Articles Tagged: University of Iowa Health Care

Bondholders demand the foundation ‘effectively empty the coffers’

The State of Iowa, on behalf of the University of Iowa Hospitals and Clinics, has agreed to pay a former pediatrics fellow more than a quarter million dollars to settle a lawsuit in which she accused UIHC of denying her disability accommodations, retaliating against her, and breaching its contract with her – “kneecapping Dr. Riley’s career aspirations.”

Katy Rasmussen took on the role as the sexual assault nurse examiner coordinator to give back to the community and support sexual assault survivors. She leads the UI SANE program, which includes 15 other nurse examiners in Johnson County.

The State Appeal Board on Tuesday agreed to pay $2.52 million to settle six lawsuits against University of Iowa Health Care — with the university paying most of that total under a new agreement inked last week upping the cap on what doctors and their insurance will cover.

Although Mercy Iowa City two weeks ago told participants of its 55-year-old pension plan – via mailed letter – that they will, for now, “continue to receive your monthly pension checks,” hospital leadership Thursday announced the temporary but immediate suspension of three other benefit programs.

Although Mercy Iowa City wants an expeditious sale of its assets – after the 150-year-old hospital filed for Chapter 11 bankruptcy this month – its bondholders and creditors this week asked a judge to tap the brakes to give them time for due diligence and to maximize the “value of the sale.”

Although Mercy Iowa City has signed a letter of intent to sell most of its assets to the University of Iowa for $20 million, a review of assessment records show the 150-year-old community hospital’s 19 properties – all of which are intended for UI – are valued at more than $137.3 million.

Accusing Mercy Iowa City Hospital of misdirecting blame for its “prolonged, observed deterioration over the course of several years” that brought it to “being liquidated through a bankruptcy fire sale process for a mere $20 million,” bondholders have asked a judge to appoint an examiner to answer several of its key questions.

In a letter updating its tens of thousands of patients on how this week’s news of Mercy Iowa City’s bankruptcy could affect them and their care, Steindler Orthopedic Clinic on Friday vowed to “remain independent” — even as the 150-year-old community hospital, and Steindler’s longtime partner, “will cease to exist.”

After considering Mercy Iowa City’s argument that it’s an increasingly “fragile organization” forced into an emergent bankruptcy filing after suffering “significant and negative destruction of value,” a U.S. bankruptcy judge on Wednesday agreed to expedite the timeline of the hospital’s sale – presumably to the University of Iowa – setting a bid deadline of Sept. 19.

The Board of Regents on Tuesday morning unanimously approved a University of Iowa request to buy most of Iowa City-based Mercy Hospital’s assets for $20 million — without asking any questions about the deal’s finances, including how they came to the $20 million figure, where that money will come from, and what will happen with the $63 million Mercy owes on publicly-issued bonds.

The University of Iowa has signed a letter of intent to acquire “substantially all the operating facilities and key assets of Mercy Iowa City — which has filed for bankruptcy — in hopes of ”preserving the continuity of care for patients and continuing opportunities for physicians and employees.“

After slipping last year to the lowest number of medical care specialties ranked among the Top 50 nationally in at least a decade, the University of Iowa Hospitals and Clinics again this year ranked in the same two specialties — but improved their ratings in the U.S. News & World Report’s “Best Hospitals” list made public today

Despite inflation, labor cost and supply chain snags that stalled the original timeline, a new Steindler North Liberty Ambulatory Surgery Center now is under construction just east of Interstate 380, north of Forevergreen Road – adding to the health care construction boom underway in that community.

“I don't think I've ever gone a week here on my unit for four years without being physically assaulted,” said UIHC registered nurse Alex Kestrel, who works in the geriatric psychiatry unit. “I get punched in the face pretty much every week by my patients.”