Verity Health System Mulls Sale Of One Or More Of Its California Hospitals As It Faces Financial Pressures
The company owns and operates St. Vincent Medical Center in Los Angeles and St. Francis Medical Center in Lynwood. It also has four hospitals in Northern California.
Los Angeles Times:
Verity Health May Sell St. Vincent And Its Other Hospitals
The nonprofit Verity Health System is considering selling one or more of its six California hospitals because of financial pressures. ...The hospitals, many of which are in lower-income neighborhoods, have been struggling for years to keep their doors open. Just a year ago, Nantworks, the Culver City company controlled by Dr. Patrick Soon-Shiong, bought Integrity Healthcare, the management company that provides guidance to Verity, which owns and operates the hospitals. Soon-Shiong also provided an undisclosed amount of funding to Verity. “The top priority of Verity’s board and management team is to establish a long-term, sustainable path forward for our hospitals, which are of critical importance to the communities they serve,” Rich Adcock, Verity’s chief executive, said this week in a statement. (Petersen, 7/11)