Gwinnett Medical Center in Lawrenceville, Ga., received certificate of need approval for an open heart program in Oct. 2009, following a nearly four-year process. While the hospital gained strong community support for its efforts, the initial CON approval was appealed by two competing hospitals. The two hospitals eventually withdrew their appeals and Gwinnett will now move forward with developing a $33 million open heart program. Phil Wolfe, CEO of the hospital, discusses the hospital's journey to receive final approval for its open heart program and shares tactics that helped the hospital win over the state and its competitors.
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The healthcare sector saw a significant decrease in the number of private equity transactions completed last year. Pitchbook (see: www.Pitchbook.com) reported that approximately 125 deals were completed where private equity funds invested in healthcare companies in 2009. This is down from 233 in 2008. This reduction takes into account both general economic conditions which saw declines in almost every sector, the overhang of healthcare reform where many investors saw tremendous uncertainty in the healthcare sector due to the potential for healthcare reform and the concern that some funds were over-invested in healthcare. Interestingly enough, much of the over-investing in healthcare resulted less because sponsors increased their percentage of investment in healthcare but more due to significant reductions in the values of the other investments which left their overall percentage of investment in healthcare higher both on the equity or debt side and thus over invested in healthcare.
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Initiatives such as the Health Information Technology for Economic and Clinical Health Act have led to increased interest in electronic data management systems and their use by healthcare providers. These systems, including electronic health records, can allow physicians and staff members to better organize and coordinate patient care.
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David M. Barrett, MD, has announced that he will step down as president and CEO of Burlington, Mass.-based Lahey Clinic in Jan. 2011, according to a Lahey Clinic news release.
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Rejecting Republicans' call for a fresh start on health reform legislation, President Obama is asking Congress for a final vote within weeks to reconcile separate bills already passed by the House and Senate, according to a report by the New York Times.
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Democrats' new push to pass their health reform legislation is reigniting concerns that Congress could ban any new growth of physician-owned hospitals.
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UAB Health System's Callahan Eye Foundation Hospital in Birmingham, Ala., has named Brian Spraberry as its new president and chief executive officer, according to a release from UAB Health System.
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UMass Memorial Medical Center in Worcester, Mass., has named Jennifer Daley, MD, executive vice president and chief operating officer, according to a report in the Worcester Telegram & Gazette. Dr. Daley will also become a faculty member of the University of Massachusetts Medical School.
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The University of Chicago Medical Center's controversial policy of redirecting ED patients with routine medical conditions into lower-cost clinics and community hospitals has been a success, according to a report by Crain's Chicago Business.
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Moody's Investors Service will require all rated not-for-profit hospitals and health systems to provide more information on their ability to convert investments into cash, according to a report by the Dallas Morning News.
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