line 80: module 'strict' not found.
  4. Lua error in package.lua at line 80: module 'strict' not found.
  5. Lua error in package.lua at line 80: module 'strict' not found.
  6. Lua error in package.lua at line 80: module 'strict' not found.
  7. Lua error in package.lua at line 80: module 'strict' not found.
  8. Lua error in package.lua at line 80: module 'strict' not found.
  9. Lua error in package.lua at line 80: module 'strict' not found.
  10. Lua error in package.lua at line 80: module 'strict' not found.
  11. Lua error in package.lua at line 80: module 'strict' not found.
  12. http://www.bizjournals.com/portland/stories/2003/01/27/daily43.html?jst=s_cn_hl
  13. Lua error in package.lua at line 80: module 'strict' not found.
  14. Lua error in package.lua at line 80: module 'strict' not found.
  15. http://special.registerguard.com/csp/cms/sites/web/news/sevendays/24964207-35/hospital-mckenzie-willamette-health-hagins.csp
  16. http://www.seiu49.org/2013/12/11/mckenzie-willamette-profits-before-community/
  17. http://www.registerguard.com/rg/news/local/30885915-75/hospital-workers-union-care-willamette.html.csp
  18. Lua error in package.lua at line 80: module 'strict' not found.
  19. Lua error in package.lua at line 80: module 'strict' not found.
  20. Lua error in package.lua at line 80: module 'strict' not found.
  21. Lua error in package.lua at line 80: module 'strict' not found.
  22. Lua error in package.lua at line 80: module 'strict' not found.

External links