Freed notes that Beaumont claims to have 300 days of cash on hand but doesnt have a top-tier bond rating allowing it to borrow money at the best rates. Beaumont CEO John Fox . Yet the, Nessels do nothing stance on healthcare matters is in sharp contrast to her Massachusetts counterpart Maura Healey, who has moved to block the expansion of Massachusetts General Brigham on the grounds it will lead to, Former California Attorney General Xavier Becerra won a $575 million landmark settlement against Sutter Health for using the market dominance it obtained through a series of mergers to illegally drive-up prices. More importantly, I doubt that Spectrums doctors would feel the need to circumvent management in the first place. Giving some of them oversight over a considerably bigger hospital system is reckless and irresponsible. With regards to healthcare, Nessel is a do-nothing attorney general who has stood idly by as Fox drove Beaumont into the ground and is expected to rubber stamp Spectrums takeover. Spectrum also reported that Beaumont lost $253 million on its investments. Seven Failed Beaumont Directors Will Serve on Board If Spectrum Merger Gets Approval Tweet. Fox, who owns homes in Atlanta and North Carolina, cant be bothered to even create the appearance that he cares about Beaumonts future. These contracted doctors also were responsible for setting up a Covid-19 ICU unit at Beaumont Troy. Freese Decker held various strategic and operational roles before being named to the top job in 2018. Its reasonable to assume the real reason for Freams elevation was the board knew Fox was close to inking a deal with a merger partner. Said a veteran Troy ER source: Ive never seen anything like this in all my years of nursing. Disparities in healthcare are typically blamed on racism of U.S. doctors and other health professionals. Today is indeed a historic day. That would mean there wouldnt be one senior executive from Beaumont involved in the management of the combined hospital systems. A merger of Spectrum and Beaumont must be approved by Michigan Attorney General Dana Nessel, who has shown no interest in championing healthcare issues and can be counted on to rubber stamp the deal. If there was an annual award for the healthcare industrys biggest chump, I defy anyone to propose a more worthy recipient than Tina Freese Decker, CEO of Grand Rapids-based Spectrum Health. Starkman: Electric Vehicles and the Exploitation of Michigan Taxpayers. A responsible attorney general would have removed Fox, board chair Julie Fream, and the other Beaumont directors who stood idly by a long time ago. Far from it. AG Dana Nessel was personally warned by Beaumont donor and former director Mark Shaevsky two years ago that Fox and his board cronies needed to be removed, but she allowed the hospital system to deteriorate, as did Michigan Gov. Beaumonts board failed in their duties overseeing the hospital system they were responsible for protecting. It speaks volumes that Spectrum Health CEO Tina Freese Decker and her fellow directors have chosen to get into bed with the directors who are ultimately responsible for the implosion of Beaumont Health. When you sign the documents that will permanently change this region, your signature will forever hold you accountable for the repercussions, Freed said in a letterhe posted on LinkedIn. To support Deadline Detroit's independent. Have you tried to find Beaumont Healths financial statements? Freed asks. His chief marketing officer resigned last September, his CFO quit in March, his chief compliance officer left a few weeks ago, and his chief revenue officer is out the door in a few days. Freese Decker grabbed the brass ring, but it was badly tarnished. Starkman: Why Beaumont's John Fox Could Haul More Than $30 Million Back to Atlanta Tweet. Eric Starkman of Los Angeles is a former Detroit News business reporter who blogs at Starkman Approved.. By Eric Starkman. Support our reporting by becoming aDeadline Detroit memberfor as little as $3 per month. Thats right, CFO Matthew Cox referred to Beaumont as an acquisition, not a merger as Freese Decker and Fox led the media to believe. In addition to lacking a CFO and chief compliance officer, Beaumont has yet to find a replacement for its chief marketing officer, who left last September. Starkman: Electric Vehicles and the Exploitation of Michigan Taxpayers. A Grand Rapids television station revealed that operating room OBGYN doctors were posting photos on social media of them holding up surgically removed organ and