A PYMNTS Company

US: Antitrust probe leads to hospital group CEO resignation

By  |  April 3, 2013

In the wake of a Federal Trade Commission investigation into hospital group Renown Health, following a law firm’s own review of the group’s buyout of a cardiology practice, the Nevada-based business’s CEO and three other executives have resigned. Renown CEO Jim Miller has stepped down from his position after agreeing with the FTC to release 10 cardiologists from the practice the company acquired from non-compete agreements. The group additionally paid $4.2 million to a dozen cardiologists. Renown has acknowledged the antitrust probe as the reason for the CEO’s resignation; a press release from the group’s board chairman noted that “things did not go as planned” concerning the acquisition. He added, “If the execution of the SNCA transaction had been as solid as our intentions, none of this would have occurred.” SCNA, or Sierra Nevada Cardiology Associates, was acquired by Renown in March 2011.

 

Full Content: Becker’s Hospital Review

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.