A South Carolina health care system is under fire for purchasing a nursing and rehabilitation center owned by its former board chairman.
The Spartanburg Regional Healthcare System (SRHS) purchased the property in question for $3.9 million from the Caman Group late last week. The Caman Group – based in Chesnee, S.C. – is owned by former SRHS board chairman Terry Cash, who signed the instruments of sale personally.
According to our sources, the system paid well above the $1.7 million assessed value for the property.
Why does this matter? Well, hospitals are typically bound by strict conflict of interest policies designed to ensure all financial decisions are made in the best interest of patients – not the profit margins of its governing board members. Also, government agencies that shell out tax dollars on Medicare and Medicaid recipients generally frown on hospitals purchasing properties from current or former board members.
“Inappropriate pressure and all that,” a source familiar with this particular sale told us.
Here’s the title to the sale in question …
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(Via: Spartanburg Register of Deeds)
In addition to the details of this sale, we have received additional information regarding the alleged mismanagement of similar facilities by another company connected to Cash.
Stay tuned for more on that in a forthcoming report …
In the meantime, this website has reached out to SRHS in the hopes of getting its side of the story. As soon as we receive a response from the system, we’ll be sure to provide it to our readers.
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