Cleverley W O
Hosp Health Serv Adm. 1988 Fall;33(3):385-405.
One of the biggest news stories to hit the health care industry last year was the leveraged Employee Stock Ownership Plan (ESOP) sale of 104 Hospital Corporation of America (HCA) hospitals to a newly formed company, Health Trust, Inc. (HTI). Much skepticism regarding the benefits of this transaction was raised. To many individuals, HCA was the primary, if not exclusive, beneficiary. The management and employees of HTI were viewed by many as being "left out to dry." These initial opinions were almost always based on a total ignorance of the substantial benefits--primarily but not exclusively tax benefits--that are available in an ESOP transaction. My awareness of these benefits comes through my limited involvement as a consultant to the agent bank in the HCA-HTI transaction. This article will acquaint health care executives with the basic features and benefits of an ESOP alternative. EOPSs are a viable alternative for both voluntary and investor-owned health care firms.
去年医疗保健行业最重大的新闻事件之一,是美国医院公司(HCA)以杠杆式员工持股计划(ESOP)将104家医院出售给新成立的公司——健康信托公司(HTI)。对此交易的益处引发了诸多质疑。对许多人而言,HCA即便不是唯一的主要受益者,也是主要受益者。许多人认为HTI的管理层和员工“被弃之不顾”。这些最初的观点几乎总是基于对ESOP交易中可获得的实质性益处(主要但不限于税收优惠)的全然无知。我对这些益处的认识源于我在HCA - HTI交易中作为代理银行顾问的有限参与。本文将让医疗保健行业的高管们了解ESOP方案的基本特征和益处。ESOP对自愿性质的和投资者所有的医疗保健公司来说都是一种可行的选择。