Ardent Health Services

Last updated

Ardent Health Services
Company type Private
Founded1993
FounderEdward Stack
Headquarters,
Key people
Martin J Bonick, CEO
Owner Ventas
Equity Group Investments
Number of employees
15,300 [1]
Website www.ardenthealth.com

Ardent Health Services, formerly known as Behavioral Healthcare Corporation is a for-profit healthcare company based in Nashville, Tennessee, United States.

Contents

History

The Behavioral Healthcare Corporation was founded in 1993 by Edward Stack. [1] [2] Until 2001, it was a privately held company owned by Kindred Healthcare and Welsh Carson Anderson & Stowe and several individual investors and focused owning and operating behavioral health facilities. [1] It currently owns and operates hospitals in Tulsa, Oklahoma, Albuquerque, New Mexico, Amarillo, Texas, Pocatello, Idaho, Topeka, Kansas, 2 in New Jersey and, as of March 1, 2018, UTHET in Tyler, Texas.

By 2001, the private equity firm Welsh, Carson, Anderson & Stowe became majority shareholders and changed the name of the company. [3]

The company sold its [behavioral health operations to Psychiatric Solutions, Inc.]s in 2005. [2]

In 2015, Ventas acquired the company for $1.75b through a traditional sale-leaseback transaction where Ventas remained the owner of essentially all of Ardent's real property interests while a joint venture between Equity Group Investments, Ventas and several members of management acquired its hospital operations. [4]

In February 2018, Ardent Health Services acquired the East Texas Medical Center (ETMC) hospital system, and created the "Tyler Regional Hospital, LLC", [5] purchased the name-rights of the University of Texas Health Sciences Brand, and created a Doing-Business-As name of "UT Health Tyler". [6] The "Tyler Regional Hospital, LLC" business continues operating under the UT Health Brand but is not currently under the University of Texas umbrella of administration. Currently, the University of Texas system owns a 30% share in the hospital while Ardent Health owns a 70% share. [7]

In February 2020, Ardent Health Services president and CEO David T. Vandewater announced his plans to retire from the company. He will remained as president and CEO until a successor was named. [8]

In August 2020, Ardent Health Services appointed Martin J. Bonick as president and CEO. [9] Today the company has 26,000 employees, 30 hospitals and over 200 sites of care in six states.

Related Research Articles

Humana Inc. is a for-profit American health insurance company based in Louisville, Kentucky. In 2023, the company ranked 42 on the Fortune 500 list, which made it the highest ranked company based in Kentucky. It is the fourth largest health insurance provider in the U.S.

<span class="mw-page-title-main">TPG Inc.</span> American investment company

TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care. TPG became a public company in January 2022, trading on the NASDAQ under the ticker symbol “TPG”.

<span class="mw-page-title-main">HCA Healthcare</span> American healthcare facilities company

HCA Healthcare, Inc. is an American for-profit operator of health care facilities that was founded in 1968. It is based in Nashville, Tennessee, and, as of May 2020, owned and operated 186 hospitals and approximately 2,000 sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics in 21 states and the United Kingdom. As of 2023, HCA Healthcare is ranked #66 on the Fortune 500 rankings of the largest United States corporations by total revenue.

<span class="mw-page-title-main">Kindred Healthcare</span> U.S. healthcare company

Kindred Healthcare was a post-acute healthcare services company that operated long-term acute-care hospitals and provides rehabilitation services across the United States.

<span class="mw-page-title-main">Tenet Healthcare</span> American healthcare company

Tenet Healthcare Corporation is a for-profit multinational healthcare services company based in Dallas, Texas, United States. Through its brands, subsidiaries, joint ventures, and partnerships, including United Surgical Partners International (USPI), the company operates 65 hospitals and over 450 healthcare facilities. Tenet also operates Conifer Health Solutions, which provides healthcare support services to health systems and other clients.

