HCA com­pletes buy­out of foun­da­tion’s Healthone stake

Modern Healthcare - - LATE NEWS -

HCA, Nashville, com­pleted its $1.45 bil­lion buy­out of the Colorado Health Foun­da­tion’s own­er­ship in HealthOne. HCA an­nounced the news a day af­ter the deal won con­di­tional ap­proval from the state’s at­tor­ney gen­eral and even as crit­ics con­sid­ered ways to keep up the fight. HealthOne, cre­ated in 1995 as a joint ven­ture be­tween HCA and the Colorado Health Foun­da­tion, op­er­ates seven hos­pi­tals and 13 am­bu­la­tory surgery cen­ters in the Den­ver area. In his opinion, Colorado At­tor­ney Gen­eral John Suthers set new stip­u­la­tions on HCA, in­clud­ing a guar­an­tee that the sys­tem’s seven acute-care hos­pi­tals will re­main open for at least five years. A group of former di­rec­tors of the foun­da­tion or its pre­de­ces­sor or­ga­ni­za­tions that has ar­gued against the sale is eval­u­at­ing its op­tions, ac­cord­ing to one of these crit­ics, Richard An­der­son. “This trans­ac­tion clearly places additional bur­dens on the users of hos­pi­tal ser­vices through ei­ther in­creased costs or a re­duc­tion of ser­vices in or­der to pro­vide fi­nan­cial re­wards to those be­yond our com­mu­nity,” An­der­son wrote in an e-mail. The Colorado Cen­ter on Law and Pol­icy, which has sup­ported the sale but urged more con­di­tions on it, is gen­er­ally pleased with the changes, ac­cord­ing to its ex­ec­u­tive di­rec­tor, Chris­tine Mur­phy. Suthers also re­quired that a com­mu­nity board of trustees and HealthOne’s indi­gent-care and com­mu­nity ben­e­fit pro­grams must con­tinue for 15 years, rather than the 10 years orig­i­nally pro­posed. Indi­gent­care and com­mu­nity ben­e­fit pro­grams may be al­tered dur­ing years 11 through 15 by a ma­jor­ity of trustees.

With the change, Pres­by­te­rian/St. Luke’s Med­i­cal Cen­ter and the rest of HealthOne are wholly owned by HCA.

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