tissue material as part of a game they likened to The Price Is Right. The report by NBC affiliate WOODis a classic worth watching because the reporter cant believe what shes actually reporting. Spectrum reported that Beaumont's operations already have racked up nearly $100 million in losses. A traditional Bachelor of Science degree in nursing is typically four years. Fox, who has already been paid more than $20 million in compensation since joining Beaumont in 2016, potentially stands to earn tens of millions more if regulators approve Spectrums takeover. Beaumont employees and vendors are encouraged to reach out, with confidentiality assured. Typically, when deals of these sorts are announced, the CEO of the acquired company pays lip service to being committed to ensuring a smooth transition and promises to stick around and lend their full support. Prioritys goal is to capture as much market share as possible and then use that power to reduce what it pays to doctors to cover their services. And that has resulted in the emergency rooms of Beaumont Royal Oak and Troy becoming so overwhelmed they are unprepared to handle unexpected catastrophes required of them as regional trauma centers. Disgruntled Staff. The nursing scholarship wont alleviate Spectrums immediate nurse staffing issues. In a major blow to the hospital, Reza Dabir, Dearborns top cardiothoracic surgeon, resigned to join Ascension Health. This columnist, a Los Angeles freelancer, is a former Detroit News business reporter who blogs atStarkman Approved. John Fox, the Atlanta carpetbagger who washed up on the shores of southeastern Michigan seven years ago to bolster Beaumont Healths profits and gussy up Metro Detroits biggest hospital network so that he could sell it, appears hes pulled off what he set out to do. Business Starkman: Bloodbath at Beaumont - COO Carolyn Wilson and Top Doctor Ousted; Chief Quality Officer Resigns Tweet Share July 22, 2021, 12:45 PM This columnist, a Los Angeles freelancer,. Whats notable about the joint announcement and Beaumonts internal communications is whats missing. According to an email obtained by the Detroit TV station, Beaumont transferred its Covid patients because the CEO said the hospital system was losing too much money treating them. Fox disclosed that Beaumont has extensively expanded its use of nurse staffing agencies, which could exacerbate already poor morale among its nurses. Despite these challenges, our team members continued to provide nationally recognized health care and we were able to make new investments in the market and bring on new talent, Spectrum said. Beaumonts John Fox Is Laughing All the Way to the Bank, Beaumont Nurse Anesthetists Move to Unionize to Combat 'Unsafe' Staffing Conditions, Avoid Beaumont Like the Plague,' Warns Podiatrist Who Underwent an Endoscopy at Royal Oak Hospital, Metro Detroit Mourns Passing of 'Gentle Soul' Richard Curbelo, Medical Examiner Conducted Autopsy of Beaumont Colonoscopy Patient After Concern Raised, Remembering Richard Curbelo Who Died Undergoing Beaumont Colonoscopy, Beaumont Hospital Staffers Horrified After Patient Dies During Routine Colonoscopy, Ostriches On Beaumont Health's Board Belong at the Detroit Zoo, Henry Ford's Wright Lassiter Puts Beaumont's John Fox to Shame, Beaumont's Demise Assured as Board Ignores Calls for CEO's Firing, Prominent Beaumont Cardiologist Calls Out CEO John Fox for Deception, AG Nessel Reaffirms She's Do Nothing Dana' on Healthcare. The deal will invariably be good for Fox, as he will likely get a very lucrative exit package to sail into the Georgia sunset. Hospital plans are designed to incentivize doctors not to order or recommend expensive procedures in order to reduce payouts. Freed might want to reach out to Mark Shaevsky, a prominent southeastern Michigan attorney and a former Beaumont board member before it merged with two lesser hospital companies in 2014. A hospital CEO committed to the best interests of their organization and the communities it services would typically demand a premium of one times the annual revenue, meaning Spectrum should pay nearly $5 billion to take over Beaumont. Beaumont employees and vendors are encouraged to reach out, with confidentiality assured. Funny we only now are learning just how badly Fox ran Beaumont into the ground. So What? After she announced the deal, former Spectrum CFO Michael Freed publicly alerted Spectrum's then board the deal could result in a massive financial loss.. That's bad news for Metro Detroit's biggest hospital system. He