Ascension, SSM Partner to Form Generic Drug Company
“To combat chronic shortages and high drug prices, a group of nonprofit health systems have decided to come together to start their own nonprofit generic drug company. Together the health systems operate more than 450 hospitals around the country. Utah-based Intermountain Healthcare is leading the collaboration that includes two St. Louis area health systems, Ascension and SSM Health, in addition to Michigan-based Trinity Health and the Department of Veterans Affairs,” St. Louis Post-Dispatch reports. “The new company will provide an alternative to products currently made by generic manufacturers ‘whose capricious and unfair pricing practices are damaging the generic drug market and hurting consumers,’ according to the joint statement released Thursday morning. This venture is expected to provide relief when it comes to shortages of supplies used in hospitals, which can be a serious issue when it comes to older generic drugs used to treat very ill patients, according to the statement.”
Trinity Health Adds 6 to Exec Team for Newly Created Michigan Health System
“Livonia, Mich.-based Trinity Health selected the executive team that will lead its new 10-hospital organization created by the merger of two of its Michigan health systems — Saint Joseph Mercy Health System in Livonia and Mercy Health in Muskegon, Mich.,” according to Becker’s Hospital Review. “The statewide executive team includes: CFO Michael Gusho, chief clinical officer Rosalie Tocco-Bradley, PhD, MD, chief integration officer Mary Boyd, chief human resources officer Ane McNeil, chief marketing and communications officer Michele Szczypka, and general counsel Sally Guindi. The executives assumed their new roles Jan. 1.”
Providence St. Joseph Health CEO: 4 Predictions on How the Healthcare Industry Will Change in 2018
“Rod Hochman, MD, president and CEO of Renton, Wash.-based Providence St. Joseph Health, said continued healthcare policy discussions in Washington, D.C., will lead providers to become more proactive about mitigating care costs for patients and their communities,” according to Becker’s Hospital Review. Four things that Dr. Hochman expects to see in 2018 include “health providers pushing to preserve Medicaid and Medicare, new revenue streams in the form of digital innovation, technology and the development of personalized medicine to better engage patients, and healthcare organizations increasingly engaging in nontraditional partnerships.”
SSM Health Completes Merger with Agnesian HealthCare and Monroe Clinic
“SSM Health has announced the completed acquisition of the Congregation of Sisters of St. Agnes’ healthcare ministries, which include Agnesian HealthCare, based in Fond du Lac, Wisconsin and Monroe Clinic, based in Monroe, Wisconsin,” Healthcare Finance News reports. “Agnesian HealthCare, Monroe Clinic and their affiliates will adopt the SSM Health brand, while still honoring their legacy names. That transition is expected to be completed by the end of 2018. Monroe Clinic is a 58-bed hospital that also has 12 other clinics, a home care and hospice agency as well as retail and urgent care clinics. Agnesian includes the 175-bed St. Agnes Hospital, Ripon Medical Center and Waupun Memorial Hospital, both of which have 25 beds.”
Franciscan Missionaries of Our Lady Health System Names Texas Hospital Executive to Succeed Retiring John Finan as CEO
“Franciscan Missionaries of Our Lady Health System has named Texas hospital executive Michael J. McBride to succeed John J. Finan Jr. as president and chief executive officer of Louisiana’s largest Catholic health care organization,” The Advocate reports. “McBride has served with CHI St. Luke’s Health in Houston as senior vice president and president suburban hospitals, with responsibilities for its six hospitals in the Houston region as a member of the CHI Texas senior leadership team. McBride’s appointment is effective Feb. 19.”
Children’s Mercy Receives $150 Million From 2 Donors
“A project to build a new pediatric research tower at Children’s Mercy Hospital in Kansas City has received $150 million in donations from two prominent donors,” according to US News. “The Kansas City Star reports a $75 million donation from the Sunderland Foundation will go toward the estimated $200 million in construction costs, which will be paid through bonds and future fundraising. Another $75 million from the Hall Family Foundation will be used where needed, such as for construction or endowments to pay researchers. The project will build a mine-story facility where scientists will research childhood diseases. The project is expected to be completed by 2020 and will increase the hospital’s research space from about 66,000 square feet to about 375,000.”
