Issue link: https://beckershealthcare.uberflip.com/i/1208835
23 JOINT VENTURES net loss attributable to common stockholders on Nov. 5. e com- pany reiterated its double-digit adjusted EBITDA growth projections for the full year. 2. For the first three quarters of 2019, Surgery Partners reported same-facility revenues were up 7.6 percent. Year-to-date revenue overall was also up 2.6 percent to $1.3 billion. 3. Surgery Partners has reported 10 percent same-facility growth over the past five years. It is affiliated with 4,000 physicians who serve more than 600,000 patients annually. It has 180 locations nationwide. 4. e company changed its physician recruitment strategy, and its ef- forts are paying off. Its physicians are contributing a 20 percent higher case volume in 2019 than they did in 2017, CEO Wayne DeVeydt reported in the second quarter earnings call in August. He also said the physicians are conducting higher net revenue per case surgeries. 5. Surgery Partners set out to spend $80 million to $100 million on mergers and acquisitions in 2019. It has experienced success with small one-off deals that are non-competitive and have low single-digit multiples. However, it has also broker-led deals at 7 to 8 multiple. n McLaren Greater Lansing purchases majority stake in 2 ASCs By Rachel Popa M cLaren Greater Lansing, a subsidiary of Grand Blanc, Mich.-based McLaren Health Care, has purchased a majority stake in two surgery centers, according to local news station Fox47. The Lansing Surgery Center and Genesis Surgery Center, both in Lansing, Mich., were purchased by the health plan. Services offered at the ASCs include general surgery, pain manage- ment, orthopedics, gastroenterology and vascular surgery, among others. "This purchase adds to our constantly growing partnerships with community physicians and furthers our mission to be the best value in healthcare as defined by quality outcomes and cost," Kirk Ray, McLaren president and CEO, told Fox47. n Flagship Healthcare Properties acquires North Carolina medical office building with ASC By Eric Oliver F lagship Healthcare Properties acquired a 45,390-square-foot medical office building with an ASC in Hickory, N.C. What you should know: 1. OrthoCarolina and Frye Surgery Center split space in the building, with OrthoCarolina leasing the majority of space. 2. Flagship Healthcare Properties added the properties to its private equity real estate investment trust portfolio. 3. Flagship will provide property and asset management services going forward. n Brooklyn Hospital plans $1.2B project with ASC — 3 insights By Eric Oliver N ew York City-based Brooklyn Hospital Center is launching a $1.2 billion project to build a series of care towers, The Real Deal reports. What you should know: 1. The hospital plans to build a cancer center, an ASC as well as expand outpatient services and ma- ternity care in the new towers. 2. The additions will require Brooklyn Hospital to hire 600 more employees. 3. The hospital plans to build the towers on a por- tion of a 5.5-acre plot it owns. The hospital will seek out commercial partners for the rest of the plot. n Connecticut medical office complex with ASC sells for $8M+ By Eric Oliver A medical office building complex with an ASC in Newington, Conn., was acquired by a national healthcare real estate investor for over $8 million, according to Connect Boston, a local commercial real estate news source. The seller was Jacobsen Properties. Physicians at the Hartford Hospital Eye Surgery Center, the complex's anchoring property, perform over 10,000 procedures a year. Three other medical offices, which are 95 percent leased, are on the property. Starling Physicians, a multispecialty physician group and select physical therapy are also tenants in the complex. n