Drexel/MCP update... a bit old, but a good read:
http://biz.yahoo.com/rc/040517/health_tenet_philadelphia_1.html
Reuters
Doctors offer to run Tenet hospital set to close
Monday May 17, 4:46 pm ET
NEW YORK, May 17 (Reuters) - Doctors at the Medical College of Pennsylvania, a Tenet Healthcare Corp. (NYSE:THC - News) hospital set for closure June 30, are proposing to keep the facility open as a not-for-profit institution, Pennsylvania officials said on Monday.
Gov. Edward Rendell and U.S. Sen. Arlen Specter said in a joint statement that the discussions with Tenet are continuing to keep the hospital, which serves northwest Philadelphia, open beyond June 30.
A spokeswoman for the governor said $10 million of funding from benefactors has been raised to keep the hospital open and that figure could triple.
Dr. Nancy Pickering, a cardiologist who heads the Association to Save MCP, said her group is lining up $45 million from health care financing companies in addition to the $10 million.
The Association to Save MCP sued Tenet to prevent the 154-year-old hospital from closing in March, which led to an extension to keep the doors open through June.
Tenet, based in Santa Barbara, California, said late last year that the 379-bed facility was losing $5 million a month.
Jeff Jubelirer, a Tenet spokesman, said the company has not yet seen a proposal but is hopeful that a solution can be reached to keep the hospital open.
Tenet had announced plans to sell 27 hospitals earlier this year as it copes with government investigations into how it billed Medicare, charges that a San Diego-area hospital violated laws governing physician recruiting, and civil suits tied to two doctors who are accused of performing unnecessary heart surgeries.
Separately, Tenet said on Monday it has agreed to sell Brownsville Medical Center in Brownsville, Texas, to Valley Baptist Health System. Terms of the deal will not be disclosed until closing.
Temple University Health System, Drexel University College of Medicine and the Association to Save MCP have submitted proposals to the governor for keeping the Medical College of Pennsylvania open.
Proposals were submitted to Rendell's office and shared with Specter to determine whether government support would be available.
Both officials have asked Temple to offer slots for residents to train at Medical College of Pennsylvania, which would provide a source of government funding.
"We had 28,000 people in our emergency room last year," Pickering said. "Where are they going to go?"
