A new financial turnaround company, led by a veteran healthcare consultant, seven former executives from Tenet Healthcare and other industry heavyweights, is entering the market.
The new company, called StoneBridge Healthcare, was formed to buy, save and turn around financially distressed hospitals.
It is run by Josh Nemzoff, who has more than 40 years of consulting experience in the healthcare industry.
He is joined by 17 other leaders, including seven who have served in various leadership and executive roles at Dallas-based Tenet Healthcare.
The company is capitalized by Medical Properties Trust, a private equity firm that owns 400 hospitals and Oaktree Capital Management, which has $120 billion in assets under management, among other investors.
"We want to ensure that these vital places of high quality care remain open and thriving for the communities they serve," Mr. Nemzoff said. "Our experience, our financial investment and our commitment to expanding primary care into the urban areas we serve make our company the only one of its kind."