CYH Community Health Systems Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 11, 2024 (September 11, 2024)

 

 

COMMUNITY HEALTH SYSTEMS, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-15925	13-3893191
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
4000 Meridian Boulevard
Franklin, Tennessee				37067
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 615 465-7000

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $.01 par value		CYH		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Retirement of Dr. Lynn T. Simon as President, Healthcare Innovation and Chief Medical Officer of the Company

On September 11, 2024, Community Health Systems, Inc. (the “Company”) issued a press release announcing that Dr. Lynn T. Simon, President, Healthcare Innovation and Chief Medical Officer, will retire as an executive officer of the Company effective December 31, 2024. Dr. Simon informed the Company’s Board of Directors of her retirement on September 11, 2024. It is anticipated that, upon her retirement, Dr. Simon will enter into a consulting agreement with the Company, pursuant to which she would advise the Company’s management team on innovation in healthcare and other matters as requested by the Chief Executive Officer. A copy of the press release making this announcement is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference into this Item 5.02.

 

Intent to Appoint Dr. Miguel S. Benet as President of Clinical Operations and Chief Medical Officer of the Company

In conjunction with Dr. Simon’s retirement, the Company intends to appoint Miguel S. Benet, M.D., MPH, as President of Clinical Operations and Chief Medical Officer effective January 1, 2025.

Dr. Benet, age 52, has served as the Company’s Executive Vice President of Clinical Operations since February 2024. In that role, he has leadership responsibilities for clinical services and operations, including responsibility for the CHS PSO – Patient Safety Organization, clinical research, clinical informatics, case management/utilization review, emergency medicine, surgical, obstetrics and cardiovascular service lines, transfer center operations, pharmacy, behavioral health, post-acute services, clinical data science, process improvement, clinical documentation improvement and physician coding and documentation, physician practice management, and Graduate Medical Education (GME) programs within the Company’s affiliated hospitals. Dr. Benet joined the Company in March 2021 as Senior Vice President of Clinical Operations. In that role, he had responsibility for clinical service lines, the CHS PSO – Patient Safety Organization, clinical research, clinical informatics, case management, pharmacy, clinical data science, GME programs and a broad range of initiatives to advance safety, quality and clinical outcomes. Before joining the Company, Dr. Benet served as Chief Medical Officer for HCA Healthcare, Inc.’s North Texas Division from March 2018 to February 2021, where he had responsibility for all clinical, safety and quality activities and led strategic implementation of clinical programs across the 16-hospital network. In his more than 20 years as a physician executive and practicing provider, he has held leadership roles including chief resident, anesthesiology department chair, medical staff committee chair, and chief medical officer at individual hospitals. Dr. Benet earned his medical degree along with a master’s degree in public health, health management and policy from the University of Michigan. He completed his anesthesia residency at Brigham and Women’s Hospital, Harvard Medical School in Boston, Massachusetts.

Dr. Benet is not a party to any material plan, contract or arrangement with the Company entered into in connection with his upcoming appointment, and Dr. Benet’s compensation as President of Clinical Operations and Chief Medical Officer has not yet been determined.

A copy of the press release announcing this upcoming appointment is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference into this Item 5.02.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit Number		Description
99.1		Community Health Systems, Inc. Press Release dated September 11, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			COMMUNITY HEALTH SYSTEMS, INC. (Registrant)
Date:	September 11, 2024	By:	/s/ Tim L. Hingtgen
			Tim L. Hingtgen Chief Executive Officer (principal executive officer)

 

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COMMUNITY HEALTH SYSTEMS ANNOUNCES THAT LYNN SIMON, MD,

PRESIDENT, HEALTHCARE INNOVATION AND CHIEF MEDICAL OFFICER,

WILL RETIRE AND TRANSITION INTO A CONSULTING ROLE AT THE END OF THE YEAR

FRANKLIN, Tenn. (September 11, 2024) - Community Health Systems, Inc. (NYSE: CYH) announced today that Lynn Simon, MD, President, Healthcare Innovation and Chief Medical Officer, will retire from her current executive management position at the end of the year and transition into a consulting arrangement effective January 1, 2025. Under the terms of her consulting agreement, Dr. Simon will continue to advise the Company’s management team regarding innovation in healthcare, and will continue to identify, evaluate and facilitate potential new partnerships and emerging capabilities for the organization.

Simon joined Community Health Systems (CHS) in 2010 and has served as Chief Medical Officer since 2017. During her 14-year career at CHS, Simon’s broad areas of responsibility have included every aspect of clinical operations.

