April 18, 2014 5:22 AM ET

Healthcare Providers and Services

Company Overview of William Beaumont Hospital, Inc.

Company Overview

William Beaumont Hospital, Inc. operates hospitals and medical centers in Royal Oak, Troy, Grosse Pointe, and Macomb and Oakland counties, Michigan. The company provides medical, surgical, emergency, obstetric, pediatric, and critical care services to adult and pediatric patients. Its services include ambulatory infusion, anesthesia, audiology, bariatric surgery, breast surgery, oncology, cardiology, cardiovascular surgery, colon and rectal surgery, gastroenterology, general surgery, gynecological surgery, geriatrics, multi-organ transplantation, radiology and imaging, rehabilitation, robotic surgery, urological surgery, urology, and wound care. William Beaumont Hospital, Inc. was founded in...

3601 West 13 Mile Road

Royal Oak, MI 48073

United States

Founded in 1945

Phone:

248-898-5000

Fax:

248-898-0451

Key Executives for William Beaumont Hospital, Inc.

Chief Executive Officer and President
Chief Operating Officer and Executive Vice President
Senior Vice President and President of Beaumont Hospital Royal Oak
Chief Medical Officer and Executive Vice President
Senior Vice President and Physician-inchief
Compensation as of Fiscal Year 2013.

William Beaumont Hospital, Inc. Key Developments

Beaumont Health System, Botsford Health Care and Oakwood Healthcare Sign Letter of Intent to Form a New Health System

Beaumont Health System, Botsford Health Care and Oakwood Healthcare have signed a letter of intent and begun exclusive negotiations about combining their operations into a new health care system. The boards of the three not-for-profit organizations have approved a letter of intent calling for formation of a new, $3.8 billion health system that would combine assets, liabilities and operations under unified executive and board leadership. The new system would integrate their combined eight hospitals and 153 other patient care sites into a comprehensive and collaborative health care network focused on advancing quality of care and access to care for people throughout the region. The three organizations have begun the negotiation of a definitive agreement and due diligence discussions aimed at creating the new, not-for-profit health system.

Botsford, Oakwood And William Beaumont Reportedly In Talks To Merge

Botsford Hospital, Oakwood Healthcare Inc. and William Beaumont Hospital, Inc. are reportedly in talks to merge, several sources told Crain’s. Sources said a merger deal between the three organizations that would create an eight-hospital system with $4.2 billion in annual revenue is imminent.

The Sixth U.S. Circuit Court of Appeals Holds Federal Insurance Co. to Provide Indemnification Coverage

The Sixth U.S. Circuit Court of Appeals held an insurer was obligated to provide indemnification coverage under an insured's policy for the insured's settlement of an underlying antitrust suit. Federal Insurance Co. issued an insurance policy to William Beaumont Hospital. During the policy term, two registered nurses, neither of whom Beaumont employed, brought a class action against of eight Detroit-area hospital systems, including Beaumont. The nurses claimed the hospitals violated §1 of the Sherman Act by conspiring to depress the wages of the nurses and exchanging information regarding the compensation of the nurses, which had the effect of depressing their wages. The district court granted summary judgment in favor of the hospitals on the nurses' claim of a per se violation of §1 of the Sherman Act arising from the defendants' alleged conspiracy to depress nurse compensation levels. However, the court permitted the nurses to move forward on their §1 "rule of reason" claim that the defendants unlawfully agreed among themselves to share compensation information in a manner that harmed competition and depressed the nurses' wages. Beaumont timely requested coverage under the policy for the nurses' action. Federal, recognizing the action as an antitrust claim, as defined by the policy, consented to pay 80% of the covered antitrust loss. During settlement discussions with the nurses, Beaumont sued Federal, seeking a declaration that Federal was obligated to indemnify Beaumont. While the coverage action was pending, Beaumont settled with the nurses for approximately $11.3 million. Federal paid Beaumont 80% of the settlement, or approximately $9 million. The district court granted Beaumont's motion for judgment on the pleadings. Federal appealed, arguing it owed no duty to indemnify Beaumont under the terms of its policy. Insurer must provide coverage under explicit terms of policy. The Sixth Circuit affirmed the district court's judgment. Federal's principal argument was that the nurses' claims arose from Beaumont's gaining of profit, remuneration or advantage to which it was not entitled and the settlement was a disgorgement of that advantage. Federal argued the advantage gained was nursing services at below-market compensation and that settlement was clearly disgorgement of the value of that advantage. Consequently, under the policy, which expressly declined coverage of amounts constituting disgorgement, there was no coverage for what Beaumont's nurses received from the underlying suit. Based on the nurses' complaint, terms of the policy and principles of antitrust law, the Sixth Circuit found the settlement did not constitute disgorgement under the policy and was therefore covered. The Sixth Circuit also found Michigan public policy did not bar coverage of the settlement.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
March 21, 2014
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