Massachusetts Miracle

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Outgoing President Bill Walczak: ‘I did not resign from Carney Hospital’

Chelsea Conaboy, Boston Globe, April 19, 2012 A spokesman for Steward Health Care said on Friday that Carney Hospital President Bill Walczak was resigning from his role after just 14 months on the job. Not so, according to Walczak. “I did not resign from the Carney Hospital,’’ Walczak told the Globe’s Rob Weisman on Wednesday. He did not elaborate. Walczak was the long-time leader of the nonprofit Codman Square Health Center in Dorchester and was recruited by Steward last year to lead Carney. ... Outgoing

Steward managers owe the community its plan for Carney

Ed Forry, Editor, Dorchester Reporter, April 19, 2012 At mid-morning last Friday, Steward Health Care System Chief Operating Officer Josh Putter arrived in Lower Mills for a meeting with Carney Hospital president Bill Walczak. Sources say that the two met privately for a brief time in the hospital’s second floor executive suite, and Putter then convened a meeting of doctors, managers and other employees, telling them that Walczak was no longer the hospital’s president. In a subsequent memorandum obtained by this newspaper ... Putter said that Walczak and Steward “have decided to part ways effective immediately.” ... Steward

Walczak’s abrupt departure from Carney Hospital post leaves uneasy questions unanswered

Gintautas Dumcius, Dorchester Reporter, April 18, 2012 After 14 months at the helm, Savin Hill’s Bill Walczak is out as president of Carney Hospital. The sudden shake-up raises questions about the future of the Dorchester Avenue facility, which was sold to a private equity firm in 2010 and is now facing the appointment of its fourth president in two years. The news of the Carney-Walczak break-up was greeted with words of disappointment from members of the hospital’s board of directors and Dorchester’s State House delegation. ... Walczak

Hospitals promise openness, apologies

Liz Kowalczyk, Boston Globe, April 18, 2012 Seven Massachusetts hospitals plan to offer patients harmed by medical errors a prompt apology and financial settlements before they resort to lawsuits, part of a major new initiative to improve the state’s cumbersome medical malpractice system. A coalition of physician, hospital, and patient groups planned to release details Wednesday of the initiative, called “Road Map to Reform,’’ which they predict will increase reporting of medical mistakes and cut down on lengthy litigation that drives up health care costs and fuels distrust between caregivers and patients. ... Hospitals

Cerberus Raises $833 Million CLO Backed by Mid-Market Lending

Patricia Kuo, Bloomberg, April 18, 2012 Cerberus Capital Management LP, the private-equity firm led by Stephen Feinberg, said it raised $833 million for a collateralized loan obligation that will support its lending to small and medium enterprises. The CLO, known as A5 Funding LP, includes a $300 million top-rated term note paying 250 basis points more than three-month London interbank offered rate, the New York-based firm said in a statement. “The market environment provides attractive opportunities for the Cerberus direct lending business,” Kevin Genda, vice chairman of Cerberus Business Finance said in the statement. ... Cerberus

Menino, unions in health accord

City workers will pay $70m more; labor preserves bargaining rights. Andrew Ryan, Boston Globe, April 15, 2011 Boston’s labor leaders signed an unprecedented agreement with Mayor Thomas M. Menino yesterday that will require municipal workers to pay $70 million more for their health insurance over the next four years and deliver substantial savings to the city as early as June. The deal marked the first time that all of Boston’s unions banded together to negotiate benefits. But perhaps more important, it signaled that the push by local governments to shift substantially more health insurance costs to public employees may be all but a fait accompli ... Menino

Carney Hospital chief quits

President leaves post after 14 months. Erin Ailworth, Boston Globe, April 13, 2012 Bill Walczak, president of Carney Hospital in Dorchester, is out after just 14 months on the job. Chris Murphy, spokesman for Steward Health Care System LLC, which owns Carney, said Walczak resigned Friday. “We have Margy Hanson acting as the interim head of Carney while we determine a permanent replacement,’’ Murphy said. He declined to offer further details. Walczak could not immediately be reached for comment. Steward, the fast-growing for-profit hospital chain, bought the six Caritas Christi Catholic hospitals ... in November 2010. ... Carney

Lear To Buy Auto-Fabrics Supplier Guilford Mills From Cerberus

Ben Fox Rubin, Wall Street Journal, April 11, 2012

Lear Corporation said it agreed to buy Guilford Mills from Cerberus Capital Management LP, allowing the auto-parts supplier to expand its seating-fabrics offerings.

