Hahnemann University Hospital in Philadelphia is slated to close in September, less than two years after private equity firm Paladin Healthcare bought it. Critics accuse the buyout firm of preferring to close the hospital, rather than keep it running, because the city real estate is valuable to developers. Private equity investment in hospitals and clinics has surged in the last decade, reaching $10.4 billion last year. As 171-year-old Hahnemann University Hospital in Philadelphia prepares to close down later this summer, nurse Sue Bowes said she has a message for other communities around the U.S. where private equity firms have snapped up hospitals: “Be scared.” Bowes, who has worked at Hahnemann for 14 years, said she had high hopes when private equity firm Paladin Healthcare bought the urban hospital last year. But those expectations curdled as Hahnemann suffered through layoffs, bankruptcy and, most recently, its planned closure and reports the property could be redeveloped as luxury condos. In early 2018, Paladin paid $170 million to Tenet Healthcare to buy Hahnemann and another Philadelphia-area hospital, St. Christopher’s Hospital for Children. The children’s hospital is now seeking bids from potential buyers. At the time, the hospital staff was hopeful, Bowes recalled. Paladin founder… Read full this story
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