Verity Health System

Verity Health System (formerly Daughters of Charity Health System, or DCHS) is a healthcare organization based in Redwood City, California, United States, that operates six hospitals in California. The organization has 8,000 associates and physicians.[1]

History

The hospitals were originally sponsored by the Western Province of the Daughters of Charity of Saint Vincent de Paul and were part of the Daughters of Charity National Health System, now Ascension Health. In 1995, they withdrew from the national system to merge with Catholic Healthcare West (CHW), now Dignity Health. The present organization was formed on January 1, 2002, after the hospitals withdrew from CHW.[2]

After ending a one-year affiliation with Ascension Health in January 2014,[1] DCHS faced financial difficulties, losing $10 million a month. On October 10, the Daughters of Charity agreed to sell DCHS to Prime Healthcare Services for $843 million.[3] Prime Healthcare abandoned the acquisition on March 10, 2015, citing restrictions that California Attorney General Kamala Harris placed on the sale.[4] In December 2015, DCHS announced a deal where they would become managed by a for-profit company owned by BlueMountain Capital and change their name. The hospitals remained nonprofit but are no longer Catholic.[5] In 2017, NantWorks bought a majority stake in the management company from BlueMountain.[6] Verity Health filed for bankruptcy in 2018.[7][8]

Hospitals

References

  1. 1 2 Seipel, Tracy (January 13, 2014). "Daughters of Charity health system seeks buyer". San Jose Mercury News. Retrieved August 17, 2015.
  2. ↑ "Who We Are". Daughters of Charity Health System. July 22, 2015. Retrieved August 17, 2015.
  3. ↑ Terhune, Chad (October 10, 2014). "Prime to buy six Catholic hospitals in California; SEIU opposes deal". Los Angeles Times. Retrieved August 17, 2015.
  4. ↑ Seipel, Tracy (March 11, 2015). "Prime Healthcare passes on Daughters of Charity deal". San Jose Mercury News. Retrieved August 17, 2015.
  5. ↑ "Daughters of Charity Health System closes deal with hedge fund". Retrieved 2016-07-23.
  6. ↑ "Patrick Soon-Shiong's NantWorks to take over St. Vincent and 5 other California hospitals". Retrieved 2018-06-16.
  7. ↑ "California hospital chain with ties to billionaire files for..." Reuters. 2018-08-31. Retrieved 2018-09-22.
  8. ↑ "Santa Clara County Moves to Buy Two Hospitals After Bankruptcy". THE CALIFORNIA REPORT. KQED. October 10, 2018. Retrieved 11 October 2018.
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