Spectrums financial statements indicate that cash and investments from the acquisition was $3.2 billion. The evidence is overwhelming that when hospitals merge, prices go up. As Deadline Detroit recently reported, Beaumonts once-bustling endoscopy suite, where a patient died undergoing a routine colonoscopy in January, has suffered a rash of nurse resignations and can barely operate at 50 percent capacity. Board chair Fream, who holds a Harvard MBA, told The Detroit News that Beaumont's board used an "independent consultant" to determine Fox's compensation. Spectrums board includes Doug DeVos, co-chair of Amway, whose family is among the most powerful in Michigan. BHSHs management team is comprised entirely of Spectrum executives, except Beaumont Royal Oak president Nancy Susick, who has been named interim president of what is being called BHSH Beaumont Health. The merger could still fall apart if Spectrum has a top-notch duediligence team. Fox is about 70, and given his failed performance, it was a given that he wouldn't lead the combined Spectrum Beaumont entity. In a September letter to Michigan Attorney General Dana Nessel warning about Beaumonts implosion, Shaevsky spoke of the need for independent directors to bring some stability to the organization.. The rankings are based on data compiled before Beaumont Royal Oak outsourced its anesthesia services, a controversial move linked to the death of a patient undergoing a routine colonoscopy and another patient landing in the ICU because of a pain medication overdose. Among the benefits of the deal Fox trumpeted was a $1 billion commitment to move the William Beaumont School of Medicine from Oakland University to Beaumonts flagship Royal Oak campus and a significant increase in technology spending. About a half dozen of Freams former board cronies also serve on the Spectrum board, once entirely controlled by Grand Rapids and western Michigan-based residents. The nursing shortage in our state is a critical and complex challenge that must be solved with bold and collaborative solutions, the Detroit Free Press quoted Freese Decker as saying. Fox cancelled the Advocate Aurora deal a few days later. In what will likely be his final FU to Metro Detroit, Fox will depart on Friday. For years, former Beaumont CEO John Fox was paid more than $6 million annually because of his supposedly deft fiscal management. The FTCs approval isnt certain, as President Biden has asked the agency to be more critical of mergers. Beaumonts John Fox Is Laughing All the Way to the Bank, Beaumont Nurse Anesthetists Move to Unionize to Combat 'Unsafe' Staffing Conditions, Avoid Beaumont Like the Plague,' Warns Podiatrist Who Underwent an Endoscopy at Royal Oak Hospital, Metro Detroit Mourns Passing of 'Gentle Soul' Richard Curbelo, Medical Examiner Conducted Autopsy of Beaumont Colonoscopy Patient After Concern Raised, Remembering Richard Curbelo Who Died Undergoing Beaumont Colonoscopy, Beaumont Hospital Staffers Horrified After Patient Dies During Routine Colonoscopy, Ostriches On Beaumont Health's Board Belong at the Detroit Zoo, Henry Ford's Wright Lassiter Puts Beaumont's John Fox to Shame, Beaumont's Demise Assured as Board Ignores Calls for CEO's Firing, Prominent Beaumont Cardiologist Calls Out CEO John Fox for Deception, AG Nessel Reaffirms She's Do Nothing Dana' on Healthcare. Beaumonts John Fox Is Laughing All the Way to the Bank, Beaumont Nurse Anesthetists Move to Unionize to Combat 'Unsafe' Staffing Conditions, Avoid Beaumont Like the Plague,' Warns Podiatrist Who Underwent an Endoscopy at Royal Oak Hospital, Metro Detroit Mourns Passing of 'Gentle Soul' Richard Curbelo, Medical Examiner Conducted Autopsy of Beaumont Colonoscopy Patient After Concern Raised, Remembering Richard Curbelo Who Died Undergoing Beaumont Colonoscopy, Beaumont Hospital Staffers Horrified After Patient Dies During Routine Colonoscopy, Ostriches On Beaumont Health's Board Belong at the Detroit Zoo, Henry Ford's Wright Lassiter Puts Beaumont's John Fox to Shame, Beaumont's Demise Assured as Board Ignores Calls for CEO's Firing, Prominent Beaumont Cardiologist Calls Out CEO John Fox for Deception, AG Nessel Reaffirms She's Do Nothing Dana' on Healthcare. Though a far cry from what Beaumont Health was before CEO John Fox and COO Carolyn Wilson arrived, Spectrum is a quality healthcare company overseen by a responsible board comprised of directors who are pillars of western Michigans business communities. If theyre out there, theyre certainly not easy to find and, no, a few quotes about financials every quarter does not count as transparency, at least not in my book.. By Eric Starkman John Fox, the Atlanta carpetbagger who washed up on the shores of southeastern Michigan seven years ago to bolster Beaumont Health's profits and gussy up Metro Detroit's. Fox in January also disclosed that Beaumont planned to spend significant dollars to embark on a three to five-year plan to expand the health systems private bed capacity. Spectrum and Beaumont are technically merging because the board of the combined companies will have near equal representation