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Old 10-06-2016, 06:32 AM
 
6,580 posts, read 7,560,995 times
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Quote:
Originally Posted by Beretta View Post

One way or the other Wellmont needs a buyer.

Wellmont has had issues with their financials over the years. Hopefully those of the past few years are in better shape than previous years.


Enter Duke Medical Center...they were originally willing to buy out the equity holders AND pay off/assume the debt.


That should make for some pretty fancy competition for HMG.
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Old 10-06-2016, 10:01 AM
 
Location: Gray, TN
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There shouldn't be any equity holders to buyout.
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Old 10-15-2016, 07:49 PM
 
15,764 posts, read 28,857,797 times
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Health systems respond to FTC comments

http://static.lakana.com/bmg-wcybtv-...969_ver1.0.pdf
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Old 11-02-2016, 09:37 AM
 
Location: Gray, TN
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Wellmont continues to report financially solid results. Both revenue and income increased in the most recent fiscal year. Any defense of this merger should not include the argument that Wellmont needs this to survive. That is not to say that there are not other legitimate arguments.

Kingsport Times-News: Wellmont reports 'solid financial year'
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Old 09-18-2017, 07:29 AM
 
Location: Tennessee
28,536 posts, read 21,393,949 times
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UPDATE: Virginia health chief delays Wellmont-MSHA merger decision - WCYB

The state of VA kicked the can down the road another two weeks. TN's decision is still on track for tomorrow, but who knows - they may also defer to VA. Word is that VA was supposed to just rubberstamp whatever TN does. However, VA is less pro-business and VA Democrats may want to put their own mark on this.

At this point, I cannot see what more information could be needed. The states essentially allowed the application a do-over after deeming the first one incomplete. That stalled the process another several months beyond what the initial timetable was.

We'll see how this plays out over the next few weeks.
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Old 09-19-2017, 11:09 AM
 
Location: Tennessee
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Mountain States, Wellmont merger granted Certificate of Public Advantage by TN. Dept. of Health | WJHL

Well, the merger was approved by TN today.

VA is still due at the end of the month, but unless there is some sort of massive reservation, they will probably rubberstamp TN's decision.
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Old 09-19-2017, 12:03 PM
 
Location: Johnson City, TN
667 posts, read 826,683 times
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Quote:
Originally Posted by Serious Conversation View Post
Mountain States, Wellmont merger granted Certificate of Public Advantage by TN. Dept. of Health | WJHL

Well, the merger was approved by TN today.

VA is still due at the end of the month, but unless there is some sort of massive reservation, they will probably rubberstamp TN's decision.
This is excellent news! I'm anxious to see the transition plan and while I'm sure there will be winners and losers, in the long run I believe this will be a net positive for the region. The merger has the backing of the business and educational leadership around the region and I have to believe that they would not be supportive if the merger would result in a negative economic impact.
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Old 09-19-2017, 01:09 PM
 
Location: Tennessee
28,536 posts, read 21,393,949 times
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Quote:
Originally Posted by Rangerred View Post
This is excellent news! I'm anxious to see the transition plan and while I'm sure there will be winners and losers, in the long run I believe this will be a net positive for the region. The merger has the backing of the business and educational leadership around the region and I have to believe that they would not be supportive if the merger would result in a negative economic impact.
I will say there is a lot of fear out there. Both MSHA and Wellmont have urgent cares in Norton, VA. How could little Norton possibly need at least two urgent cares (are there more?) plus Mountain View and Norton Community Hospital? Lonesome Pine Hospital is also down the road in Big Stone Gap. I know these facilities service a fairly big geographic area, but these areas are lightly populated. I cannot imagine some consolidation not happening here. I don't know why there is a need for all that anyway.

Greeneville has both Laughlin Memorial (MSHA) and Takoma Regional (Wellmont). Greeneville is rather small. Does it need two hospitals, plus whatever other services each one is offering?

There does seem to be a lot of duplication/redundancy, but those are still jobs that people in the community depend on. This is an area that is sorely in need of large, stable employers. Outside of the two medical systems, all you really have these days are Eastman, ETSU, and local government.
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Old 09-20-2017, 06:19 AM
 
15,764 posts, read 28,857,797 times
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As previously stated, when the application was filed they disclosed that there would be layoffs. The fear is well founded. It will begin after the first of the year and continue for quite some time. Look for the housing market to be impacted as well as other economic indicators.
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Old 10-07-2017, 08:41 PM
 
Location: Tennessee
28,536 posts, read 21,393,949 times
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With Eastman's explosion this week, I wonder how that will impact the merged organization keeping offices in Kingsport.
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