Among her many accomplishments at CHS, Simon established one of the first AHRQ-certified Patient Safety Organizations (PSO) along with the framework, expectations, and tools that helped achieve a 90% reduction in the serious safety event rate over the past decade. Simon developed CHS’ proprietary Transfer Center, creating round the clock access to help hospitals inside and outside of the CHS organization facilitate prompt and safe patient transfers between facilities ensuring patients quickly receive the services and level of care needed. Simon also led the development of the CHS Patient Access Center, which provides centralized scheduling for patient appointments into primary care practices. The Transfer Center and Patient Access Center have been key to creating better access to health services and driving growth at CHS-affiliated health systems.

In early 2023, Simon assumed a new executive leadership role designed to accelerate innovation across CHS. Simon has forged relationships and implemented technologies that are improving care delivery, creating better patient experiences, streamlining workflows, and improving the work experience for clinicians and support teams. Some of these advancements include implementation of a remote patient monitoring program for people with chronic conditions that currently serves more than 14,000 people, a virtual patient sitting program that is designed to provide 24/7 monitoring to help protect hospitalized patients at high risk for falls, a maternal-fetal early warning system that uses AI to improve safety in childbirth, and a partnership with Mark Cuban Cost Plus Drugs that is addressing drug shortages and the rising costs of pharmaceuticals used in hospital settings.

Commenting on today’s announcement Tim L. Hingtgen, Chief Executive Officer of Community Health Systems, Inc., said, “Lynn’s numerous contributions across the CHS organization and over many years have positively affected patient care and clinical outcomes, improved the experience of our clinicians, advanced our culture in meaningful ways, and will have long-lasting and significant impact. I am so grateful for her leadership and look forward to working with her more in the years ahead.”

As part of a long-term succession plan, Miguel Benet, MD, Executive Vice President of Clinical Operations, will become the Company’s President of Clinical Operations and Chief Medical Officer beginning in 2025. Dr. Benet currently oversees all of the Company’s clinical services and operations, including emergency

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medicine, surgical services, cardiovascular care, obstetrics and other service lines, clinical research, nursing, pharmacy services, data science and AI, clinical process improvements, care management, clinical documentation and utilization review, physician coding and documentation, Graduate Medical Education programs, and a broad range of initiatives to advance safety, quality and clinical outcomes.

Hingtgen said, “Miguel is an extremely accomplished clinical and operational leader who is highly regarded by physicians, nurses, health system administrators, and his colleagues at CHS. He is a solutions-oriented leader whose unique perspectives already are advancing clinical care in our health systems. CHS will continue to benefit from Miguel’s expertise and commitment to the future of medicine as he assumes the role of President of Clinical Operations and Chief Medical Officer next year.”

In addition to her consulting role at CHS, Simon plans to remain involved in the healthcare industry with a continuing focus on innovation. Simon has cultivated relationships with venture capital firms, start-up companies, and others who are creating new solutions for healthcare. In addition, she looks forward to focusing on current and potential future board and advisory opportunities. Simon serves on the board of directors for Ascend Learning, ForeFront Dermatology, and Cadence. Simon has received numerous awards and recognitions, including being named to Modern Healthcare’s lists of the Top Healthcare Innovators, 50 Most Influential Physician Executives and Leaders, and the Top 25 Women in Healthcare.

About Community Health Systems, Inc.

Community Health Systems, Inc. is one of the nation’s largest healthcare companies. The Company’s affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 39 distinct markets across 15 states. The Company’s subsidiaries own or lease 70 affiliated hospitals with more than 11,000 beds and operate more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers and ambulatory surgery centers. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” The Company’s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. More information about the Company can be found on its website at www.chs.net.

Media Contact:

Tomi Galin

Executive Vice President – Corporate Communications and Marketing

615-628-6607

 

Investor Contacts:
Kevin J. Hammons
President and Chief Financial Officer
615-465-7000
or
Anton Hie
Vice President – Investor Relations
615-465-7012

 

 

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Document And Entity Information	Sep. 11, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 11, 2024
Entity Registrant Name	COMMUNITY HEALTH SYSTEMS, INC.
Entity Central Index Key	0001108109
Entity Emerging Growth Company	false
Entity File Number	001-15925
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3893191
Entity Address, Address Line One	4000 Meridian Boulevard
Entity Address, City or Town	Franklin
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37067
City Area Code	615
Local Phone Number	465-7000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	CYH
Security Exchange Name	NYSE

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