BOSTON--(BUSINESS WIRE)--Today, Steward Health Care LLC (Steward) announced an agreement to acquire Essent Healthcare’s Merrimack Valley Hospital (MVH) and Nashoba Valley Medical Center (NVMC). The agreement calls for the assets of MVH and NVMC to be acquired by Steward Health Care to expand its community-based accountable care organization.So, it would appear that Essent is divesting itself from the losing propositions. That leaves, what, three? Is that enough to have a building, a suite of offices, or a closet for a headquarters?
So with less going out, does that mean that there are new investments to be made in existing facilities, or are we back to buying?
9 comments:
Every year at this time since I've been affiliated with MVH there have been rumors of layoffs, sales of the facility, etc. Maybe Essent is finally going to actually follow through this time. Hopefully, the new owners will get rid of the hopeless senior leadership there and put in some folks that have some sort of management skills.
Several options here:
1. What Essent gets from the sale will go toward dome improvements and/or purchasing of other facilities.
2. The money goes back to the folks who have been keeping this leaky boat afloat.
3. Three words: Swiss bank accounts.
This is NOT the tactic that a company whose "hospitals are profitable and growing in all markets" normally takes. Let's be honest here- Essent never was, nor will be, a power player in for-profit healthcare. This was Hud Connery's money pit, and the financial partners, employees and communities unlucky to have Essent-owned facilities have paid for his folly. Were it not for the fact I have former co-workers and friends at one of those facilities, I'd be laughing myself silly at the poor moves the various hospital boards took- obviously, they didn't know a cock-and-bull story when they heard it.
There is a special level of Hell for incompetent businessmen who couldn't run a lemonade stand, much less a multi-million-dollar company.
Apparently the plan to splash a fresh layer of paint on the rusty, '82 pea-green Vega that is Essent Healthcare didn't really fool potential investors.
I guess "Plan B" is to just part it out.
Good luck and for the sake of the people, please sell your other facilities ASAP. If it helps, I know a guy down the road that needs a water pump dirt cheap.
It was said that Hud ran the first start-up into the ground by siphoning all the profits(?) to the pretty HQ. Wonder if his hand-picked CFO turned CEO has the same style???
I cant wait until I read that PRMC will be up for sale (again). Maybe then a the patients will be able to come back and get proper treatment here instead of having to go to Dallas or elsewhere for their care. PRMC has seen the last of me going for treatment of any kind, every time I have been in there I have come out with something worse. We, the residents of Lamar County, deserve better. Please keep it posted on any possibility of a change of ownership.
At this point, the Essent board could meet at the local Waffle House.
Frank, I sure do hope you are going to keep your eyes on this. There is alot to come I'm sure of that.... Keep reporting, we are still here reading. Thanks
It's official, Merrimack Valley Hospital is no longer part of that sinking ship called Essent Healthcare. I hope that there is enough life boats to handle all the rest of you.
hi frank. i no longer live in paris, thankfully, but occasionally look back here to the paris-site to see if there is any sign of improvement in the hospital situation. sorry to hear that PRMC is still essent-owned and nowhere near being turned around. it's a shame for you folks who are still there. let me tell you it's lovely to be in a city where there is excellent medical care readily available. y'all hang in there and i pray that you will some day have a decent hospital.
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