Guilford, based in Wilmington, NC, has been a supplier of fabrics to automotive and specialty markets for more than 40 years and has expertise in fabric design, development, warping, knitting, dyeing, finishing and lamination. It has about $400 million in annual sales, with 85% from automotive applications, and maintains business relationships with virtually all the major global auto makers. Cerberus purchased Guilford in 2004.

Details of the deal, which is expected to close in the second quarter this year, weren't disclosed.

Cerberus Pays EU900 Million for Apartments, FTD Says

Sheenagh Matthews, Bloomberg, April 10, 2012 Cerberus Capital Management LP is to pay as much as 900 million euros ($1.18 billion) for 22,000 apartments in Germany formerly owned by the insolvent Speymill Deutsche Immobilien Plc (SDIC)., Financial Times Deutschland reported, without saying where it got the information. Germany’s Federal Cartel Authority last week approved the takeover by Cerberus, a New York-based private-equity firm, together with real estate management company Corpus Sireo, the German newspaper said. Goldman Sachs (GS) Group Inc.’s Whitehall unit as well as Blackstone Group LP (BX) and Morgan Stanley (MS) were also interested in the apartments, FTD said. ®2012 BLOOMBERG L.P. ALL RIGHTS RESERVED.

AT&T Agrees To Unload Yellow Pages Stake For $950 Million

AT&T to sell majority stake in Yellow Pages business to Cerberus Capital Management. Purchase price includes $200 million note from Cerberus. Yellow Pages have competition from Internet. Greg Bensinger, Wall Street Journal, April 9, 2012

New York - AT&T Inc. said it planned to sell a majority stake in its Yellow Pages business to private-equity firm Cerberus Capital Management LP for $950 million in cash and debt, shedding one of its legacy businesses as wireless profits boom.

Mass-Care’s 14th Annual Single Payer Gala: In Memory of Ben Gill

Saturday, April 21, 2012 from 1 PM to 4 PM
Ryles Jazz Club, 212 Hampshire Street, Inman Square, Cambridge
$35 standard admission, $10 for students - please donate what you can!

Join Mass-Care and the Universal Health Care Education Fund on April 21 for ... Mass-Care

Steward Health Care System sells Morton Hospital building in lease-back agreement

Charles Winokoor, Taunton Daily Gazette, April 18, 2012 Taunton - Steward Health Care System, the for-profit medical group that owns Taunton’s Morton Hospital and Saint Anne’s Hospital in Fall River, has sold off a portfolio consisting of 13 medical office buildings worth approximately $100 million. Steward spokesman Chris Murphy confirmed Tuesday that the lease-back agreement with Arizona-based Healthcare Trust of America includes Taunton’s Northwoods Medical Center at 2007 Bay Street, as well as a Saint Anne’s-affiliated building. ... Steward

Manet Community Health Center to hold annual dinner and auction

Lauren Ditullio, Patriot Ledger, April 17, 2012 Quincy - Manet Community Health Center will host its fifth annual fund raiser at Granite Links Golf Club in Quincy, where CEO Henry Tuttle looks forward to enjoying the view. Moving the auction and dinner from the fall to the spring, and therefore into daylight savings time will allow everyone to enjoy the venue more, Tuttle said. “For once, you’ll be able see it,” he joked. The event is 6 to 10 PM April 26 at the Granite Links Golf Club at Quarry Hills, 100 Quarry Hills Drive. Tickets are $100 each and tables of 10 are $1,000. ... Manet

Rhode Island may lift ban on for-profit hospital deals

FierceHealthcare, April 17, 2012 Rhode Island is moving forward with legislation that could pave the way for hospital merger deals in the state. The Senate last week approved the Hospital Conversion Act, which would eliminate a ban on for-profit companies acquiring more than one hospital in the state in a three-year period. The Senate-approved bill is good news for Massachusetts-based powerhouse Steward Health Care System, which backed the bill and has its eye on a purchase deal with Landmark Medical Center in Woonsocket, RI. The bill, however, does include some conditions. ... Rhode

Steward part of new Medicare payment plan

Plan is aimed at reducing costs and improving health of the elderly.
Alex Bloom, Brockton Enterprise, April 17, 2012

Brockton - As an early practitioner of coordinated care, Steward Health Care System is getting national recognition and early entry in a new Medicare plan.

Steward, which owns and operates Good Samaritan Medical Center, 235 North Pearl Street, Morton Hospital in Taunton and Quincy Medical Center, is one of the country’s first 32 health care providers to join a Medicare initiative to cut costs by promoting so-called global payments.

Since January, Steward has been one of 32 Pioneer Accountable Care Organizations, stressing comprehensive coordinated care to keep senior citizens healthy and lower costs.

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