<span class="mw-page-title-main">The Health Science Center at UT Tyler</span> Hospital in Texas, USA

The Health Science Center at UT Tyler refers to the health science education branch of the University of Texas at Tyler academic campus on U.S. Highway 271. UT Tyler HSC was chartered in 1977 by the University of Texas System Board of Regents. UTHSCT is the only academic medical centre in Northeast Texas. Located in Tyler, TX, UT Tyler HSC was originally named "East Texas Tuberculosis Sanitarium", established in 1947 as a tuberculosis treatment facility at the location of the retired World War II U.S. Army Infantry Training Base called Camp Fannin. It eventually became a state hospital known as the East Texas Chest Hospital. Following the 1977 acquisition by The University of Texas System, it became The University of Texas Health Science Center at Tyler (UTSHCT). The institution served Northeast Texas, like UT Health Northeast, until the 2018 expansion of clinical operations through a merger with the former East Texas Medical Center to form the clinical affiliate, UT Health East Texas (UTHET).

<span class="mw-page-title-main">Universal Health Services</span> American hospital management company

Universal Health Services, Inc. (UHS) is an American Fortune 300 company that provides hospital and healthcare services, based in King of Prussia, Pennsylvania. In 2023, UHS reported total revenues of $14.3b.

<span class="mw-page-title-main">Iasis Healthcare</span>

IASIS Healthcare, located in Franklin, Tennessee, was the for-profit owner and operator of medium-sized acute care hospitals in high-growth urban and suburban markets. IASIS owns or leases 17 acute care hospital facilities and one behavioral health hospital facility with a total of 3,581 licensed beds and has total annual net revenue of approximately $3.2 billion. These hospital facilities are located in five regions: Salt Lake City, Utah; Phoenix, Arizona; five cities in Texas, including Houston and San Antonio; West Monroe, Louisiana; and Woodland Park, Colorado. IASIS also owns and operates Health Choice Arizona, a Medicaid and Medicare managed health plan in Phoenix that serves more than 197,000 members. IASIS Healthcare, its assets and employees have since merged with Steward Health Care System of Florida, the largest private operator of hospitals in the nation. The deal was estimated to be worth $2 billion.

<span class="mw-page-title-main">Welsh, Carson, Anderson & Stowe</span> American private equity firm

Welsh, Carson, Anderson & Stowe (WCAS), also referred to as Welsh Carson, is a private equity firm. WCAS was formed in 1979 and focuses on investing in two growth industries, technology and healthcare, primarily in the United States. WCAS has a current portfolio of approximately 30 companies and has organized 17 limited partnerships with total capital of over $27 billion, consisting of 13 equity partnerships and four subordinated debt partnerships. WCAS is currently investing equity funds, including WCAS XII, L.P. and WCAS XIII, L.P.

Alberta Health Services (AHS) is the single health authority for the Canadian province of Alberta and the "largest integrated provincial health care system" in Canada. Headquartered in Edmonton, AHS delivers medical care on behalf of the Government of Alberta's Ministry of Health. It operates 850 facilities throughout the province, including hospitals, clinics, continuing care facilities, mental health facilities and community health sites, that provide a variety of programs and services. AHS is the largest employer in the province of Alberta. In 2019, AHS served 4.3 million Albertans with a staff of 125,000 staff and 10,000 physicians, and an annual budget of $15.365 billion. Sean Chilton is the Acting President and CEO of AHS and reports to Dr. John Cowell, the AHS Official Administrator. The Official Administrator is accountable to the Minister of Health and the Premier.

United Surgical Partners International (USPI) is an American ambulatory care company based in Dallas, Texas. It was founded by Don Steen in 1998.

Juniper Advisory is a consulting firm based in Chicago that focuses exclusively on non-profit hospital mergers and acquisitions. Founded by veteran investment bankers James Burgdorfer and David Gordon, the firm provides strategic financial advice relating to business combination transactions and other corporate finance matters.

<span class="mw-page-title-main">Steward Health Care System</span> US-based for-profit healthcare system

Steward Health Care is a large private for-profit health system headquartered in Dallas, Texas. It utilizes an integrated care model to deliver healthcare across its hospitals and primary care locations, as well as through its managed care and health insurance services. As of the start of 2024, Steward operated 33 hospitals and employed 33,000 people in the United States. Steward's international ventures include Steward Colombia, which operates four hospitals, and Steward Middle East, which operates in Saudi Arabia and the United Arab Emirates. The company is currently engaged in bankruptcy proceedings.