and Beaumont chair Julie Fream will serve as chair of the BHSH. Fox and Wilson could possibly be given lucrative ceremonial or consulting roles, which would antagonize Beaumonts rank-and-file because both executives are widely despised. Fox said Beaumont plans to ask for military assistance to support its other facilities. That would mean it will take at least five years for Spectrums nurse program to bear fruit, so it wont do anything to alleviate the current nursing shortage. Beaumont institutionally has a very tenuous relationship with truth. Spectrums previous head of diversity was Ovell Barbee, an African American, who Spectrum proudly announced last April was named one of the leading diversity executives in the country. By Eric Starkman. Tina Freese Decker, president and CEO of Spectrum, is chair of the Michigan Health & Hospital Association. Confidentiality is assured. Newsweek Ranks 3 Beaumont Hospitals Among Best in U.S. One Down, Three to Go. Maybe they dont teach this at the University of Iowa from where Freese Decker received her Master of Health Administration, but when a hospital spends nearly $2 million as John Fox did to intimidate nurses at his flagship Royal Oak hospital and derailed a unionizing attempt, it creates bad blood. "Our staff must care for those unvaccinated individuals who become extremely ill with the Covid Delta variant, or other variants, and try to balance all the other patients coming in with medical emergencies. Instead, thanks to aggressive cost cutting and other misguided decisions by Fox and COO Carolyn Wilson, Beaumont imploded. Getting more Americans vaccinated is widely believed the ticket to saving lives and preventing hospitals from being overrun with Covid patients at deaths door. Reach Eric Starkman at eric@starkmanapproved.com . Seven Failed Beaumont Directors Will Serve on Board If Spectrum Merger Gets Approval, Beaumont CEO John Foxs Final FU to Detroit: Merger with Spectrum Health, Beaumont Health Chair John Lewis -- Champion of CEO John Fox -- Stepping Down in June, Beaumont Manager Moved to Sabotage Anesthetists Concerns About Critical Drug Pump Shortage, Beaumonts John Fox Set to Unload Historic Bloomfield Hills Estate, Beaumont Nurse Anesthetists at Royal Oak, Troy and Grosse Pointe Vote Overwhelmingly to Unionize, Beaumont Forces Suspension of Leader of Nurse Anesthetist Union Drive, Starkman: Why Tree Huggers Must Save This Small Town in Michigan From Ford, 'Detroit In Black And White:' Why We Got Kicked Off 910 AM, Randy Wimbley Leaving Fox 2 After a Decade on the Air. The head of Beaumonts audit committee was Julie Fream, who earlier this month became the hospital networks chair and has no auditing experience or background listed on her LinkedIn page. Disgruntled Staff. It appears that Beaumont Health CEO John Fox won't be bundling his millions and bidding Michigan goodbye as soon as he hoped. Despite warning the pandemic would destroy U.S. hospitals, Beaumont overall had a very good year in 2020, increasing its reserve by $1 billion to $3.5 billion. 'The Week That Was:' Will Kristina Karamo Seriously Damage Michigan's Republican Party? It seems unlikely that Beaumont would embark on a major expansion without the input and signoff of Spectrum, which is awaiting regulatory approval to take over the faltering Southfield-based hospital system. Yet the Leapfrog safety rating of Henry Fords flagship hospital in Detroit is a C, while its ambulatory center in more affluent West Bloomfield enjoys an A. HFH chief Lassiter is Black, and almost half of the flagship hospitals staff is nonwhite. I know little about Fream, who served as Beaumonts vice chair for several years. That resulted in Beaumont staff nurses working alongside nurses getting paid considerably more money doing the same job, prompting more staff nurses to leave. Beaumont is a crippled hospital network on management life support. Fox owns homes in Atlanta and North Carolina, Wilsons primary home is in Grand Rapids, Jordan, Beaumonts chief counsel, commutes from Atlanta, as does Susan Grant, the companys chief nursing officer. A Grand Rapids television station revealed that operating room OBGYN doctors were posting photos on social media of them holding up surgically removed organ and tissue material as part of a game they likened to The Price Is Right. The report by NBC affiliate WOODis a classic worth watching because the reporter cant believe what shes actually reporting. Fox took his marching orders from John Lewis, a retired Comerica executive who came from Oakwood and was named chairman of the combined organizations. It comes as no surprise that Spectrums takeover received the green light. Hospital plans are designed to incentivize doctors not to order or recommend expensive procedures in order to reduce payouts. Copyrightdocument.write(new Date().getFullYear());Deadline Detroit, Inc. - All Rights Reserved, AG Dana Nessel and Gov. to Michigan Tweet. Freese Decker grabbed the brass ring, but it was badly tarnished. Said Kevin Cawley, a Michigan health care consultant: The only possible value I could identify (for the merger) was