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Providence Financials Strong, Hiring Freeze ContinuesThe Lund Report - June 5, 2009Despite the economic turndown, Providence’s financial position is extremely strong ... In particular, the year-to-date net operating income has exceeded budgetary projections by about $25 million. Sacred Heart cutting 19 positionsKHQ News, Spokane - April 15, 2009Providence Sacred Heart Medical Center & Children's Hospital and Providence Holy Family Hospital announced Wednesday that 19 leadership positions will be cut in April. Nowhere in Providence Hospital's mission statement is the word profitabilityMedford Mail Tribune, Letters to the Editor - January 15, 2009Yes, it may prove more profitable to suspend the aquatic program in favor of therapy which can be billed at a higher rate to insurance companies or Workman's Comp. What will be lost, however, is the dedication to the needs of individuals whose welfare has been the mission of the hospital's past. Dedication vs. profitability. Which is the winner? Providence closes deal on Fairview propertyThe Gresham Outlook - January 9, 2009Providence Health System has purchased a five-acre land parcel on the southeast corner of Village and Halsey streets in Fairview with tentative plans for a 42,000-square foot medical office building. Hospital's aquatics wellness program will closeMedford Mail Tribune - January 12, 2009Suffering from rheumatoid arthritis and back pain that limited her movement, Roberta Heinz found relief at an aquatic wellness class at Providence Medford Medical Center … This week, she and 133 other participants in Providence's aquatics classes received notice that the hospital will discontinue the community classes Friday in the face of the current economic decline.
Providence Health & Services cuts Staff; BudgetsProvidence Health & Services has recently made news with cuts in staff and operations throughout the company’s five-state system, but the latest figures show its operations are still strongly profitable. The company took significant non-operating losses in 2008 as the financial markets crumbled, but the amount that the company lost is still far less than it has gained on investments in recent years. Given its enormous net assets, investment losses on this scale should pose no threat to program at all. Providence caregivers speak out about low staffingHigher staff-to-patient ratios have been shown to be good for patient outcomes. Yet among large Oregon hospitals, Providence’s Portland hospitals have by far the fewest staff per patient despite having high profits. Providence St. Vincent has the lowest staff-to-patient ratio of any large Oregon hospital as well as having the highest hospital profits in the state. Over the past five years, St. Vincent’s profit margin has steadily climbed while their staffing levels have gone down. Providence labor practices appear at odds with their principlesUnfair labor practice (ULP) charges and a refusal to clarify labor principles or allow pro-union workers access to meeting space has left many Providence Health & Services employees questioning the system’s claims to support workers’ right to form a union. Providence employees have been organizing to form a union with SEIU Local 49 for approximately two years. Last summer, the Workers Rights Board Fair Election Oversight Commission, chaired by Oregon Secretary of State Bill Bradbury, determined that PH&S’s anti-union tactics made it impossible for hospital workers to hold a fair union election until Providence agreed to fair election ground rules. Profile of Providence Health & Services in AlaskaThis month ProvidenceWatch continues its series of profiles on each of the major markets in which Providence Health & Services operates. The goal is to help ProvidenceWatch readers better understand Providence’s place in the western U.S. hospital market. With three times more operating revenue than its closest competitor, $321 million budgeted to build new facilities between 2005 and 2008, and the former Alaska Commissioner of Health and Social Services in charge of strategic development, Providence Health & Services is positioned to dominate the state’s health care market indefinitely. Providence Executives Implicated in "Anticompetitive Secret Society" Break-up
Three current and former Providence Health & Services executives were member-owners of the "anticompetitive secret society" dissolved under a January 25, 2007 settlement with the Connecticut and Florida Attorneys General. John Koster, Richard Umbdenstock, and Henry "Hank" Walker were all members of the Healthcare Research Development Institute (HRDI), the for-profit entity labeled a secret society by Connecticut Attorney General Richard Blumenthal. According to the settlement titled an "Assurance of Voluntary Compliance," current Providence Health & Services CEO John Koster was on the HRDI board when Blumenthal began his investigation in 2005 . HRDI website records show that former Providence Health System CEO Henry "Hank" Walker became a member of the group in 2000 and then Providence Services CEO Richard Umbdenstock became a member of the group in 2002 . |
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