Verity Health System may sell hospitals to improve finances

Verity Health System announced Tuesday it may sell some or all of its six hospitals as it works to fix the financial and operational problems that have dogged the safety-net provider for years. The Redwood City, Calif.-based health system has undergone significant ownership changes in recent years. One year ago, Los Angeles-based health technology company NantWorks, led by controversial entrepreneur Dr. Patrick Soon-Shiong, announced it had acquired a majority stake in Verity's management company. Rich Adcock, who was named Verity's CEO in January, said in a statement that the board and management's top priority is to establish a sustainable, long-term path forward for the system's hospitals, which are critical to the communities they serve, including Los Angeles and San Jose.

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