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Author: Brian Butler

Top 5 Reasons For Hospitals to Sell their Real Estate Assets (INFOGRAPHIC)

Posted on by Brian Butler

Benefits of Asset Monetization

UNLOCK THE VALUE OF YOUR REAL ESTATE ASSET

As healthcare expenses continue to rise, many hospitals and health systems are looking for ways to generate additional capital. With the increased costs associated with physician alignment and IT, combined with declining reimbursements, health systems are recognizing a need to increase liquidity. Faced with many strategic capital priorities and limited resources, health systems must consider additional avenues to unlock value. Asset monetization can be a valuable solution in such an environment. By monetizing “non-core” real estate assets, such as medical office buildings (MOBs) and outpatient facilities, providers can realize numerous benefits.

Infographic

#1 – Provide Capital for Core Investments

The disposition of non-core healthcare real estate assets allows health systems and hospitals to focus financial and management resources on core, acute care business. Capital from monetization can then be infused in the implementation of key, mission-critical items including:

  • Construction/Renovation/Expansion of Core Real Estate Assets
  • IT Infrastructure and Medical Equipment
  • Mergers and Acquisitions

#2 – Increase Liquidity, Improve Credit Rating

As hospital margins continue to decrease, liquidity will be one of the primary drivers that rating agencies will analyze when underwriting overall health system credit. Capital received from monetization can improve liquidity and strengthen a hospital/health system’s balance sheet, which is particularly important to achieving an enhanced credit rating.

#3 –Bolster Strategic Initiatives

Low-risk capital from monetization can be used to grow a health system’s footprint and market share, as well as provide support for key strategic objectives, including physician recruitment, retention, and clinical expansion.

#4 – Legal & Regulatory Relief

Monetization often removes a hospital/health system from the landlord-tenant relationship, thereby limiting the exposure to complicated (and potentially costly) Stark and Anti-Kickback regulations.

#5 –Unlock Management Resources

Monetization frees up providers from the burdens associated with real estate management and landlord-tenant relationships. Monetization also allows a hospital/health system to reduce future capital liabilities through the transfer of facility operation costs (maintenance and management) to a third-party.

Rendina and Jupiter Medical Center Break Ground on the New Margaret W. Niedland Breast Center

Posted on by Brian Butler

Rendina Healthcare Real Estate announces that it has recently broken ground on a new project for Jupiter Medical Center in Jupiter. The Margaret W. Niedland Breast Center will be a LEED-Silver, two-story, freestanding facility.

The first floor of the state-of-the-art facility will house comprehensive women’s services including 3D mammography, breast ultrasound, Positron Emission Mammography (PEM), stereotactic breast biopsy, bone density, and breast and general MRI. The second floor will house the high-risk and genetics program and be available for physician office and educational space. The 26,000 square foot facility is slated to open in the first quarter of 2015.

Rendina was selected as project manager for the Margaret W. Niedland Breast Center. Anderson-Moore Construction, Davis Stokes Collaborative, Cotleur & Hearing and Jeff H. Iravani Inc. round out the experienced team engaged on this exciting new Jupiter Medical Center project.

The Margaret W. Niedland Breast Center is the first phase of Jupiter Medical Center’s oncology campus. The facility will be located on a 12-acre site owned by the hospital, two miles south of the main campus.

Rendina and Carolina Orthopaedic Specialists Break Ground on New Surgery Center

Posted on by Brian Butler

Rendina Healthcare Real Estate announces today the recent groundbreaking of a new project for Carolina Orthopaedic Specialists and the Coastal Surgery Center.

Family and friends of the area’s leading orthopaedic healthcare group were present at the ceremonial event, which took place on the 2-acre project site, approximately 15 miles south of Myrtle Beach.

Slated to open in March 2015, the 23,000 square foot facility will contain the Coastal Surgery Center on the ground floor and the Carolina Orthopaedic Specialists clinic on the second, alongside Proaxis Physical Therapy. The surgery center will be managed by Surgery & Recovery Partners, LLC based out of Greenville, SC.

