Robert Fish Appointed Interim Chief Executive
Officer
Thomas Miller Retires as President and Chief
Executive Officer
Quorum Health Corporation (NYSE: QHC) today announced that the
Board of Directors has appointed Robert H. Fish as Interim Chief
Executive Officer, effective immediately. Mr. Fish’s appointment
follows Thomas D. Miller’s decision to retire from Quorum Health as
President, Chief Executive Officer and a director of the
Company.
“Since its spin-off in 2016, Quorum Health has made considerable
progress to position itself for the future by addressing legacy
challenges by among other things, divesting non-core assets to
refine its portfolio and reduce debt,” said Terry Allison Rappuhn,
Chair of the Quorum Health Board. “As Quorum Health continues to
support hospitals and healthcare professionals to better serve
patients and deliver quality care, we believe that now is the right
time to transition leadership as we focus on strengthening our
portfolio and driving operational excellence. With more than 30
years of industry and leadership experience, Bob has a deep
understanding of hospitals and is uniquely positioned to help
Quorum Health execute our strategy to refine our owned portfolio,
while helping hospitals to improve margins and maintain focus on
quality, service and community engagement. I have known Bob for
more than 15 years and worked with him two previous times. He is a
seasoned healthcare executive with a successful track record and
the Board is confident that the Company will benefit greatly from
having someone of his caliber as Interim CEO.”
Ms. Rappuhn continued, “On behalf of the Board and everyone at
Quorum Health, I want to thank Tom and recognize him for his
leadership and years of service during a challenging period for the
Company following the spin-off from Community Health Systems.
Throughout his career, Tom has demonstrated a passion for patient
care, physician relationships and treating people the right way. He
has much to be proud of, including helping to grow and expand
networks and improving the health of the communities he served. We
appreciate Tom’s dedication to Quorum Health’s employees and
patients and we wish him all the best in the future.”
“I have great respect for Quorum Health as a premier non-urban
healthcare provider and for the important role it plays in
supporting local hospitals that are often the sole or primary
provider of healthcare services in their communities,” said Mr.
Fish. “I look forward to working with the Board and management team
as we empower healthcare professionals to serve patients and
improve our operational execution to enhance shareholder
value.”
“It has been a privilege to lead Quorum and I am proud of all
that we have accomplished since the spin-off,” said Mr. Miller.
“Quorum has a deep bench of talented employees and I look forward
to seeing what they can achieve as they continue the Company’s
commitment to improving patient safety and quality of care.”
About Robert H. Fish
Mr. Fish has extensive experience in the healthcare industry,
including leading operational and business transformations as
Chairman, President or CEO of several healthcare companies. Most
recently he served as Interim Chief Executive Officer of Millennium
Health, LLC from January 2018 to March 2018. He served as CEO of
Skilled Healthcare from November 2013 through completion of its
combination with FC-GEN in February 2015, when it changed its name
to Genesis Healthcare, Inc., which is the country’s largest
national provider of post-acute healthcare services. He has served
as Chairman of the Board of Directors of Genesis Healthcare since
April 2017 and has been a member of the Genesis Board since
November 2013.
From 2012 until he joined Skilled Healthcare in 2013, Mr. Fish
served as Managing Partner at Sonoma-Seacrest, LLC, a California
healthcare firm specializing in strategic planning, performance
improvement and merger and acquisition issues. Earlier in his
career, he was Regional President and CEO at St. Joseph Health
System and President and CEO at Valley Care Health System. He also
served as Director, Chairman and CEO at Genesis Health Ventures, a
long-term care and institutional pharmacy company.
Mr. Fish currently serves as a member of the Board of Directors
of the St. Helena Hospital Foundation, a philanthropic
organization. In connection with his role with St. Helena Hospital,
Mr. Fish also serves on the Adventist Health regional finance
committee. Mr. Fish is a Director at LifeCare Health Services, a
private long-term acute hospital company and American Renal
Associates, a public dialysis services company. Mr. Fish’s other
previous Board positions include Chairman of REACH Medical
Holdings, a regional air medical transport company; Coram, Inc., a
home infusion provider; and Director at NeighborCare, Inc., a large
institutional pharmacy.