An operating partner is a title used by venture capital (VC) and private equity (PE) firms to describe a role dedicated to working with privately held companies to increase value. The role was created by large-capitalization private equity groups when the importance of driving corporate change to add value increased as sellers became more sophisticated and financial engineering less central to private equity investments in the 2000s. Firms with operating partners argue that value creation potential is better achieved by a fully dedicated partner than relying solely upon external consultants. The operating partner role has evolved into a full-time position drawing a combination of salary, performance bonus, and carried interest similar to an investment partner.

SCA Health (SCA), is based in Deerfield, Illinois, with a network of 300+ ambulatory surgery centers (ASCs) in 35 states performing 1 million procedures a year. Since March 2017, the company is part of Optum.

LifePoint Health is an American company that provides healthcare services in growing regions, rural communities and small towns. It was established in 1999 and is headquartered in Brentwood, Tennessee. As of November 16, 2018, it operated 89 hospital campuses in 30 states with more than $6 billion in revenues. In 2011, the company was included in the Hospital Engagement Network by the U.S. Department of Health and Human Services, the only private organization in the country to be included.

<span class="mw-page-title-main">Ventas (company)</span> American real estate company

Ventas, Inc. is a real estate investment trust specializing in the ownership and management of research, medicine and healthcare facilities in the United States, Canada and the United Kingdom.

<span class="mw-page-title-main">Medical Properties Trust</span> American real estate investment trust

Medical Properties Trust, Inc., based in Birmingham, Alabama, is a real estate investment trust that invests in healthcare facilities subject to NNN leases. The company owns 438 properties in the United States, Australia, Colombia, Germany, Italy, Portugal, Spain, Switzerland, Finland, and the United Kingdom.

<span class="mw-page-title-main">Benjamin Breier</span> American businessman

Benjamin Breier was chief executive office and a member of the board of directors of Kindred Healthcare from March 2015 through December 2021. He serves on the board for the Federation of American Hospitals.

UT Health East Texas (UTHET) is a for-profit hospital system based in Tyler, Texas founded February 2018. The system is jointly-owned by the University of Texas System (30%) and Ardent Health Services (70%), and was formed following a merger of the East Texas Medical Center and the University of Texas Health Science Center at Tyler. The hospital system's legal name is "Tyler Regional Hospital, LLC". which operates under the doing-business-as name of "UT Health Tyler", after purchasing the naming rights of the University of Texas system in the merger.

References

  1. 1 2 3 "Company Overview of AHS Medical Holdings LLC". Bloomberg Business. Retrieved January 11, 2016.
  2. 1 2 "America's Largest Private Companies: #292 Ardent Health Services". Forbes. Retrieved January 11, 2016.
  3. "History". Ardent Health Services. Archived from the original on April 24, 2015. Retrieved January 11, 2016.
  4. Chen, Angela (July 7, 2015). "Equity Group Investments to Take Majority Stake in Ardent's Hospital Operations: Deal values Ardent at about $475 million". The Wall Street Journal. Retrieved January 11, 2016.
  5. "Tyler Regional Hospital Llc in Tyler, Texas - General Acute Care Hospital Address and Contact". npino.com. Retrieved December 22, 2023.
  6. "Ardent Health Services and The University Of Texas System Announce New Name For 10-hospital System | Ardent Health Services". ardenthealth.com. Retrieved December 22, 2023.
  7. McCoy, Cory (February 15, 2018). "UT Board of Regents approves $35 million partnership with Ardent Health Services, system to be known as UT Health East Texas". TylerPaper.com. Retrieved December 22, 2023.
  8. "Ardent Health Services President & CEO Announces Retirement from Company". www.businesswire.com. February 20, 2020. Retrieved March 3, 2020.
  9. "Ardent Health Services Names Martin Bonick President & CEO". August 17, 2020.