- A recent report highlighted the work of the Memphis Medical District Collaborative, a 2.6-sq. mile medical district east of downtown Memphis. The district supports a holistic approach to community health by offering real estate developers a three-tiered grant program in partnership with regional banks, including seed funding for architectural renderings and “gap funding” to bring projects to fruition where capital is needed.
- In a scenario echoing a recent property tax exemption dispute in Pennsylvania, Piedmont Healthcare in Macon, GA, was recently denied exemption for nine properties, including two hospitals, resulting in a cumulative tax burden of over $500,000 per year. The hospital has appealed the denial.
- Private equity firm IRA Capital has formed a $500M closed-end fund targeting medical properties and senior housing assets. The fund focuses on the acquisition, development and financing of “well-located healthcare assets in high barrier-to-entry and supply-constrained markets.”
- Texas Children’s Hospital (Houston, TX) opened a new tower dedicated to full-spectrum women’s health, in conjunction with private physician clinics that will be located there. The development cost $245M and marks the first such program at a children’s hospital.
- Atrium Health Wake Forest Baptist was granted conditional approval for a $246M, 36-bed hospital in Greensboro, NC. Competitors have objected to the CON approval and one has already submitted an appeal of the decision.
- Alaska Regional Hospital’s proposal to build an $18M free-standing emergency department in South Anchorage by the end of next year has drawn criticism from a group of emergency room physicians at a competitor hospital. Critics say the presence of the facility could drive up health care costs and result in delayed care for patients.
- At least four hospitals recently announced they would close their maternity units, citing staffing shortages and declining birth rates in certain communities. The closures threaten to worsen infant health and increase maternal death rates that have hit the highest level in decades.
- Dallas-based Methodist Health System has partnered with Nashville-based Surgery Partners to acquire and open ASCs in North Texas. The ASCs will be managed by Surgery Partners and the two organizations work together to acquire and develop new ASCs in the region.
- Becker’s interviewed several health system executives on how they are responding to challenges posed by staff shortages and tighter margins. Some are building outpatient surgery and care networks, while others are using virtual nursing programs, telehealth and remote patient monitoring to shore up economic and capacity issues.
- A new health center for homeless and low-income patients is set to open in Las Vegas. The health center will be operated by Nevada Health Centers and will include exam rooms, a pharmacy and a laboratory.
For more information on real estate matters, please contact:
- Andrew Dick at adick@hallrender.com or (317) 977-1491;
- Joel Swider at jswider@hallrender.com or (317) 429-3638; or
- Your primary Hall Render contact.
Special thanks to Gabriel Vaughn, undergraduate intern, for his assistance in the preparation of this article.
Hall Render blog posts and articles are intended for informational purposes only. For ethical reasons, Hall Render attorneys cannot give legal advice outside of an attorney-client relationship.
