KPC Group Offers $610M For Four Verity Health Hospitals

KPC Group Offers $610M For Four Verity Health Hospitals

Verity filed a motion Thursday in Los Angeles bankruptcy court to implement a public auction where other buyers could outbid KPC for Francis Medical Center in Lynwood, St. Vincent Medical Center in Los Angeles, Seton Medical Center in Daly City and Seton Coastside in Moss Beach. The winning bid is subject to the approval of the court and the California attorney general, depending on the buyer.

“Verity has remained committed to finding the right buyer to provide uninterrupted service and operations for all employees, physicians and patients, and we will continue that commitment as this process advances,” Rich Adcock, CEO of Verity Health, said in prepared remarks. KPC pledged to keep current employees.

KPC Group, which is the parent company of KPC Healthcare that operates seven hospitals in Southern California, would pay $420 million for St. Francis, $120 million for St. Vincent and $70 million allocated for Seton Medical Center and Seton Coastside, according to bankruptcy filings.

Private investment firm BlueMountain Capital Management bought the six-hospital system spanning Southern and Northern California from the financially encumbered Daughters of Charity Health System in late 2015, when it changed its name to Verity Health. BlueMountain pledged to invest up to $260 million in exchange for a lease on its information technology assets.

Nantworks, led by controversial entrepreneur Dr. Patrick Soon-Shiong, bought its stake in July 2017 and infused another $148 million in capital as Soon-Shiong eyed a testing ground for his precision medicine endeavors.

But Verity filed for bankruptcy in September, overburdened by more than $1 billion in bond debt and unfunded pension liability as well as its aging infrastructure.

OCGMC Participates in AHA Research Study

OCGMC Participates in AHA Research Study

Santa Ana, CA— Orange County Global Medical Center is working with the American Heart Association/American Stroke Association and the University of Miami Miller School of Medicine as a partner in the first, large standardized research study to evaluate long-term outcomes of people who experience mild strokes.

“OCGMC is devoted to helping our patients with strokes have the best possible outcomes, and through this important study, we hope to learn more about optimal treatment that will heighten the quality of life for many who experience a mild or rapidly-improving stroke. As a Certified Comprehensive Stroke Center we are ecstatic to see more growth in our patients’ success,” said Kim Dyer, the Director of OCGMC’s Stroke Department.

After a strict vetting process, OCGMC was selected to take part in the three-year observational study called MaRISS (Mild and Rapidly Improving Stroke Study). The goal of the study is to evaluate the long-term outcomes of people with mild or rapidly improving stroke symptoms, determine the factors associated with poor outcome, and to examine the effect of treatment with the clot-busting drug tPA, or tissue plasminogen activator, the only drug approved by the U.S. Food and Drug Administration to treat acute ischemic stroke.

Mild and rapidly improving stroke symptoms are common, affecting more than a third of all stroke patients who report to the emergency department, but the majority is not treated with clot-busting therapy, according to a 2011 study published in the journal, Stroke. However, up to one-third of these patients are unable to return directly to their homes and need immediate physical or occupational therapy to regain their independence. The MaRISS study aims to determine the long-term outcomes of these patients.

“This is an important research study that addresses an important group of patients who have the best chance of recovery from a stroke,” said Jose Romano, M.D., MaRISS principal investigator and professor of clinical neurology at the University of Miami Miller School of Medicine. “The MaRISS study addresses a critical knowledge gap in stroke research and we commend OCGMC for being part of this vital study.”

Using data from the American Heart Association/American Stroke Association’s quality improvement program, Get With The Guidelines®-Stroke, researchers will examine outcomes of up to 2,650 patients with mild or rapidly improving stroke. Each participating hospital is expected to recruit about 30 patients during the course of the study, an estimated two patients per month, and follow-up with these patients by telephone at 30 and 90 days after enrollment.

For over 110 years, Orange County Global Medical Center has delivered innovative and advanced medical care to the Orange County community. Today, the 282-licensed bed facility, provides comprehensive healthcare for the entire family through its Trauma Center, Burn Center, Maternal Child Health program and more. Orange County Global Medical Center is designated by the County of Orange as one of only two Level II Trauma Centers and provides emergency services for more than 20,000 patients per year and is now also one of only two hundred Comprehensive Stroke Centers across the nation. Orange County Global Medical Center is also a Healthgrades 2017 Excellence Award Recipient for Labor and Delivery, Obstetrics and Gynecology.

Peter Baronoff Appointed CEO of KPC

Peter Baronoff Appointed CEO of KPC

Santa Ana, CA, July 12, 2018 (GLOBE NEWSWIRE) — Today, KPC Health System announced the appointment of Peter Baronoff as Chief Executive Officer of the KPC system of hospitals and Managing Director of KPC Global Management. In his role as CEO and Managing Director, Mr. Baronoff will oversee the executive operations of the health system’s corporate offices, its seven acute care hospitals, and affiliated medical groups.

From 2001 to 2017, Mr. Baronoff served as Co-Founder, Chairman and CEO of Promise Healthcare, one of the largest acute care specialty hospital systems in the United States.

“Peter’s long history of effective management in healthcare and finance is invaluable to KPC and our efforts to continuously improve accessibility and deliver the very best quality care for patients,” said Dr. Kali P. Chaudhuri, Chairman of the KPC Group. “As the KPC hospitals continue to build on their recent growth and success, Peter’s vision and leadership are integral components to the strategy of leading us into the future as our healthcare system evolves.”

“I am honored to join the KPC family and lead the organization as we continue to grow and integrate our system of hospitals, physician groups, and ancillary operations,” said Mr. Baronoff. “The KPC hospitals, physicians, nurses and staff have saved and improved the lives of so many people throughout the Southern California community. I look forward to our journey together as one team with one mission – delivering the very best healthcare to the families of our communities.”

Mr. Baronoff brings with him decades of experience and successful leadership in healthcare and finance. From 2001 to 2017, he served as Co-Founder, Chairman and CEO of Promise Healthcare and additionally served as a three-term National President of the Acute Long-Term Hospital Association. In 2017, he was honored by the Sun Sentinel News Media Group as Palm Beach County Business Leader of the Year in South Florida for his commitment to the values of innovation, corporate growth and community involvement.

The former Deputy Mayor of Boca Raton, Florida, and two-term elected City Council Member, Mr. Baronoff also has extensive experience in shaping local public policy for his community. Recently, he served on the Executive Committee of Boca Raton Regional Hospital Board of Trustees and has devoted his service to several charitable organizations including Rotary International and the Boca Raton Police Foundation. Mr. Baronoff has the distinct honor of being selected and inducted into the Boy Scouts Court of Honor. He holds Master of Health Administration and Bachelor of Finance degrees from the Florida University system.