June 27, 2018

Around the nation: GE will spin off health care business

Daily Briefing

    General Electric will put a 20% stake of the health care unity into a new publicly traded company and then divest the remainder of its holding to shareholders, in today's bite-sized hospital and health industry news from Florida, Massachusetts, and Pennsylvania.

    • Florida: Seven Rivers Regional Medical Center has named Linda Stockton its next CEO. The news comes as the hospital prepares to join Bayfront Health Network on July 1 and rebrand as Bayfront Health Seven Rivers. Stockton has previously served as CEO of Bayfront Health Dade City and as interim CEO of Seven Rivers (McMorris, Tampa Bay Business Journal, 6/25).

    • Massachusetts: General Electric on Tuesday announced that it plans to spin off its health care business in an effort to "make [the] company simpler and stronger and accelerate growth," according to CEO John Flannery. The company's health care unit reported a $19 billion revenue last year. It produces a variety of equipment, such as MRI machines and products that help with cellular technology research. The company will put a 20% stake of the health care unity into a new publicly traded company and then divest the remainder of its holding to shareholders (Lohr/de la Merced, "DealBook," New York Times, 6/26; Scott, Reuters, 6/26; GE release, 6/26).

    • Pennsylvania: Penn Presbyterian Medical Center has dedicated a zone outside of its ED for police transporting gunshot victims. According to a spokesperson from Penn Medicine, the new police drop off zone is to ensure "that patients are brought to the ambulance bay where our trauma team is best equipped to quickly care for them" (Haefner, Becker's Hospital Review, 6/25).

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