Healthscope hospitals change hands, but not fortunes

As the carve-up of the country's second-largest private hospital chain, Healthscope, nears its end, the participants are all eager to portray it as a good outcome – under the circumstances – for all stakeholders.

In announcing the sale of the hospitals, Keith Crawford of receivers and managers McGrathNicol, trumpeted: "We are pleased to announce agreements have been reached which provide certainty and continuity of services to Healthscope patients, employees and communities through the sale of Healthscope hospitals to well-credentialed healthcare operators." 

Crawford also said: "Healthscope's lenders have shared our commitment to securing the best possible outcome for all stakeholders."

The win-win rhetoric was amplified by David Di Pilla's ASX-listed HealthCo Healthcare and Wellness REIT, owner of eleven hospitals managed by Healthscope. Healthco's update to shareholders gushed, "The proposed transaction will provide continuity of healthcare services across all the hospitals, ensure that the portfolio is tenanted by well capitalised operators with strong operational track records, and maintain jobs for nurses and hospital staff."

But it may be premature for the general public to get carried away with the Dr Feelgood vibes being pumped out by Crawford, Di Pilla and other members of the Healthscope break-up crew. Indeed, once certain facts are brought to light, the official Healthscope hospital sale narrative is believable only through rose-tinted glasses and after chuffing on the Goroka gold.