Personal Network
The soaring number of addicts -- more Americans now die from drug overdoses than car accidents, according to the White House -- and the industry’s fragmented nature made Foundations an attractive proposition. The network Miller built up while controlling Universal Health helped him secure the prized asset.
“The man running it used to work for us,” Miller said at the Barclays conference. “When they were ready to sell, he told the Pritzkers that he only wanted to sell to us. And so Pritzker gave us the price, we paid it, and now they’re part of the company.”
As Universal Health expands its behavioral care offering, its more traditional acute care division, which contributed half of the company’s $9 billion of revenue in 2015, continues to be boosted by the Affordable Care Act.
Obamacare Surge
“There are something like 20 million more people covered. That’s good for us and it’s good for people who haven’t had coverage,” Miller told Bloomberg Television in the March 10 interview.
Universal Health shares are down 2 percent this year as investors question whether the fillip from health-care reform is starting to peter out. As he nears his fifth decade at the helm, Miller says he isn’t concerned. He’s using the dip to expand the company’s control over its shares.
“The market is very nervous, we’ve had a very solid year,” Miller said. “As a matter of fact we have increased the amount available for stock buyback so we’re not unhappy with the current situation.”