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Grant Avenue Capital Takes Majority Stake in QHR Health themiddlemarket.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from themiddlemarket.com Daily Mail and Mail on Sunday newspapers.
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Quorum Health Corp. has sold its consulting arm to a healthcare-focused private equity firm in New York City, centering its core operations around building out its hospital system. As part of the deal, which closed last week, Grant Avenue Capital is looking to build out Quorum Health Resourcesâ service offerings, which currently include resources for financials, supply chain, patient outbreak, clinical support, revenue cycle management and compliance and business solutions, among others. Last year, the subsidiary purchased Resolution, bringing with it more than 70 employees focused on revenue cycle management. QHR currently serves 105 hospitals across 40 states. The team will continue operating out of its Brentwood headquarters and providing supply chain and consulting services to Quorumâs 22-hospital network. ....
That would have eliminated millions of dollars in supplemental Medicaid funding each year. But Gateway kept its status under Illinois Senate Bill 1530, which was signed into law April 2 by Gov. J.B. Pritzker. It amended the Illinois Public Aid Code with a clause that didn t mention Gateway by name, but effectively added it to a list of hospitals allowed to continue in the state s safety-net program, despite not meeting some requirements. Gateway CEO Bob Moore described the legislation as something of a lifesaver. If we got out of the safety-net program, this hospital would not be viable, he said Tuesday. We get about $8 million a year in funding from it. ....