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Scripps Florida Stirs Hornets' Nest with New Hospital Plan

Back in 2003 and 2004, then-Gov. Jeb Bush of Florida seduced La Jolla's Scripps Research Institute into setting up an operation in Palm Beach County. The grease: $600 million in subsidies from both the state and the county. Scripps took the money and set up its research facility.

It was soon followed by other San Diego research facilities, also wooed with huge subsidies. Now Scripps finds itself in a big controversy. It plans to construct a new teaching hospital in Palm Beach Gardens with publicly-held Tenet Healthcare.

But, as the Palm Beach Post reports, Florida's Agency for Healthcare Administration makes sure that a new hospital won't duplicate existing services in the area. One nearby hospital has 67% occupancy, another 46.6%, a third 78%. Jupiter Medical Center's chief executive will protest to the agency, saying that the new hospital will be "Tenet's play to move into this market under the guise of academic medicine," according to the Post.

As far as I know (but I could be wrong), the Post didn't mention one thing: who do you suppose is on the board of Tenet? You guessed it. Jeb Bush.

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Back in 2003 and 2004, then-Gov. Jeb Bush of Florida seduced La Jolla's Scripps Research Institute into setting up an operation in Palm Beach County. The grease: $600 million in subsidies from both the state and the county. Scripps took the money and set up its research facility.

It was soon followed by other San Diego research facilities, also wooed with huge subsidies. Now Scripps finds itself in a big controversy. It plans to construct a new teaching hospital in Palm Beach Gardens with publicly-held Tenet Healthcare.

But, as the Palm Beach Post reports, Florida's Agency for Healthcare Administration makes sure that a new hospital won't duplicate existing services in the area. One nearby hospital has 67% occupancy, another 46.6%, a third 78%. Jupiter Medical Center's chief executive will protest to the agency, saying that the new hospital will be "Tenet's play to move into this market under the guise of academic medicine," according to the Post.

As far as I know (but I could be wrong), the Post didn't mention one thing: who do you suppose is on the board of Tenet? You guessed it. Jeb Bush.

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Comments
13

Administrator: This looks like an ad. Don Bauder

Aug. 14, 2011

Yes, in the last few months of Jebbie's second term as FL gov, he was busy feathering his golden parachute and arranging board appointments to Tenet H/C, CSX railway (to whom he offered secretly a sweet, sweet deal at the expense of FLoridians), quid pro quo, don't you know! And let's not forget the appointment to Lehman Bros. board in exchange for having bought their junk (sold as low-risk) mortgage instruments that almost tanked the FL retirement fund when L/B folded shortly thereafter. This has the familiar stench of Bush influence peddling for personal gain! All behind the curtain, unbeknownst to Floridians, who foot all the bills for his generosity. This guy is a sleaze extraordinaire. And currently peddling his edjykashin hokum to further line the pockets of his "let's privatize public schools" cronies! It is the same crap the Bushes have been pulling for decades. When will someone prosecute them?

Aug. 14, 2011

When will someone prosecute them?

Never. We are a banana republic, no conencted cronies are prosecuted in a banana republic.

Aug. 14, 2011

That whole Bush crowd, beginning with Prescott, could have kept a lot of prosecutors busy. Best, Don Bauder

Aug. 14, 2011

Jeb now has a so-called consulting firm. I would love to be a fly on the wall during consultation sessions. Somebody prosecute the Bushes? They want to put a Bush clone, Rick Perry, in the White House. Best, Don Bauder

Aug. 14, 2011

I thought that Tenet Healthcare essentially got the corporate death penalty a few years back after settling a corruption case involving San Diego's Alvarado Community Hospital that was prosecuted by the feds. So, howcum they're still alive and kicking? They also had the now-BK Brotman hospital in Culver City that looks like something in the third world. Someone care to explain?

Aug. 15, 2011

Alvarado Community Hospital that was prosecuted by the feds

Except the feds lost that lawsuit, which was personally prosecuted by the former US Attorney here, Carol Lam.

Aug. 15, 2011

There were two mistrials in the case. Finally, Tenet agreed to pay $21 million to the government. Lam was the prosecutor. Best, Don Bauder

Aug. 16, 2011

Dallas-based Tenet has a 12.26% profit margin, return on assets of 5.63%, return on equity of 83.87%. The stock is trading around $5 and book value per share is around $3. Best, Don Bauder

Aug. 16, 2011

Why is it trading above book value??? It sounds and looks like a solid stock from those numbers- at least to me.

Aug. 16, 2011

I would guess that most major stocks are trading above book value per share in this market. Best, Don Bauder

Aug. 16, 2011

Columbia HCA was the big for profit hospital that was cuaght up in a huge federal investigation several years ago after going on a massive expansion buying out small communtiy hopsitals-is that whom you are thinking of Visduh?

Aug. 15, 2011

I don't know if that's the case Visduh has in mind. Best, Don Bauder

Aug. 16, 2011

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