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Hahnemann hospital situation

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  • Avatar G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1641
    Joined: 01/08/2016

    Interesting. Owned by private equity and everything will be bankrupted except the real estate, which seems to have been the play the whole time.

    https://prospect.org/article/private-equitys-latest-scheme-closing-urban-hospitals-and-selling-real-estate

    Click to expand…

    a little background music as you read the article:

    https://www.youtube.com/watch?v=GXE_n2q08Yw

    #229470 Reply
    Liked by redsand, Tim
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 2573
    Joined: 09/18/2018

    Sure glad those landlords are going to treat all the residents and fellows with understanding and grace.
    “Let’s see, 1st Mo , last Mo, 1 Mo deposit and you move in the 15th. Now tell me again why you aren’t moving in and you want me to refund this so you can be a nice “fellow” someplace else? Oh, I guess that would make sense for you.”
    Logistically, Tower Health has it’s own challenges.
    https://www.wfmz.com/news/berks/tower-health-welcomes-hahnemann-hospital-residents-fellows/1093836219
    What could go wrong?

    #229551 Reply
    Avatar redsand 
    Participant
    Status: Physician
    Posts: 64
    Joined: 01/08/2017

    Interesting. Owned by private equity and everything will be bankrupted except the real estate, which seems to have been the play the whole time.

    https://prospect.org/article/private-equitys-latest-scheme-closing-urban-hospitals-and-selling-real-estate

    Click to expand…

    How can the private company (Paladin Healthcare is stated as the company that owns the hospitals in this article, but I have also seen it called American Academic Health System in other articles) that owns Hahnemann have these debts, and not be able to pay them, and have it not affect the other Philadelphia hospital owned by the same company, St. Christopher’s, which other articles report that is turning a profit? If Hahnemann was losing money, it makes sense that the debts can’t get paid from revenue from Hahnemann, but why is Paladin not required to pay for its debts with the profits it has from any of the other hospitals it owns?

     

    #229618 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 2573
    Joined: 09/18/2018

    @redsand,
    Limiting liability is one of the primary reasons for legal entity ownership structures. Failure of one has no impact on the other owned entities. Nothing new here related to asset protection.

    #229623 Reply
    Avatar redsand 
    Participant
    Status: Physician
    Posts: 64
    Joined: 01/08/2017

    Not a business owner myself, and therefore I am not familiar with such structures, but it makes sense to want to protect your profits as much as allowed by law.

    #229632 Reply
    Avatar Raddoc123 
    Participant
    Status: Physician
    Posts: 107
    Joined: 07/03/2016

    Would love to know the status of non gov 457b at this place?

    #230104 Reply
    Liked by Tim

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