Dallas-based Tenet Healthcare Corp. reported a $52 million net loss in its first quarter of 2017, a $3 million improvement from the first-quarter 2016 loss of $55 million.
GMF Capital, a New York-based private alternative investment firm specializing in healthcare, real estate, and private equity, has acquired a minority interest in Dallas-based East Lake Capital Management, an investment management firm specializing in healthcare and real estate, for a reported $95 million.
Dallas-based Kimberly-Clark Corp., a multinational personal care corporation, said it plans to challenge the recent verdict in a California class action lawsuit involving MicroCool surgical gowns sold by Halyard Health, its former healthcare business. Full Story
A New York-based hedge fund has purchased $212.7 million in outstanding loans of Lewisville-based Adeptus Health, the nation’s largest operator of freestanding emergency rooms. Full Story
A class action lawsuit has been filed against Lewisville-based Adeptus Health Inc. because the company allegedly made false and/or misleading statements, failing to disclose its internal control over financial reporting and the overall status of its business operations. Bronstein, Gerwirtz & Grossman LLC publicly reminded Adeptus investors that the class action lawsuit had been filed against the free-standing emergency room provider on behalf “of a class consisting of all persons or entities who purchased Adeptus securities April 29, 2016 through March 1, 2017.” The New York law firm said there’s a May 9 deadline to request lead-plaintiff status in the case.… Full Story
Fitch Ratings, an international ratings agency providing issuer and bond ratings and more, has downgraded the Dallas County Hospital District from an “AA+” to an “AA” bond rating and removed the hospital district from its rating watch evolving list. Full Story
Dallas-based Cedar Springs Capital and Fort Worth-based Crestline Investors Inc. have partnered to acquire a majority interest in an Oregon-based patient financial engagement company called CarePayment. As a result of the deal, CarePayment will relocate its headquarters to Nashville. Full Story
Dallas-based Tenet Healthcare has announced plans to strengthen its hospital portfolio and expand its ambulatory network after releasing its 2016 financial records, showing a net loss of $192 million. While Tenet reported higher operating revenue than in the previous year, growing from $18.6 billion in 2015 to $19.6 billion in 2016, the financial boost was attributed to an increase in net patient service revenue. Tenet’s records showed it closed 2016 with $4.9 billion in revenue for its fourth quarter, a 3.3 percent decrease from the same quarter in 2015. After accounting for investment income and other expenses, Tenet ended 2016… Full Story
Hospital operator Quorum Health Corp., based in Brentwood, Tenn., has launched an investigation to determine whether it provided acceptable disclosure to investors prior to its spinoff after a Fort Worth-based investor wrote to Quorum’s board. According to Reuters, one of Quorum’s investors, hedge fund Q Investments LP of Fort Worth, wrote to Quorum’s board in October alleging that “debt-laden Community Health Systems duped Quorum investors.” In its letter, Q Investments also told Quorum, which currently owns or leases 36 hospitals, that it should launch an investigation. The letter says, “We believe Community Health was desperate to raise cash, and they… Full Story
While the U.S. healthcare equipment and services sector saw an overall positive growth in the stock market, most of the for-profit hospital operators suffered this past week. Full Story