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National Medical Enterprises

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BUSINESS
January 12, 1995 | DAVID R. OLMOS, TIMES STAFF WRITER
National Medical Enterprises will significantly reduce its 700-employee corporate headquarters staff in Southern California and move many of those jobs to Dallas as part of its $3.3-billion acquisition of American Medical Holdings. The moves will cut expenses by $20 million, part of $60 million in projected cost savings in the first year after the merger is completed in March, National Medical officials said.
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BUSINESS
May 25, 1995 | Times Staff and Wire Reports
Tenet Agrees to Sell Asian, Australian Units: Tenet Healthcare Corp., formerly National Medical Enterprises, said it signed a definitive agreement to sell its Asian hospitals to Parkway Holdings Ltd., a Singapore-based holding company, for about $415 million. The Santa Monica-based firm said it also reached an agreement in principle for Parkway to buy Tenet's Australian holdings.
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BUSINESS
July 30, 1992
Santa Monica-based National Medical Enterprises reported a loss of $54.2 million in the fourth quarter before extraordinary charges, contrasted with a profit of $79.1 million in the same period a year before. The company attributed the poor performance, which was expected, in part to the costs of divesting hospitals in its troubled psychiatric hospital division, where the company has been burdened with the legal costs of fighting charges of insurance fraud in Texas.
BUSINESS
January 12, 1995 | DAVID R. OLMOS, TIMES STAFF WRITER
National Medical Enterprises will significantly reduce its 700-employee corporate headquarters staff in Southern California and move many of those jobs to Dallas as part of its $3.3-billion acquisition of American Medical Holdings. The moves will cut expenses by $20 million, part of $60 million in projected cost savings in the first year after the merger is completed in March, National Medical officials said.
BUSINESS
March 26, 1992 | From Times Staff and Wire Services
Citing a sharp drop in its psychiatric care revenue, National Medical Enterprises reported Wednesday that its net earnings plunged 43% in its third quarter, ended Feb. 29. The Santa Monica-based firm earned $40.2 million on sales of $941 million in the quarter, compared to $70.9 million on revenue of $955.7 million in the year-earlier period. The net earnings included a $4.
BUSINESS
September 29, 1993 | From Staff and Wire Reports
National Medical Enterprises loaned its founder, Richard K. Eamer, $3 million last year without so much as an IOU, and showered him with hefty severance, consulting and retirement deals as he departed the scandal-scarred hospital chain. The disclosures, in material prepared for NME's annual meeting today, came as the company made a separate announcement Tuesday that its first-quarter earnings fell more than 16%.
BUSINESS
May 13, 1993 | DONNA K. H. WALTERS, TIMES STAFF WRITER
Next month, Jeffrey C. Barbakow will become chief executive of one of the country's largest hospital companies. And he knows next to nothing about running hospitals. He'll have plenty of time to learn, he says. Later. For now, National Medical Enterprises needs him for other jobs.
BUSINESS
May 17, 1992 | KATHY M. KRISTOF, TIMES STAFF WRITER
National Medical Enterprises, operator of acute care and psychiatric hospitals, believes in healthy compensation for its executives. Last year, the company's five top executives were listed among the 30 highest-paid executives of California-based public companies, according to The Times' annual executive compensation survey. The five executives together in 1991 year took home $35.5 million in total compensation--an amount equal to about 13% of the company's net earnings in fiscal 1991.
BUSINESS
October 6, 1994 | DAVID R. OLMOS, TIMES STAFF WRITER
The proposed merger of Columbia-HCA Healthcare Corp. and HealthTrust Inc. would create a hospital industry behemoth and put more pressure on Santa Monica-based National Medical Enterprises to either merge or be acquired. If completed, Columbia-HCA's deal would scuttle National Medical's plans for a three-way, multibillion-dollar merger with HealthTrust of Nashville, Tenn., and Dallas-based American Medical Holdings Inc.
BUSINESS
September 21, 1994 | DAVID R. OLMOS, TIMES STAFF WRITER
Santa Monica-based National Medical Enterprises is negotiating to buy two regional hospital chains in an effort to become the nation's second-largest hospital operator, sources said Tuesday. If NME succeeds in acquiring Nashville-based HealthTrust Inc.
BUSINESS
July 13, 1994 | DAVID R. OLMOS, TIMES STAFF WRITER
National Medical Enterprises said Tuesday that a federal judge approved an agreement to settle federal securities fraud charges involving activities at the company's psychiatric and substance-abuse facilities. The agreement with the Securities and Exchange Commission was part of broad negotiations between NME and the federal government. The company last month pleaded guilty to eight federal criminal counts and agreed to pay $379 million in fines and restitution.
BUSINESS
June 30, 1994 | DAVID R. OLMOS and JEFF LEEDS, TIMES STAFF WRITERS
The U.S. government formally announced Wednesday that it has settled its giant fraud case with National Medical Enterprises, but it said it continues a far-reaching investigation into individuals and businesses suspected of accepting kickbacks and bribes from the Santa Monica-based hospital chain.
BUSINESS
December 14, 1993 | DAVID R. OLMOS, TIMES STAFF WRITER
National Medical Enterprises said it will pay $89.9 million to settle charges brought by 13 major insurance companies that accused the hospital chain of hundreds of millions of dollars in improper billing at its psychiatric facilities. The agreement is the third major insurance fraud settlement by the Santa Monica-based hospital operator in recent months and ends all major civil litigation between the hospital chain and insurance companies.
BUSINESS
September 29, 1993 | From Staff and Wire Reports
National Medical Enterprises loaned its founder, Richard K. Eamer, $3 million last year without so much as an IOU, and showered him with hefty severance, consulting and retirement deals as he departed the scandal-scarred hospital chain. The disclosures, in material prepared for NME's annual meeting today, came as the company made a separate announcement Tuesday that its first-quarter earnings fell more than 16%.
BUSINESS
February 6, 1986
National Medical Enterprises acquired Amethyst Hall, a 39-bed alcohol and chemical dependency rehabilitation hospital in Santa Fe, N.M. Terms of the agreement were not disclosed. The Los Angeles-based company said it purchased the facility from Rancho Velarde Partnership in Santa Fe.
BUSINESS
August 20, 1993 | DAVID R. OLMOS, TIMES STAFF WRITER
National Medical Enterprises on Thursday sued 16 major insurance companies, accusing them of conspiring to delay or deny payments for patient care at psychiatric hospitals operated by the Santa Monica-based firm. The companies named in the civil suit, including Aetna Life Insurance Co., Prudential Insurance Co. and Metropolitan Life Insurance Co., are the same firms that last year sued National Medical in federal court, alleging widespread fraud at the company's psychiatric hospitals.
BUSINESS
August 17, 1993 | DAVID R. OLMOS, TIMES STAFF WRITER
The top woman executive of National Medical Enterprises filed a sex-discrimination lawsuit against the large hospital company and several top officials Monday, claiming she was recently passed over for the firm's chief executive position because she is a woman. Nita P. Heckendorn, 50, an executive vice president of National Medical, also alleged in her suit filed in Los Angeles Superior Court that she has been repeatedly subjected to sexual harassment during her 12-year career with the company.
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