Patrick Soon-Shiong Brought Hope To Deeply Indebted California Health System. A Year Later It’s Been Dashed.
Billionaire Patrick Soon-Shiong promised great improvements for the struggling Verity Health System when he took it over last year. Now it stands on the edge of bankruptcy.
Did Patrick Soon-Shiong’s High-Tech Gamble Help Bring 6 Hospitals To The Brink?
In the year since Los Angeles billionaire Patrick Soon-Shiong took control of a deeply indebted California hospital system, it invested millions in technology that advanced his for-profit interests while cutting charity care and neglecting earthquake preparedness. Now, it stands at the brink of sale or, possibly, bankruptcy. Soon-Shiong, the Los Angeles surgeon and entrepreneur whose empire includes health technology firms and foundations, part of the L.A. Lakers and, most recently, ownership of the Los Angeles Times, bought a controlling stake in the firm that operates the struggling Verity Health System hospital chain in July 2017. Soon-Shiong saw Verity as a place to fulfill his longtime dream of advancing high-tech approaches to cancer treatment, and promised to provide “the highest level of care with the best outcomes at lowest cost for all Californians.” (Tahir, 8/28)