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Juniper Advisory Adds Four to Their Nonprofit M&A Team
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Five insights into Encompass Health s growth strategy
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Hospitals and health systems experienced the lowest turnover rate for CEOs in nearly a decade as top executives put off retirement or other reasons for a job change during the pandemic.
According to its annual look at CEO turnover, the American College of Healthcare Executives found that 16% of CEO positions changed hands last year. That compares to 17% in 2019 and 18% each year from 2014 to 2018. The highest turnover rate in the last decade was 20% in 2013.
The pandemic seemed to play a major role in hospitals delaying leadership transitions. [CEO s] reluctance to leave their positions seemed to come from a sense of duty and a sense of care to their organizations and not wanting to disrupt leadership in the middle of the pandemic, said Jordan Shields, a partner with Juniper Advisory.
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Sentara Healthcare and Cone Health represent the latest in a series of scuttled merger proposals, but it isn t expected to slow M&A activity, industry observers said.
Sentara and Cone abandoned their plans Wednesday to build a more than $11 billion system spanning North Carolina to Virginia amidst internal opposition as well as criticism from community members and state regulators. Around a dozen proposed mergers between relatively healthy not-for-profit systems haven t closed over the past three years as doctors have protested and regulators have become increasingly wary of consolidation. I do think it s reflective of this new attitude toward consolidation in healthcare where more than ever, enforcers are suspicious of systems that are growing and skeptical of the benefits they claim they ll bring, said Ken Field, an attorney with Jones Day who works on healthcare antitrust and competition issues. It s almost as if we re starting from a position of disapproval as
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HCA Healthcare and University Health didn t see a way to meaningfully expand their market share in the competitive Atlanta market, leading to a string of recent hospital deals that are poised to benefit Piedmont Healthcare, merger and acquisition experts said.
Piedmont will add seven hospitals to its current 11-hospital footprint via back-to-back transactions, courtesy of HCA and University Health. HCA sold its last Atlanta-area hospital to AdventHealth Thursday.
The profitable Atlanta-area hospitals will increase the not-for-profit health system s negotiating power with Blue Cross Blue Shield of Georgia, allow it to grow its service lines and spread its fixed costs over a wider asset base, M&A experts said. Meanwhile, HCA and University Health can exit or partner in markets they were unlikely to lead on their own while receiving a return on their investment, they said.
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