Archive for month: February, 2024

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HKS, Perkins & Will To Design Massive $5B Children’s Health Campus In Dallas

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The Dallas offices of HKS and Perkins & Will have been tapped to design one of the country’s largest pediatric hospitals.

The new Children’s Health campus will include 552 beds and cover 4.5M SF. It will replace the existing hospital on Harry Hines Boulevard in the Medical District and take about six to seven years to build.

“Many of us are parents. This is more than a project for us – our kids are in this community,” Rachel Knox, studio leader of the health practice and partner at HKS, said in a statement. “While both of our firms have designed children’s hospitals around the world, it’s incredible to work on one in your own backyard.”

Children’s Health is among a growing number of health systems that have either expanded or built new campuses to accommodate explosive population growth in North Texas. More than 500,000 children have been added to the Metroplex’s population since 2010, and another 158,000 are expected to become residents by 2028, according to Children’s.

The new pediatric campus is a joint investment between Children’s and UT Southwestern Medical Center. It will increase in-patient, emergency department and operating room capacity while also housing a Level I trauma center, a new outpatient building and fetal care center.

“For more than 110 years, Children’s Health has served the children of North Texas,” President and CEO Christopher Durovich said in a statement. “This new pediatric campus will enable us to continue pioneering academic research, lifesaving treatments and industry-leading technology for pediatric patients for generations to come.”

McCarthy Building Cos. and J.T. Vaughn Construction are teaming up to build the $5B project, which is expected to break ground later this year.

 

Source: Bisnow

Proposed Medical School In Colorado Expected To Train 100+ Doctors Each Year

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Colorado Gov. Jared Polis recently joined other state leaders to announce a funding plan for a new medical school that is expected to produce about 150 doctors each year.

The school would mark Colorado’s third medical school and be part of the University of Northern Colorado in Greeley. Click here for more on the initiative for the Osteopathic Medical College.

“With this plan, Colorado will train more world-class doctors, nurses, veterinarians, and other health professionals to provide Coloradans with the care they need,” said Colorado Gov. Jared Polis according to a news release. “From Denver to Fort Collins, Greeley, and Trinidad, these new opportunities will attract students from Colorado and across the country to our communities. This will positively impact the local economy and ensure Colorado has the strong healthcare workforce needed to provide care to Coloradans today and in the future. The UNC Medical school, we are announcing the funding plan for today will graduate upwards of 150 new doctors each year to help keep us healthy. I thank our university presidents and state lawmakers for their partnership on this exciting initiative.”

According to the university, the proposed medical school is projected to bring $1.4 billion to Colorado’s economy. The governor announced his support of new legislation, HB24-0196, to fund four higher education health profession initiatives including the medical school at UNC. The bill was not available to view on the State’s legislature website last time this article was updated. The proposed legislation is a $247 million Certificate of Participation Bill intended to build infrastructure and increase the health professions workforce across the state by preparing more doctors, nurses, veterinarians and allied health professionals. If passed, the legislation would provide $128 million for UNC to construct a building for the medical college, with the remaining funding going toward other healthcare workforce projects at Metropolitan State University of Denver, Colorado State University and Trinidad State College.

“As a proud representative and alumni of the University of Northern Colorado, I am honored to carry this bill that will facilitate the financing of the college of osteopathic medicine at UNC. The college, along with the three other projects at CSU, MSU Denver, and Trinidad State College, represents the state’s largest investment in building the state’s healthcare workforce for humans and animals,” said Representative Mary Young.

The other two medical schools in Colorado are the University of Colorado’s Anschutz Medical Campus and Rocky Vista University College of Osteopathic Medicine.

 

Source: KKTV 11 News

One Of The Nation’s Biggest Physician Groups To Shed 72 Leases In Six States

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One of the largest independent primary care U.S. physician groups is asking a bankruptcy court to reject 72 leases across the country as it restructures its business and reduces debt.

Cano Health, a Miami-based healthcare provider headquartered at 9725 NW 117 Ave. that went public in 2021, has filed for Chapter 11 bankruptcy protection. (PHOTO CREDIT: CoStar)

Miami-based Cano Health just filed for Chapter 11 bankruptcy protection in the District of Delaware after facing financial challenges stemming from its rapid expansion coupled with industry and regulatory headwinds.

The company has received a commitment for $150 million in new debtor-in-possession financing from some of its existing secured lenders to support its operations through bankruptcy proceedings. As the company restructures through the bankruptcy court, it is also exploring opportunities for a sale of all or substantially all of their assets, according to court filings.

Cano Health is asking the court to reject 72 of what it calls “dark leases,” locations where the company no longer has operations but is still paying rent.

In Florida, the majority of the leases Cano Health wants to reject are concentrated in Miami-Dade, Broward, and Palm Beach counties, with some additional offices and medical centers in the greater Orlando area and Tampa. Other locations include sites in Las Vegas; the Los Angeles area; San Antonio; Houston; Albuquerque, New Mexico; Chicago; and Puerto Rico.

At the end of last year, Cano Health successfully divested operations in Texas and Nevada and exited the California and Puerto Rico markets, according to a company statement.

After considering the revenue, occupancy costs, and capital and business planning variables associated with reopening the closed medical centers associated with the “dark leases,” the company concluded the locations are unlikely to generate significant revenue for the debtors, according to court documents.

Rejecting the dark leases will allow the debtors to “avoid the accrual of unnecessary administrative expenses with no foreseeable benefits to their estates,” the motion said.

“We have taken decisive actions over the past few months to advance our previously disclosed Transformation Plan and strengthen our financial position,” said Mark Kent, CEO of Cano Health, in a press release. “By entering this court-supervised restructuring process, we are positioning the Company to achieve those goals on an accelerated basis.”

Cano Health employed 300 medical providers across 95 medical centers, and maintained affiliate relationships with 630 provider practices as of Feb. 4, according to Kent’s declaration to the court.

Going Public

Cano Health went public in 2021 through a deal with JAWS Acquisition Corp., a special purpose acquisition company led by Barry Sternlicht, chairman and CEO of Starwood Capital Group. The deal raised more than $1.4 billion for Cano Health.

Sternlicht resigned from Cano Health’s board in March 2023 because of a “fundamental disagreement with management” and pushed for the removal of the company’s CEO at the time, Dr. Marlow Hernandez.

Hernandez ultimately stepped down over the summer last year and was replaced with then-chief strategy officer Kent in June on an interim basis before being confirmed in August as the company’s permanent CEO.

Since Kent took the helm, Cano Health has “significantly advanced and accelerated” its strategy to focus on its core lines of business — patients using different types of Medicare, according to the statement. Cano Health expects to achieve $290 million of annualized cost reductions by the end of 2024, the statement said.

Weil, Gotshal & Manges LLP and Richards, Layton & Finger PA are serving as legal counsel for Cano Health in the bankruptcy proceedings while Houlihan Lokey Capital is serving as investment banker and AlixPartners is the company’s financial adviser.

The deadline to file an objection to the proposed lease rejections is Feb. 29 and a hearing over the motion is scheduled for March 7.

 

Source: CoStar