A reader referred NewsLanc to the following articles from the Nashville Post. To us, the significance appears twofold:
(1) Tom Beeman was brought to Lancaster General Hospital as CEO to pursue an aggressive expansion and acquisition policy, which he has done.
(2) Mergers and acquisitions sometimes can be as bad financially for the hospital and community as for the patients. Note that the hospital was losing a million dollars a month when Beeman allegedly was let go.
Below are excerpts from articles of 2002 and 2005. Beeman’s tenure was less than four years.
Question: Is it in Lancaster County’s interest for LGH to further its monopolistic control of health service, generating huge profits at the public’s expense due to higher health insurance costs… profits put to the use of higher salaries and perks and further expansion?
“Vetted Interests
NASHVILLEPOST.COM:
12-01-2002
Tom Beeman is used to getting what he wants.
Less than two and a half years after taking over the top spot at St. Thomas Health Services, the Pennsylvania transplant successfully sealed the $340 million acquisition of the company’s cross-town competitor, Baptist Hospital. Other area hospital executives, including Beeman’s predecessor John Tighe, had tried unsuccessfully to wed themselves to Baptist in previous years. But by 2001, when the timing was right, Beeman fully intended the merger to go down on his watch, and it did. The 49-year-old former Navy Seal was planted firmly at the helm of a sprawling five-hospital system in January 2002.”
“Beeman on his way out at Saint Thomas Health Services
NASHVILLEPOST.COM:
01-17-2005:
Tom Beeman, president and chief executive officer of Saint Thomas Health Services, soon will cease leading the five-hospital system, NashvillePost.com has learned from multiple industry sources…
In November, NashvillePost.com reported that Baptist has been losing more than $1 million a month, and the hospital blamed declining patient volume and the growing uninsured population.”
I thought Beeman was brought in to replace former CEO Mike Young, not “to pursue an aggressive expansion and acquisition policy.” I guess we missed that in the media coverage when Beeman arrived.