Memphis hospital to sell interest in MCO to prop up finances - WMC Action News 5 - Memphis, Tennessee

Memphis hospital to sell interest in MCO to prop up finances

MEMPHIS, Tenn. (AP) - Board members governing the Regional Medical Center in Memphis have voted to sell the hospital's stake in West Tennessee's largest managed care organization.

The hospital -- popularly called "the Med" -- is financially strapped. As a Level 1 Trauma Center, it gets the most seriously injured patients from traffic crashes, accidents and crime.

The Med also operates a burn center, which is expensive. It also gets many uninsured patients. The board voted yesterday to sell the Med's interest in TLC Family Health Care to AmeriGroup, pending state approval.

The hospital and the UT Medical group formed the MCO in 1993 as the state was starting TennCare. If the sale is approved, the Med and UT Medical would split between $12 million and $30 million in profits and nearly $35 million in assets.

The Med's share of profits would be put into a restricted fund and several members say it should be used only for capital projects, such a new emergency department.

(Copyright 2007 by The Associated Press. All Rights Reserved.)

  • Trending StoriesTrending StoriesMore>>

  • Water moccasin invades home, puts family into action

    Water moccasin invades home, puts family into action

    Friday, May 25 2018 2:57 PM EDT2018-05-25 18:57:52 GMT
    This water moccasin entered a family's home. (Photo courtesy Krystal King)This water moccasin entered a family's home. (Photo courtesy Krystal King)

    An unwelcome visitor was cause for some tense moments and quick action in the King household Saturday morning. Krystal King says it was about 7 a.m. when Stephen, her oldest son, came into his parents' room to notify them about the "big snake in the bathroom."

    More >>

    An unwelcome visitor was cause for some tense moments and quick action in the King household Saturday morning. Krystal King says it was about 7 a.m. when Stephen, her oldest son, came into his parents' room to notify them about the "big snake in the bathroom."

    More >>
  • Police release body cam footage of I-95 shooting death

    Police release body cam footage of I-95 shooting death

    Friday, May 25 2018 11:21 PM EDT2018-05-26 03:21:37 GMT
    Marcus-David Peters was shot and killed by a Richmond police officer on Monday, May 14. (Source: Richmond Police Department)Marcus-David Peters was shot and killed by a Richmond police officer on Monday, May 14. (Source: Richmond Police Department)

    The Richmond Police Department released body camera and surveillance camera footage on Friday of the shooting death of Marcus-David Peters.

    More >>

    The Richmond Police Department released body camera and surveillance camera footage on Friday of the shooting death of Marcus-David Peters.

    More >>
Powered by Frankly