Philadelphia-based Aramark, deviating from its history of relatively small acquisitions in recent decades, will spend $2.35 billion to buy one company that manages $5 billion in purchasing for major hotel chains and and another that will expand its uniform-rental and linen-supply business in the United States and Canada,
Standard & Poor's Global Ratings downgraded La Salle University's credit rating by one notch, to "BBB-," one level above junk, citing a decline in overall enrollment over the last four years, heavy dependence on tuition for revenue, and relatively weak financial resources.
A new financial disclosure from Tower Health, which just bought five hospitals in Philadelphia and its suburbs, shows that the Berks County nonprofit is loading up on debt to take over facilities that had an operating loss of $17 million in the fiscal year ended June 30, 2017.
Independence Blue Cross is offering a buyout program to employees with at least 15 years of service by Dec. 31. A spokeswoman said the company regularly reviews its "business operations, looking for opportunities to work more efficiently, and apply best practices in ways that will address and best serve our customers' and members' needs."
Independence Blue Cross' contract offer to Tower Health on Friday, the day Tower completed its acquisition of Brandywine Hospital, Chestnut Hill Hospital, Jennersville Regional Hospital, Phoenixville Hospital, and Pottstown Memorial Medical Center, contained what was effectively a poison pill, Clint Matthews, president and chief executive of Tower Health, said Monday.
The five hospitals Reading Health acquired from Community Health Systems on Friday are no longer in-network for Independence Blue Cross customers. Reading Health, which has adopted the name Tower Health to encompass its longstanding operations and new hospitals, has its own health plan through a joint venture with the University of Pittsburgh Medical Center, making negotiations with Independence difficult.
Direct-to-consumer wine shipping was part of a package of alcoholic-beverage-control system changes adopted in the state last year. But the top five shippers, accounting for 30 percent of the business in the year ended June 30, are primarily retailers.
After paying $216.7 million into the state's general fund in the year ended June 30, more than twice the $100 million paid to help fund state operations the year before, the Pennsylvania Liquor Control Board had a bottom line loss of $114.3 million, the agency's latest financial results show.
I write about the business side of health care, higher education, and the broader nonprofit sector, with occasional forays into the food and alcoholic beverage industries.