in national and international physician recruitment, and that frankly is a stretch.. When the Advocate Aurora deal was announced, Beaumont had a $2.5 billion cash reserve, so Advocate Aurora was essentially committing $1 billion, while retaining $1.5 billion. Beaumont does not have a good reputation regarding how they treat employees. Beaumont employees and vendors are encouraged to reach out, with confidentiality assured. I expect Fox to promote the deal as a merger of equals and its possible the Beaumont name could be retained in some capacity, but dont be fooled: The combination is Foxs Hail Mary attempt to cash out and distract from the extensive damage his leadership has caused. Beaumont is awaiting approval to be rescued by Spectrum Health in Grand Rapids. Starkman: America's Mistakenly Entitled Restaurant Workers February 08, 2023, 12:24 PM - Starkman Approved 'The Week That Was:' Why Police Have Groups Like the 'Scorpion Unit' February 03,. Most of Foxs senior management team has departed, and hes expected to leave once the takeover is completed and he receives the millions of dollars likely owed to him under his golden parachute agreement. A credible and competent board would have fired Fox, Wilson, and chief medical officer David Wood Jr. after internal surveys last year revealed the majority of Beaumont doctors and nurses had no confidence in them. The metric that matters most is quality of patient care. Reach Eric Starkman at: eric@starkmanapproved.com. Spectrums board strikes me as pretty buttoned up, so they might not yet appreciate the extent of how damaged Beaumont really is. Reach the writer ateric@starkmanapproved.com. In his letter, Freed expresses concern that seven Beaumont directors will be named to the combined Spectrum-Beaumont board and that they could ultimately exert undue influence. With regards to healthcare, Nessel is a do-nothing attorney general who has stood idly by as Fox drove Beaumont into the ground and is expected to rubber stamp Spectrums takeover. The merger rationale was that hospitals benefitted from getting bigger and achieving economies of scale. The merger talking points for Beaumonts leaders includes a commitment to improve health equity. This from a healthcare company that at the height of the Michigan pandemic last yeartemporarilyclosed Beaumont Wayne, a hospital catering to economically disadvantaged individuals with little or no insurance. As best I can tell, Freese Decker is genuinely committed to forging relationships with the communities Spectrum serves, unlike Fox and his managers, many of whom dont even live in the Detroit area. ", a month membership or a one-time donation, Beaumont Health's Merger Partner Reveals its Disingenuous, Deceptive and Disrespectful Nature, Spectrum Healths Black Employees Explore Class Action Lawsuit Alleging Systemic Racism, Beware! Beaumont CEO Fox and COO Wilson Must Go Now! Despite these challenges, our team members continued to provide nationally recognized health care and we were able to make new investments in the market and bring on new talent, Spectrum said. Grand Rapids business community is small and tight knit, and Spectrum is a major employer in western Michigan. Merging with Beaumont would more than double Spectrums size in some areas. Support our reporting and commentary by becoming a Deadline Detroit member for as little as $3 per month. It should give Grand Rapids residents cold shivers that the chair of Spectrum is Julie Fream, who was vice chair of Beaumont when Fox destroyed the hospital system's once nationally vaunted reputation. Gretchen Whitmer. The expansion is apromising sign that Spectrum is willing to commit money and resources to expand and upgrade Beaumonts facilities and reverse the decline the hospital system has suffered from Foxs extensive cost-cutting during his seven-year reign. Beaumont has signed a letter of intent to merge with Spectrum Health, a Grand Rapids-based hospital network focused on Western Michigan, the company announced internally Wednesday. All of Spectrums top executives are based in Grand Rapids, which is understandable since none of Foxs top lieutenants remained with the company. His latest story for DeadlineDetroit.com shows that high ranking executives are being let go in advance of the proposed merger with Grand Rapids based Spectrum Health. Nessels do nothing stance on healthcare matters is in sharp contrast to her Massachusetts counterpart Maura Healey, who has moved to block the expansion of Massachusetts General Brigham on the grounds it will lead to higher health care costs in that state. Beaumont employees and vendors are encouraged to reach out, with confidentiality assured. Even if the executive couldnt restore Beaumont to its former glory, he or she could at least have minimized the damage and fetched a higher price for the hospital network than whatever Fox has negotiated. Starkman: Electric Vehicles and the Exploitation of Michigan Taxpayers. Copyrightdocument.write(new Date().getFullYear());Deadline Detroit, Inc. - All Rights Reserved. Share. 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