Psychiatric Solutions
Encyclopedia
Psychiatric Solutions, Inc. is a subsidiary of Universal Health Services
and operates psychiatric hospitals in 32 states.
for over 20 years, founded Psychiatric Solutions, Inc. in 1997. On May 17, 2010 Psychiatric Solutions was purchased by Universal Health
.
exposed many cases of abuse and negligence at PSI facilities nationwide. ProPublica's news reports obtained many documents revealing abuse at PSI facilities. PSI hospitals have about one-third fewer staffers per bed than comparable facilities.
In March 2010, The Wall Street Journal
reported that Psychiatric Solutions was being investigated for breach of fiduciary duty, lying to investors about safety issues at its facilities, and other violations of state laws.
In May 2010, it was reported that the United States Department of Justice
is investigating PSI for shareholder fraud, and class action lawsuits have been filed against it on behalf of shareholders.
purchased Psychiatric Solutions on May 16, 2010 for $2 billion in cash and wiping out $1 billion worth of debt.
Universal Health Services
Universal Health Services, Inc. is a Fortune 500 company based in King of Prussia, Pennsylvania. UHS is one of the leading hospital management companies in the United States and operates, through its subsidiaries, acute care hospitals, behavioral health facilities and ambulatory surgery centers in...
and operates psychiatric hospitals in 32 states.
History
Joey Jacobs, a former executive of Hospital Corporation of AmericaHospital Corporation of America
Hospital Corporation of America is the largest private operator of health care facilities in the world, It is based in Nashville, Tennessee and is widely considered to be the single largest factor in making that city a hotspot for healthcare enterprise.-History:The founders of HCA include Jack C....
for over 20 years, founded Psychiatric Solutions, Inc. in 1997. On May 17, 2010 Psychiatric Solutions was purchased by Universal Health
Universal Health Services
Universal Health Services, Inc. is a Fortune 500 company based in King of Prussia, Pennsylvania. UHS is one of the leading hospital management companies in the United States and operates, through its subsidiaries, acute care hospitals, behavioral health facilities and ambulatory surgery centers in...
.
Legal problems
A detailed series of articles published by The Los Angeles Times in conjunction with ProPublicaProPublica
ProPublica is a non-profit corporation based in New York City. It describes itself as an independent non-profit newsroom that produces investigative journalism in the public interest. In 2010 it became the first online news source to win a Pulitzer Prize, for a piece written by one of its...
exposed many cases of abuse and negligence at PSI facilities nationwide. ProPublica's news reports obtained many documents revealing abuse at PSI facilities. PSI hospitals have about one-third fewer staffers per bed than comparable facilities.
In March 2010, The Wall Street Journal
The Wall Street Journal
The Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company, a division of News Corporation, along with the Asian and European editions of the Journal....
reported that Psychiatric Solutions was being investigated for breach of fiduciary duty, lying to investors about safety issues at its facilities, and other violations of state laws.
In May 2010, it was reported that the United States Department of Justice
United States Department of Justice
The United States Department of Justice , is the United States federal executive department responsible for the enforcement of the law and administration of justice, equivalent to the justice or interior ministries of other countries.The Department is led by the Attorney General, who is nominated...
is investigating PSI for shareholder fraud, and class action lawsuits have been filed against it on behalf of shareholders.
Acquisition
Universal Health ServicesUniversal Health Services
Universal Health Services, Inc. is a Fortune 500 company based in King of Prussia, Pennsylvania. UHS is one of the leading hospital management companies in the United States and operates, through its subsidiaries, acute care hospitals, behavioral health facilities and ambulatory surgery centers in...
purchased Psychiatric Solutions on May 16, 2010 for $2 billion in cash and wiping out $1 billion worth of debt.