Acquisition aims to improve Seton system finances | Local News Stories – California News

Acquisition aims to improve Seton system finances | Local News Stories – California News

The health care network that includes Seton Coastside is part of an acquisition deal. 

NantWorks LLC has acquired a majority stake in Integrity Healthcare LLC, which manages the nonprofit Verity Health — the health care system that has overseen the Moss Beach hospital since its move from Daughters of Charity Health System in 2015. 

Since that transfer, with an influx of $100 million from BlueMountain Capital Management LLC, Verity has worked to make Seton Coastside and the five other hospitals under its wing financially solvent, a long-standing struggle. 

The aim of the latest acquisition is to continue an upward financial trajectory while improving care for patients, according to Dr. Patrick Soon-Shiong, who founded NantWorks and will join Verity’s board of directors.

“Medical care is local, and we strongly believe that community health systems should be supported with investment, technology and science to build next-generation, clinically integrated networks to drive better outcomes at a lower cost,” Soon-Shiong said in a prepared statement.

A Verity spokesman said the company will continue to provide the services that it’s been providing.

“There are no specific changes in place based on the transaction,” Verity Health spokesman Rick Rice said. “We see it as an opportunity to improve services throughout the system.” 

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