Cleveland Clinic creates venture arm to maximize results of spinoff companies
Cleveland Clinic (OH) has created a new entity to collaborate with Cleveland Clinic Innovations (CCI) to help build its pipeline of startups into successful, sustainable companies. Since it was created in 2000, CCI has issued over 850 patents and executed more than 500 licenses on medical devices and techniques. The new department within CCI, Cleveland Clinic Ventures, will help raise funds to get innovative ideas to market and to maximize the performance of spinoff companies. Cleveland Clinic Ventures will assist the spinoff companies with funding strategies, business model development and technology road maps. Peter O’Neill will be executive director of Cleveland Clinic Innovations and Jack Miner will be managing director of Clevel and Clinic Ventures.
Mercury Medical names John Gargaro as president and CEO
Mercury Medical (Clearwater, FL) has named John Gargaro, MD, as president and CEO effective August 1, 2017. Gargaro currently works as chief of the department of orthopedic surgery at Kaiser Permanente, Colorado. He will succeed Stanley G. Tangalakis, who will remain active in the business as owner and chairman of the board.
Broward Health names new interim CEO
Broward Health’s (Fort Lauderdale, FL) board has named board member Beverly Capasso, RN, as interim president for the next two to six months while the hospital searches for a permanent leader. She replaces outgoing Interim CEO Kevin Fusco.
Northwestern Medicine names Jay Anderson as president of two hospitals
Northwestern Medicine (Chicago, IL) named Jay Anderson president of Kishwaukee Hospital (DeKalb, IL) and Valley West Hospital (Sandwich, IL). Most recently, Anderson worked as SVP of quality, analytics, and performance for Northwestern Medicine. Anderson succeeds Kevin Poorten, who is taking on the role of Northwestern Medicine’s west region president, overseeing four hospitals. Community Hospital Corp names Jim Kendrick as CEO Community Hospital Corp (Plano, TX) named Jim Kendrick president and CEO effective April 17. Kendrick most recently worked as CEO of AllianceHealth Oklahoma (Oklahoma City, OK), a 10-hospital network and Community Health Systems affiliate. Kendrick succeeds founding CEO Mike Williams, who led CHC through its initial 20 years. Williams will serve in an advisory capacity during the leadership transition.
Methodist Hospital (KY) cuts jobs, delays ER expansion
Methodist Hospital (Henderson, KY) is restructuring operations and will eliminate 61 jobs. According to officials, the hospital is restructuring to focus more on core services and hopes the changes will improve its financial performance. The hospital implemented cost containment initiatives last year, but the savings were not enough to avoid the job cuts, which will affect management and staff positions. Methodist Hospital will also postpone an emergency room expansion project that was slated to begin this month at its facility in Morganfield, Kentucky. University of Kansas Health System and Ardent Health Services to form joint venture to acquire St. Francis Health
University of Kansas Health System (Kansas City, KS) and Ardent Health Services (Nashville, TN) plan to form a joint venture company to acquire 378-bed St. Francis Health (Topeka, KS).
St. Francis Health was facing closure after Denver-based SCL Health announced in April it would cease operating the hospital this summer, regardless of whether another owner or operator was found. The joint venture company formed by Ardent and KU Health will infuse $50 million into St. Francis in the first year. The company will establish a local board of trustees for the hospital, and Ardent and KU Health will have equal representation on the joint venture board of directors. KU Health and Ardent will immediately begin working with SCL to finalize the deal, with the goal of completing the transaction within two months of signing the letter of intent.