The combination of all of these services under one roof provides a unique opportunity for unparalleled patient-focused orthopaedic services and first-class, same-day surgical care. The project aims to earn the business of its patients by providing convenience, high levels of customer service, excellent clinical outcomes and by helping to lower the costs of health care.

This new project also marks the second South Carolina development in as many years for Rendina.

Rendina Breaks Ground on the Provena Medical Arts Pavilion

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Rendina, a leading healthcare real estate developer, broke ground last week on the construction of the Provena Medical Arts Pavilion, a 50,000 square-foot medical office building that will be located on the south side of Lincoln Highway (Route 30) and Roberts Road in New Lenox.

Scheduled for completion in the summer of 2012, the new facility will provide residents of Will County and beyond a variety of healthcare services, including an immediate care center, a diagnostic imaging center, and a unique one-stopshop women’s center. The future women’s center will offer the ultimate in women’s comprehensive care, and will be comprised of an all-female staff, including one of the only female urologists in the country. “This is a concept we like to call women caring for women,” said Jeffrey Brickman, President and Chief Executive Officer of
Provena Saint Joseph Medical Center.

Rendina is providing all development services for the project, including construction management, financing, leasing, and tenant improvement coordination. Davis Stokes Collaborative will provide architectural services, while S.M. Wilson will serve as the contractor.

“We are very excited to further our on-going relationship with Provena Health,” stated Richard M. Rendina, Chairman and Chief Executive Officer of Rendina. “As Will County continues to grow, the Provena Medical Arts Pavilion is a crucial step in ensuring that the healthcare needs of the community are met.”

Heroes in Medicine to be Honored at Awards Luncheon

Posted on by Brian Butler

Palm Beach County Medical Society Services recently announced its finalists for the 2011 Heroes in Medicine Awards. Finalists will be recognized at the “Eighth Annual Heroes in Medicine Awards Luncheon,” to be held on May 11 at 11 a.m. at the Kravis Center in West Palm Beach.

Award recipients in various categories will be announced at the luncheon, which is made
possible by the grand benefactor, Rendina.

“This year’s finalists are an incredible group of people who have done so much for this community and beyond,” said chairwoman Sally D. Chester. “They are all truly heroes.”

The 2011 Heroes in Medicine categories and finalists are as follows:

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    Lifetime Achievement Award
  • Charles Moore
    • Posthumous Award
  • Richard Bruno
    • Community Outreach Heroes
  • American Association of Caregiving Youth
  • Barbara O’Donnell
  • Karen Perry
  • Edward Mostel and R. Scott McFarland
    • Bruce Rendina Professional Heroes
  • Robert Broadway
  • Richard Busto
  • Jonathan Satter
    • Healthcare Provider Heroes
  • Susan Korman
  • Ljubica “Jibby” Miskovic
  • Ila Swick
  • Flor Utria
    • Physician Heroes (Local)
  • Robert Borrego
  • Gail A. Cooney
  • Malcolm Dorman
  • Daniel Lichtstein
  • Louise Morrell
    • Physician Heroes (International)
  • Chauncey W. Crandall IV
  • Daniel B. Kairys
  • Mitchell A. Schuster
  • John Strasswimmer
    • Student Heroes
  • Geoffrey Campbell
  • Carson Dowd
  • Palm Beach Atlantic University Student Nurses: Stephanie Carter, Johanne Alexandre, Michelle Flammia, Thuy Nguyen, Kim Sansone, and Fernanda Serrano

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Proceeds from the “Heroes in Medicine” will benefit Project Access, a community-based program to increase access to healthcare for the uninsured. The event is sponsored by the presenting enefactor, Rendina; grand benefactor, JFK Medical Center Medical Staff; benefactor, JFK Medical Center, and South Florida Hospital News. Tickets for the luncheon are $90.

For more information, call the Palm Beach County Medical Society at 561-433-3940.

