MedCath Corp.
| Company type | Public (Nasdaq: MDTH) |
|---|---|
| Industry | Health care |
| Founded | 1988 |
| Headquarters | Charlotte, North Carolina, U.S. |
Key people | O. Edwin French, CEO Joan McCanless, Senior Vice President and Chief Clinical and Compliance Officer J. Arthur Parker, Executive Vice President and COO |
| Products | Cath labs, nuclear cardiology, cardiac hospitals |
| Revenue |  $88.9 million USD (2010)[1] |
| $48.465 million USD (2010)[1] | |
Number of employees | 3,299 (Sept. 30, 2009) |
| Website | www |
MedCath Corporation was an American cardiac health care company, publicly traded on the NASDAQ. The company was founded in 1988 as MedCath Partners, a for-profit corporation which offered cath lab, nuclear cardiology, and sleep medicine services. By 1998, the firm was known as Medcath, Inc.[2] In 1994, the company began opening and operating acute care cardiac hospitals.
In the early months of 2005, MedCath significantly shifted its corporate strategy. Instead of building cardiac hospitals and seeking physicians to invest in them, MedCath began partnering with existing hospitals or health care systems to expand existing cardiac care units or build new cardiac care units in existing hospitals.[3] The strategy proved highly popular with stockholders, and the company stock price rose to $31.80 in September 2006 from a low of $14 a share in May 2006.[3] Industry observers credited the shift in strategy to the company's chief executive officer, O. Edwin French, who took over leadership of MedCath in February 2006 (he'd previously been president of the acute care hospital division of Universal Health Services).[3] French hired Phil Mazzuca (formerly with Iasis Healthcare) as chief operating officer.[3]
On May 5, 2011, in a deal worth $25 million, MedCath sold most of its assets to a joint venture of LifePoint Hospitals and Duke University Health System.[4]
In September 2012, facing a lawsuit, MedCath dissolved the company.[5]
References
- ^ a b MedCath Corporation. Form 10-Q. EIN: 56-2248952. December 31, 2010.
- ^ "COMPANY NEWS; KOHLBERG KRAVIS AND WELSH CARSON ACQUIRING MEDCATH". The New York Times. Dow Jones. March 14, 1998. Retrieved April 27, 2019.
- ^ a b c d London, Ashley M. "MedCath's Shift in Strategy Is What the Doctor Ordered." Charlotte Business Journal. September 18, 2006.
- ^ "Duke, LifePoint Joint Venture Buys MedCath Division." Triangle Business Journal. May 5, 2011.
- ^ Barr, Paul. "MedCath, facing lawsuit, proceeds with plans to dissolve". Modern Healthcare. Crain Communications, Inc. Retrieved 12 January 2020.