Hospitals Deal, Others Release Profit Reports
The Boston Globe reports on an upcoming merger between Beth Israel Deaconess Medical Center and Milton Hospital, while Reuters reports that Community Health's profits exceeded expectations.
The Boston Globe: Beth Israel, Milton Hospitals In Deal
Beth Israel Deaconess Medical Center and Milton Hospital yesterday announced plans to merge in six months. The change reflects a trend toward consolidation among hospitals, as they adjust to federal health laws designed to reward large, efficient health care systems. The two hospitals have had a relationship for several years. Doctors from Beth Israel Deaconess staff the Milton emergency department. The Boston hospital, which brought in $1.24 billion in revenue in 2008, the most recent year for which tax forms are available, provides a streamlined transfer process for Milton patients having heart attacks (Conaboy, 4/28).
Reuters: Community Health Profit Beats Expectations
Community Health Systems Inc, the hospital operator that wants to buy rival Tenet Healthcare Corp, reported quarterly earnings above analysts' expectations as operating revenue increased. Net income declined to $61.3 million, or 67 cents a share, from $70.0 million, or 75 cents a share, a year ago, due to impairment charges for a hospital that is for sale and a loss on the sale of a physician clinic, the company said (Kelly, 4/27).