Fontana, Gina. “Heroes in Medicine to be honored at awards luncheon” Sun Sentinel. 27 April 2011. Electronic.

Industry Veteran Melayne Yocum Joins Rendina’s Advisory Board

Posted on by Brian Butler

Rendina announces the appointment of Melayne Yocum to the company’s Advisory Board. Ms. Yocum brings over 25 years of healthcare experience, including over 10 years on the senior leadership team of HealthCare Partners, LLC – one of the largest physician organizations in the country.

“We are very fortunate to have another seasoned healthcare professional join the ranks of the Rendina Advisory Board,” stated Richard Rendina, Chairman and Chief Executive Officer of Rendina. “Ms. Yocum’s tremendous knowledge in healthcare reform and physician organizations will provide great insight to the Rendina team as we continue to grow and adapt our business model to the ever changing healthcare environment.”

Ms. Yocum began her career at Price Waterhouse in the National Health Care office with a scope that included audits and consulting engagements for hospitals across the country. Since that time, she has gained vast experience with the successful implementation of patient-centered Medical Homes and Electronic Health Records and has served in interim management roles in hospitals, IPAs, MSOs, and medical groups as a CEO, CFO, or COO. She is an expert at strategic planning, financial and operational improvement, process redesign, and cultural change for physician organizations and Accountable Care Organizations (ACO).

Ms. Yocum holds a Bachelor of Science in Accounting from Truman State University and is a licensed CPA in California

Industry Veteran Bill Leyhe Joins Rendina’s Advisory Board

Posted on by Brian Butler

Rendina announces the appointment of Bill Leyhe to the company’s advisory board. Leyhe brings more than 25 years of executive level experience to Rendina. In his capacity as an advisory board member, Leyhe will serve as a senior advisor to Rendina’s leadership.

“We are proud to welcome Bill to our advisory board,” stated Richard Rendina, Chairman and Chief Executive Officer of Rendina. “Bill has had tremendous success in the healthcare industry and his experience and knowledge will play an integral role in the continued growth of our organization.”

Bill Leyhe’s career in the healthcare industry spans decades, most recently is a Principal with Bridge Executive CorporationTM, responsible for developing and managing interim executive teams and operations/strategy management advisory engagements in the health services sector. Prior to Bridge Executive CorporationTM, Mr. Leyhe was founder of The Peira Group and served as Managing Director. The Peira Group is a highly regarded advisory service to the hospital and managed care industry. Previous to his time at The Peira Group, Mr. Leyhe served as Vice President, Managed Care and Strategic Planning with Tenet Healthcare and was Regional Vice President of Hospital Operations.

As an industry leader, Leyhe is Chairman of Integrated Systems Council; Vice Chairman of Healthcare Association of Southern California and is a Board Member of the California Hospital Association. Leyhe is a graduate of Cornell University and New York Institute of Technology

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Rendina Breaks Ground on the Mainland Medical Arts Pavilion

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Rendina, a leading healthcare real estate developer, broke ground this week on the construction of a 35,000 square-foot medical office building in Texas City. The new state-of-the-art medical facility will be conveniently located adjacent to the campus of Mainland Medical Center, just off of the Emmett F. Lowry Expressway. The area’s leading multi-specialty group, the Beeler-Manske Clinic, will occupy the entire second floor of the two-story facility, which is anticipated to be completed in the third quarter of 2011.

“Rendina is pleased to provide the physicians of Galveston County an opportunity to practice in custom-designed medical office suites within walking distance of the hospital.” said Steve Barry, Vice President of Business Development for Rendina. “Not only will the Mainland Medical Arts Pavilion benefit the physician practices involved, but more importantly, it will improve the quality of care in the community.”

