Lawmakers Make Expanding Or Opening New Hospitals In Tennessee Easier, Partly After Pleas From Rural Communities

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Opening or expanding a new hospital in Tennessee just got a bit easier.

State law requires health systems to prove their new facilities are needed, but lawmakers updated those rules, in part because of hospital closures in rural communities.

Unlike many businesses, reviving a hospital is a big bureaucratic lift. And obtaining what’s called a “certificate of need” from the state is one of the hassles. Sen. Page Walley, R-Bolivar, has several hospitals in his West Tennessee district that have been unable to reopen.

“This is going to relieve one of those impediments,” Walley said during the vote this week on final passage. “They are not going to have to go through that multi-month or even year process.”

The new law passed by the legislature, Senate Bill 1281, exempts the state’s most distressed counties from the certificate of need program.

Otherwise, the legislation — which took several years of negotiating with interested parties — is intended to streamline and modernize the process. It consolidates two oversight bodies and makes some attempts at updating rules to reflect the state of modern medicine, such as how to handle outpatient addiction treatment.

There have been efforts to do away with certificates of need, which don’t exist in Texas and 11 other states. The process has often been accused of stifling competition. Especially as more health systems try to build free-standing emergency departments, certificate of need laws have prevented some expansions in the Nashville area.

But Tennessee will continue to require hospitals, nursing homes and even hospice agencies to show there’s a need for their services in the area and to allow competitors to object.

 

Source: 91.3fm wkms

Healthcare Industry Driving Demand At 3D Systems Technology Center In Southwest Denver

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Bartell and Company Real Estate, a professional real estate services firm, has successfully leased-up two buildings at the 3D Systems Technology Center in Southwest Denver.

The announcement comes upon the completion of construction of a third, 50,000-rentable-square-foot building, which is now ready for occupancy. Planned and conceptualized by Denver-based design/build company The Ojala Group, an additional 250,000 rentable square feet of space is already planned to be built as a medical device, healthcare, engineering and financial campus. Future expansion of the technology center is also possible, providing up to an additional 500,000 rentable square feet of space.

“We’ve seen a tremendous amount of interest among small medical groups and healthcare practitioners, as well as medical device and engineering companies, who are seeking a campus-environment that provides the most modern layouts, office-flex designs and services for their patients, customers and staff,” said Dan Bartell, founder of Bartell and Company Real Estate, with more than 30 years of experience in the commercial real estate industry. “With the addition of 3D Systems Technology as the anchor tenant, and Apria Healthcare as a prominent user, this is a premier location for other healthcare-related businesses that are looking for an address that will help their businesses to flourish for years to come. The campus will continue to become an important healthcare and medical device provider to this rapidly growing part of the metro area.”

Sitting on 23 acres of land, the 3D Systems Technology Center is an innovative commercial building center adjacent to C-470 in Littleton. With six buildings (up to 250,000 square feet) planned, 3D Systems Tech Center is becoming a highly desirable location. The commercial building campus is adjacent to surrounding community businesses, a stunning mountain backdrop, and minutes away from restaurants, retail and services.

Additional features include:

• Tenant options including 5,000 – 250,000 square feet for lease; or 50,000-square-foot building
• For Sale
• Flexible floor plans
• Varying height ceilings
• Highly visible signage available
• Drive-in doors of varying sizes
• Access to biking and hiking trails

 

Source: Mile High CRE

Myconic Capital Enters Into Letter Of Intent To Acquire Interest In Miami-Based Tristar Wellness And Develop Satellite Ketamine Micro-Clinics

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Myconic Capital Corp. (formerly, Auralite Investments Inc.) has entered into a letter of intent with Tristar Wellness LLC, operator of a wellness clinic in the Miami Beach area.

Pursuant to the terms of the letter of intent, it is contemplated that the company would acquire 49% of all issued and outstanding shares of Tristar. Tristar is an established clinic offering a broad scope of wellness-related treatments, including: primary care; pain management; addiction medicine; and various intravenous (IV) therapies (e.g., immune system and energy boosts).

Tristar introduced ketamine infusions to its offerings in response to increasing popularity of this approach to treating conditions such as depression, general anxiety disorder, and post-traumatic stress disorder. This planned acquisition adds a new geographic focus and complements other strategic acquisitions of clinic operators presently being pursued by Myconic, including Mindscape Ketamine & Infusions Therapy, PLLC of Houston, Texas (as announced in a March 10, 2021 press release); and NY Ketamine Medical Practice, PLLC of New York City (as announced in an April 5, 2021 press release).

In addition to the proposed acquisition of 49% of Tristar and its existing wellness clinic in Miami Beach, Florida, Myconic has agreed to finance the development of a portfolio of satellite ketamine micro-clinics in South Florida by advancing 100% of all construction and early-stage operation costs in exchange for a 50% interest in each micro-clinic. The development of the micro-clinics is subject to the formation of a joint venture entity and pending all required state, municipal and regulatory approvals.

Transaction Highlights

• The transaction leverages Myconic’s growing investment presence in ketamine infusion therapies in the United States, alongside current transactions of other micro-clinics offering these services in Texas and New York.

• Reliable source of recurring cash with Tristar’s Miami Beach clinic generating more than US$800,000 in revenue in 2020.

• Intrinsic scalability of service offering and micro-clinic portfolio in the state of Florida.

Pursuant to the LOI, Myconic would acquire 49% of the issued and outstanding shares of Tristar for a net purchase price of USD $818,300, comprised of: (i) US$523,300 equivalent value in common shares in the capital of Myconic, (ii) US$245,000 in cash to reduce existing debt obligations, and (iii) US$50,000 working capital to be applied to search engine optimization and marketing purposes.

The payment shares will be subject to a lockup period of 24 months on issuance, with 15% of the payment shares released 4 months and 1 day following closing, 40% of the payment shares released 12 months following closing and 45% of the payment shares released 24 months following the closing of the acquisition as contemplated in the LOI.

Robert Meister, CEO noted, “Purchasing an equity stake in Tristar is an exciting opportunity for us to strengthen our initiatives to become a key player amongst the leaders in the ketamine infusion space. Miami Beach is an important US market for wellness and innovative healthcare, both for area residents and as a destination for medical tourism. This transaction allows us to enter a key market, with the opportunity to grow in Florida with future facilities. We look forward to working with Tristar’s team to create value together in the operation of their existing clinics, and work towards scaling Tristar’s total reach through the planning and developing of new micro-clinic facilities.”

The completion of the acquisition is subject to a number of conditions which include but are not limited to the execution of a definitive agreement, completion of satisfactory due diligence of Tristar, and the approval of the transaction by the boards of directors of each of Myconic and Tristar.

About Tristar

More information about Tristar can be found on its website: https://www.tristarwell.com/

About Myconic

Myconic Capital Corp is an investment issuer with a diversified portfolio that is focused on emerging companies active in the high-tech, real estate, cannabis, mining and health & wellness sectors.

 

Source: StreetInsider