Johns Hopkins Acquired All Children’s Hospital in St. Petersburg Florida For Little or No Cost
Posted Jul 22 2010 10:47pm
Many physicians have sold their practices to Children’s Hospital and are a little unsure about how things will run with Johns Hopkins as the new owner. The name affiliation I am thinking would stand to draw more patients with the reputation that Johns Hopkins has. Some physicians mentioned that they have been through more than one change in ownership with hospitals in Florida. BD
ST. PETERSBURG — The news that All Children's Hospital is becoming part of Johns Hopkins Health System has caused a major splash in the Tampa Bay area medical community.
"It's an acquisition," he said, saying the Baltimore group is assuming about $240 million in debt in exchange for a hospital with about $200 million in cash on its balance sheet. "In essence, All Children's is giving its hospital to Johns Hopkins for nothing. But if you're going to give up control to somebody, you may as well give it up to one of the finest medical centers in the world."
Though doctors who have sold their practices to All Children's and have become its employees are reportedly nervous about being replaced by Johns Hopkins, Nemzoff said after three decades of handling hospital acquisitions, he's never seen widespread physician turnover.
"Organizations are amenable to mixtures of relationships that would not have been doable a few years ago," he said.
The reason: money. With Medicaid cuts coming and the health reform bill affecting how and how much providers will be paid, everyone's looking for ways to reduce costs.