Mr. Fish received a Bachelor of Arts degree in Sociology from
Whittier College, and a Masters of Public Health degree in Hospital
Administration from the University of California, Berkeley.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934,
as amended, and the Private Securities Litigation Reform Act of
1995 that involve risk and uncertainties. All statements in this
press release other than statements of historical fact, including
statements regarding projections, expected operating results, and
other events that depend upon or refer to future events or
conditions or that include words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “estimates,” “thinks,” and similar
expressions, are forward-looking statements. Although the Company
believes that these forward-looking statements are based on
reasonable assumptions, these assumptions are inherently subject to
significant economic and competitive uncertainties and
contingencies, which are difficult or impossible to predict
accurately and may be beyond the control of the Company.
Accordingly, the Company cannot give any assurance that its
expectations will in fact occur and cautions that actual results
may differ materially from those in the forward-looking statements.
A number of factors could affect the future results of the Company
or the healthcare industry generally and could cause the Company’s
expected results to differ materially from those expressed in this
press release.
These factors include, but are
not limited to, the following:
- general economic and business
conditions, both nationally and in the regions in which the Company
operates;
- risks associated with the Company’s
substantial indebtedness, leverage and debt service obligations,
including its ability to comply with its debt covenants, including
its senior credit facility, as amended;
- the Company’s ability to successfully
make acquisitions or complete divestitures and the timing thereof,
its ability to complete any such acquisitions or divestitures on
desired terms or at all, and its ability to realize the intended
benefits from any such acquisitions or divestitures;
- changes in reimbursement methodologies
and rates paid by federal or state healthcare programs, including
Medicare and Medicaid, or commercial payors, and the timeliness of
reimbursement payments, including delays in certain states in which
the Company operates;
- the extent to which regulatory and
economic changes occur in Illinois, where a material portion of the
Company’s revenues are concentrated;
- demographic changes;
- the impact of changes made to the
Affordable Care Act, the potential for repeal or additional changes
to the Affordable Care Act, its implementation or its
interpretation, as well as changes in other federal, state or local
laws or regulations affecting the healthcare industry;
- increases in the amount and risk of
collectability of patient accounts receivable, including lower
collectability levels which may result from, among other things,
self-pay growth and difficulties in collecting payments for which
patients are responsible, including co-pays and deductibles;
- competition;
- changes in medical or other
technology;
- any potential impairments in the
carrying values of long-lived assets and goodwill or the shortening
of the useful lives of long-lived assets;
- the costs associated with terminating
the transition services agreements with Community Health Systems,
Inc., including the related arbitration proceeding, as well as the
additional costs and risks associated with any operational
problems, delays in collections from payors, and errors and control
issues during the termination and transition process;
- the impact of certain outsourcing
functions, and the ability of CHS, as provider of the Company’s
billing and collection services pursuant to the transition services
agreements, to timely and appropriately bill and collect;
- the Company’s ability to manage
effectively its arrangements with third-party vendors for key
non-clinical business functions and services;
- the ability to achieve operating and
financial targets and to control the costs of providing services if
patient volumes are lower than expected;
- the effects related to outbreaks of
infectious diseases;
- the Company’s ability to attract and
retain, at reasonable employment costs, qualified personnel, key
management, physicians, nurses and other healthcare workers;
- increases in wages as a result of
inflation or competition for highly technical positions and rising
medical supply and drug costs due to market pressure from
pharmaceutical companies and new product releases;
- the impact of seasonal or severe
weather conditions or earthquakes;
- the Company’s ongoing ability to
demonstrate meaningful use of certified EHR technology, including
meeting interoperability objectives, and avoid related penalties
and recognize income for the related Medicare or Medicaid incentive