The new facility will host an impressive mix of the area’s leading physicians. Beeler-Manske Clinic has a long tradition of providing quality care in the region dating back to 1936. With nine physician providers, the Beeler-Manske Clinic focuses on family practice, internal medicine and cardiology as well as providing lab and imaging services. In addition to the Clinic, the facility will house prominent specialists including The Eye Clinic of Texas, Texas Ear, Nose & Throat Specialists, Interventional Pain Specialists of Texas and Gateway Chiropractic. The new facility also has plans for a compounding pharmacy, creating additional convenience for patients and visitors.

Industry Veteran David Ricker Joins Rendina’s Advisory Board

Posted on by Brian Butler

Rendina announces the appointment of David Ricker to the company’s advisory board. Ricker brings more than 25 years of executive level experience to Rendina. In his capacity as an advisory board member, Ricker will serve as a senior advisor to Rendina’ leadership.

“We are very pleased and fortunate to have David join our advisory board,” said Richard Rendina, chairman and chief executive officer of Rendina. “David’s experience, energy and natural business acumen will help guide us in our efforts to maximize our value to our clients.”

David Ricker’s career in the healthcare industry spans nearly three decades, having most recently served as The Broadlane Group’s president and chief executive officer from August 2008 to January 2010. He is one of The Broadlane Group’s founders and became the company’s first employee and chief operating officer in March of 2000. The position of president was added to his title in 2005.
Under Ricker’s leadership, The Broadlane Group firmly claimed its spot among the nation’s six largest group purchasing organizations, receiving the Inc. 500 Fastest Growing Companies award in both 2004 and 2005.

As an industry leader, Ricker is widely recognized for conceiving innovative services that changed the GPO landscape. He was elected chairman of the Federation of the American Hospital Exhibitor Committee, and is a frequently sought speaker at industry events. He was elected to The Broadlane Group’s board of directors in August of 2008, and to date serves on the company’s board as an outside director.

Prior to his time at The Broadlane Group, Ricker operated as senior vice president of material resource management at Tenet Healthcare and chief executive officer of BuyPower – Tenet’s previous group purchasing organization. Preceding Tenet, Ricker served as North American division vice president at IVAC, a manufacturer of drug delivery and vital signs technology systems. Prior to IVAC, he spent nine years as vice president of materials management services at Premier Health Alliance.

Ricker earned his bachelor’s degree in communications from Rowan College in New Jersey.

Loker Medical Arts Pavilion Has Completed Construction

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Rendina, in conjunction with California Hospital Medical Center, announces the completion of the three-story, 65,000 square foot Loker Medical Arts Pavilion. The new building is located in Los Angeles, California on the campus of the California Hospital Medical Center, a Catholic Healthcare West Hospital.

“We are very pleased with the new facility,” said Jerry Clute, President of California Hospital Medical Center. “It allows us to better serve our current physician base while attracting new physicians to the area; both of which provide a tremendous benefit to the community.”

The Loker Medical Arts Pavilion is located directly on California Hospital Medical Center’s campus and prominently displayed on the corner of Venice Boulevard and Grand Avenue. The new medical office building houses medical office space for staff and physician practices.

Rendina was responsible for all development activities, including construction management, leasing, and tenant improvement coordination. Rudolph & Sletten served as the contractor, based on their reputation of providing quality healthcare facilities.

“This new facility creates a state-of-the-art work environment for the physicians,” said Mark S. Hellickson, President – Western Region of Rendina. “We are proud to support California Hospital Medical Center in their commitment to deliver highquality, affordable healthcare services to the Los Angeles community.”

About Catholic Healthcare West (CHW):

Catholic Healthcare West (CHW), headquartered in San Francisco, CA, is a system of 40 hospitals and medical centers in California, Arizona, and Nevada. Founded in 1986, it is the eighth largest hospital system in the nation and the largest not-for-profit provider in California. CHW is committed to delivering compassionate, high-quality, affordable health care services with special attention to the poor and underserved. The CHW network of more than 10,000 physicians and approximately 60,000 employees provides health care services to more than four million people annually. In 2009, CHW provided $1.2 billion in charity care and unsponsored community benefit. For more information, please visit their website at www.CHWhealth.org.