also noted that Beaumont received Medicare advances of $505 million in 2020 that needs to be returned this year. Freed was CFO of Grand Rapids-based Spectrum Health for nearly 19 years, and later headed the hospital companys lucrative Priority Health insurance arm for six years. Eric Starkman of Los Angeles is a former Detroit News business reporter who blogs at Starkman Approved. Copyrightdocument.write(new Date().getFullYear());Deadline Detroit, Inc. - All Rights Reserved, Starkman: Why Tree Huggers Must Save This Small Town in Michigan From Ford, 'Detroit In Black And White:' Why We Got Kicked Off 910 AM, Randy Wimbley Leaving Fox 2 After a Decade on the Air. The release, which Fream presumably signed off on, said her appointment was part of a normal governance leadership rotational process.. That amounts to a Spectrum takeover in my book. Starkman: Electric Vehicles and the Exploitation of Michigan Taxpayers. Instead, they allowed Spectrum to acquire Beaumont, creating Michigans biggest hospital system, as well as the states biggest employer. This is Beaumont's latest attempt to merge with another hospital . We are incredibly excited about the impact the BHSH Beaumont Health Nurse Scholar program will have in health care and for our communities.. BHSH is what Spectrum calls its combined Beaumont and Spectrum operations. Starkman: Electric Vehicles and the Exploitation of Michigan Taxpayers. To support Deadline Detroit's independent. Beaumont employees and vendors are encouraged to reach out, with confidentiality assured. Most of Foxs senior management team has departed, and hes expected to leave once the takeover is completed and he receives the millions of dollars likely owed to him under his golden parachute agreement. Spectrum was targeting a $156 million operating profit. The merger rationale was that hospitals benefitted from getting bigger and achieving economies of scale. It isnt clear from Beaumonts stats that the hospitals Covid patients were admitted because of the disease or possibly some other serious ailments. Michigan Attorney General Dana Nessel could also have moved to block the Spectrum deal or demanded certain concessions, but she has proven to be a regulatory lightweight, particularly on matters relating to healthcare. The writer, a Los Angeles freelancer, is a former Detroit News business reporter who blogs at Starkman Approved. To support Deadline Detroit's independent. Several prominent Beaumont doctors warned the board they had serious concerns about the anesthesia outsourcing company before it took over, but Beaumonts board ignored the concerns. Copyrightdocument.write(new Date().getFullYear());Deadline Detroit, Inc. - All Rights Reserved, a month membership or a one-time donation, Beaumont Health Chair John Lewis -- Champion of CEO John Fox -- Stepping Down in June, Beaumont Manager Moved to Sabotage Anesthetists Concerns About Critical Drug Pump Shortage, Beaumonts John Fox Set to Unload Historic Bloomfield Hills Estate, Beaumont Nurse Anesthetists at Royal Oak, Troy and Grosse Pointe Vote Overwhelmingly to Unionize, Beaumont Forces Suspension of Leader of Nurse Anesthetist Union Drive, Andy Levin Goes After Amazon's Union Busting in Alabama, but Silent About Beaumont. Under Freese Deckers leadership, Spectrum experienced considerable turnover of its Black employees, some of whom approached an attorney to explore whether they had cause to file a discrimination lawsuit. John Kerndl, who joined Beaumont in 2016, quit in March. Its almost a mantra among Beaumont Royal Oak nurses that Henry Ford treats their nurses like royalty. Beaumont has had a contentious relationship with its Royal Oak nurses for years, prompting them to try to organize a union two years ago. Those workforce headwinds should have been known to Freese Decker well before she took over Beaumont. By Eric Starkman John Fox, the Atlanta carpetbagger who washed up on the shores of southeastern Michigan seven years ago to bolster Beaumont Health's profits and gussy up Metro Detroit's. Its a no-brainer to understand why Fox desperately needs to pull off the Spectrum merger. Beaumont was once mostly staffed by highly skilled veterans, among the best in healthcare. ER sources at Royal Oak and Troy say Covid patients account for a small percentage seeking emergency treatment. Starkman: Electric Vehicles and the Exploitation of Michigan Taxpayers. . Fox said Beaumont plans to ask for military assistance to support its other facilities. 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