Psychiatric Solutions

Type	Public (NASDAQ: PSYS)
Industry	Health care
Founded	1997
Founder(s)	Joey A. Jacobs & Bryce DeHaven
Headquarters	Franklin, Tennessee, United States
Area served	United States
Key people	Joey Jacobs (CEO) Bryce Dehaven (CFO)
Revenue	US$1.805 billion (2009)
Operating income	$1,700,000,000
Net income	US$273,430,000 (2009)
Employees	16,000[1]
Subsidiaries	90 hospitals [2]
Website	http://www.psysolutions.com

Psychiatric Solutions, Inc. is a subsidiary of Universal Health Services which operates psychiatric hospitals in 32 states of United States.

History[link]

Joey Jacobs and Bryce DeHaven, former executives of Hospital Corporation of America for over 20 years, founded Psychiatric Solutions, Inc. in 1997. On May 17, 2010 Psychiatric Solutions was purchased by Universal Health.

Legal problems[link]

A detailed series of articles published by The Los Angeles Times in conjunction with ProPublica exposed many cases of abuse and negligence at PSI facilities nationwide. ProPublica's news reports obtained many documents revealing abuse at PSI facilities.^[3][4][5] PSI hospitals have about one-third fewer staffers per bed than comparable facilities.^[6]

In March 2010, The Wall Street Journal reported that Psychiatric Solutions was being investigated for breach of fiduciary duty, lying to investors about safety issues at its facilities, and other violations of state laws.^[7]

In May 2010, it was reported that the United States Department of Justice is investigating PSI for shareholder fraud,^[8] and class action lawsuits have been filed against it on behalf of shareholders.^[6]

Acquisition[link]

Universal Health Services purchased Psychiatric Solutions^[9] in May of 2010 for $2 billion in cash and wiping out $1 billion worth of debt.

^[10]

References[link]

External links[link]

• PSI Homepage