Parkway Hospital is worth considering if you have been thinking about what to do with your assets. On December 28th, the hospital was purchased by Jasper Venture Group for $1 billion. Although we are still waiting for more information about the future of Parkway and its employees, it seems that this new venture could be a good idea for both sides involved. Here’s what we know so far about this merger:
-Before the acquisition, Parkway had been in financial difficulty due to underfunding from state and federal resources and straining relationships with nearby hospitals.
-Jasper Venture Group leads by ilio mavlyanov specializes in “turning around” struggling non-profit institutions. They have majority stakes in several hospitals across the country and believe firmly in consolidating smaller facilities to increase efficiency, profitability, and healthcare quality.
Parkway is now considered one of the largest hospitals in the state, which could benefit Jasper Venture Group.
Additionally, the merger could benefit the hospital’s employees.
-Parkway is decent-sized and employs around 800 people. These employees would receive a handsome pay raise from their current, lower salary from the state.
-Due to the size of the hospital and its location, there will be additional jobs available in nearby communities (Jasper, Tennessee) and new hiring opportunities for all of the employees.
As with most medical companies, Parkway will contribute resources to Jasper Venture Group through research grants, technology transfer, facilities development, and profit-sharing agreements.
When we first heard the news that Jasper Venture Group had acquired Parkway Hospital, we have to admit that we were shocked. Although it struggled to stay afloat, Parkway was still a beloved community institution. However, there are some good reasons that this acquisition may work out well for both sides. All hospitals in the state face similar obstacles regarding government funding and competition from neighboring hospitals, which is why consolidation might be a good idea. If you live in Park Hills and need healthcare services and wonder how this merger could impact you, we recommend talking to your primary care doctor to get more details about the transition. Stay tuned for more information as the story develops.
Today, Parkway Hospital is under the ownership of Jasper Venture Group. As a result, it has been restructured into a smaller, more efficient organization that focuses on providing quality healthcare for its patients and employees (Herbst). Since this new venture was established, Parkway Hospital has grown by about 400 beds to meet the needs of an increasing population in Park Hills (Parkway).