NantWorks, the Culver City company controlled by billionaire physician Patrick Soon-Shiong, has taken over the operator of half a dozen California hospitals, including St. Vincent Medical Center near downtown Los Angeles and St. Francis Medical Center in Lynwood. NantWorks acquired a controlling stake in Integrity Healthcare, which in 2015 took over management of six hospitals from the struggling nonprofit Daughters of Charity Health System. “This [hospital] system will provide an experiment at scale.”So far, Soon-Shiong’s initiatives — specifically genomic testing — have gotten limited buy-in from doctors, hospitals and insurers. In 2013, he made an unsuccessful bid to buy St. John’s Health Center in Santa Monica. Prime pulled out, calling the conditions “impossible,” and another bidder emerged: Integrity Healthcare, an entity created by New York hedge fund BlueMountain Capital Management.

Source: Los Angeles Times July 05, 2017 16:29 UTC