Florida's Attorney General will ask a judge to decide whether the separation packages paid to eight former Wuesthoff Health System executives following its rescue-sale to Health Management Associates must be publicized, according to a Florida Today report.
The Naples, Fla.-based HMA purchased non-profit Wuesthoff on Oct. 1 for $145 million and formed a foundation to manage the proceeds of the sale. The health system has refused to disclose its executive separation packages to the state, claiming they are covered by a trade-secret exemption under state law.
The Attorney General's office requested the executive pay information from Wuesthoff and received 40 pages of heavily redacted material, according to the report. Unredacted portions now show as many as eight former Wuesthoff executives receiving three years' salary over 12 months, a pay-to-stay retention bonus for staying with the company during sale discussions, a senior executive retirement package, regular retirement pay and health benefits. According to the report, the payouts will amount to millions of dollars.
Other attorneys have argued that since Wuesthoff Health System is no longer in business, the "trade-secret exemption" does not apply.
Read the Florida Today report on Wuesthoff Health System.
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The Naples, Fla.-based HMA purchased non-profit Wuesthoff on Oct. 1 for $145 million and formed a foundation to manage the proceeds of the sale. The health system has refused to disclose its executive separation packages to the state, claiming they are covered by a trade-secret exemption under state law.
The Attorney General's office requested the executive pay information from Wuesthoff and received 40 pages of heavily redacted material, according to the report. Unredacted portions now show as many as eight former Wuesthoff executives receiving three years' salary over 12 months, a pay-to-stay retention bonus for staying with the company during sale discussions, a senior executive retirement package, regular retirement pay and health benefits. According to the report, the payouts will amount to millions of dollars.
Other attorneys have argued that since Wuesthoff Health System is no longer in business, the "trade-secret exemption" does not apply.
Read the Florida Today report on Wuesthoff Health System.
Read more on compensation:
-5 Top-Paid Medical Specialties
-Self-Employed Urologists More Likely to Order Imaging Tests