payments, to the extent such payments have not expired;
- the efforts of healthcare insurers,
providers, large employer groups and others to contain healthcare
costs, including the trend toward treatment of patients in less
acute or specialty healthcare settings and the increased emphasis
on value-based purchasing;
- the failure to comply with governmental
regulations;
- the Company’s ability, where
appropriate, to enter into, maintain and comply with provider
arrangements with payors and the terms of these arrangements, which
may be impacted by the increasing consolidation of health insurers
and managed care companies and vertical integration efforts
involving payors and healthcare providers;
- the potential adverse impact of known
and unknown government investigations, internal investigations,
audits, and federal and state false claims act litigation and other
legal proceedings, including the shareholder and creditor
litigations against the Company and certain of its officers and
threats of litigation, as well as the significant costs and
attention from management required to address such matters;
- liabilities and other claims asserted
against the Company, including self-insured malpractice
claims;
- the impact of cyber-attacks or security
breaches, including, but not limited to, the compromise of the
Company’s facilities and confidential patient data, potential harm
to patients, remediation and other expenses, potential liability
under HIPAA and consumer protection laws, federal and state
governmental inquiries, and damage to the Company’s
reputation;
- the Company’s ability to utilize its
income tax loss carryforwards and risks associated with the Tax
Cuts and Jobs Act of 2017;
- the Company’s ability to maintain
certain accreditations at its existing facilities and any future
facilities it may acquire;
- the success and long-term viability of
healthcare insurance exchanges and potential changes to the
beneficiary enrollment process;
- the extent to which states support or
implement changes to Medicaid programs, utilize healthcare
insurance exchanges or alter the provision of healthcare to state
residents through regulation or otherwise;
- the timing and amount of cash flows
related to the California HQAF Program, as well as the potential
for retroactive adjustments for prior year payments;
- the effects related to the continued
implementation of the sequestration spending reductions and the
potential for future deficit reduction legislation;
- changes in U.S. generally accepted
accounting principles, including the impacts of adopting newly
issued accounting standards;
- the availability and terms of capital
to fund acquisitions, replacement facilities or other capital
expenditures;
- the Company’s ability to obtain
adequate levels of professional and general liability and workers’
compensation liability insurance;
- senior management transition and
succession issues, including transition to an interim CEO and a
permanent CEO as well as other potential changes in the senior
management; and
- the other risk factors set forth in the
Company’s other public filings with the Securities and Exchange
Commission.
Although the Company believes that these forward-looking
statements are based on reasonable assumptions, these assumptions
are inherently subject to significant regulatory, economic and
competitive uncertainties and contingencies, which are difficult or
impossible to predict accurately and may be beyond its control.
Accordingly, the Company cannot give any assurance that its
expectations will in fact occur and cautions that actual results
may differ materially from those in the forward-looking statements.
Given these uncertainties, prospective investors are cautioned not
to place undue reliance on these forward-looking statements. These
forward-looking statements are made as of the date of this filing.
The Company undertakes no obligation to revise or update any
forward-looking statements, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise.
About Quorum Health Corporation
Quorum Health Corporation is an operator of general acute care
hospitals and outpatient services in the United States. Through its
subsidiaries, the Company owns, leases or operates a diversified
portfolio of 28 affiliated hospitals in rural and mid-sized markets
located across 14 states with an aggregate of 2,675 licensed beds.
The Company also operates Quorum Health Resources, LLC, a leading
hospital management advisory and consulting services business. More
information about Quorum Health Corporation can be found at
www.quorumhealth.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180521005391/en/
Quorum Health CorporationAlfred Lumsdaine, 615-371-4936Executive
Vice President and Chief Financial Officer
Quorum Health (NYSE:QHC)
Historical Stock Chart
From Apr 2024 to May 2024
Quorum Health (NYSE:QHC)
Historical Stock Chart
From May 2023 to May 2024