Becker's ASC Review

52 JOINT VENTURES How CRH Medical fared in Q1: 7 notes By Alan Condon C RH Medical almost lost its largest client at the end of 2020, but has picked up steam in 2021 with a string of acquisitions. Here is a breakdown of the company's activity in the past five months: 1. Atlanta-based United Digestive said it wouldn't renew its pro- fessional services agreement with CRH Medical, and its contract would have expired Oct. 31, 2021. However, the companies later reached an agreement to continue providing services. 2. In December, CRH Medical acquired a majority ownership stake in Sarasota, Fla.-based FDHS Anesthesia, a gastroenterolo- gy-focused anesthesia practice. 3. Well Health reached an agreement to acquire all issued and outstanding shares of CRH Medical at $4 per share, the com- pany announced in February. 4. CRH Medical acquired Edison, N.J.-based gastroenterology anesthesia practice Oak Tree Anesthesia Associates in February. 5. The company formed a joint venture with a Florida gastroen- terology anesthesia practice in Largo, Fla., in March. 6. In April, CRH Medical acquired a majority stake ownership in Little Rock-based Middle Arkansas Sedation Associates, another gastroenterology-focused anesthesia practice. 7. CRH Medical in April acquired the remaining 25 percent inter- est in Gainesville, Ga.-based Lake Lanier Anesthesia Associates, which provides gastrointestinal services to two ASCs. n $4.8M joint-venture spine ASC wins approval By Alan Condon C hristianaCare and Delaware Neurosurgical Group, both in Newark, Del., received ap- proval for a joint venture spine surgery cen- ter at ChristianaCare's Wilmington, Del., campus. The ASC, named Center for Spine Surgery, will be a 50-50 partnership and cost $4.8 million in capital expenses. The governing board will include three people from each organization. Six operating rooms, six overnight rooms, a postoperative recovery space and 23-hour stay capacity for spine surgical patients are planned for the surgery center. The center will allow surgeons to perform the full spectrum of spine procedures, including injec- tions, laminectomies and complex procedures such as multilevel cervical fusions, posterior cervi- cal, thoracic and lumbar fusions. Inpatient spine surgery at ChristianaCare will remain available for patients who need urgent or emergency care, and for cases where outpatient spine surgery is not medically appropriate, accord- ing to a Feb. 25 news release. ChristianaCare and Delaware Neurosurgical Group said they expect the new ASC to achieve about $13.6 million in cost savings during its first year of operation. n Pennsylvania hospital operator building $69M ASC By Eric Oliver K ing of Prussia, Pa.-based Universal Health Services is developing a $69 million ASC as part of a $375 million hospital in Wash- ington, D.C., the Washington Business Journal reported March 12. Universal Health Services is developing a $306 million level 3 trauma center at St. Elizabeth's East campus in Washington, D.C. It will include an emergency room, an intensive care unit, surgery and operating rooms, and women's services. An ASC will be part of the development. It's slated to open in 2023, and it will include a clinic, diag- nostic imaging suite and a community education space. n Health systems partner to open pediatric outpatient center with GI, cardiology care By Eric Oliver O rlando (Fla.) Health and Titusville, Fla.-based Parrish Healthcare entered into a partnership to open an out- patient care center in Titusville, the Orlando Business Journal reported March 9. The clinic will be operated by Parrish Healthcare and staffed by Orlando Health specialists. Orlando Health will offer pediatric- focused gastroenterology, cardiology, endocrinology, urology, neurology and pulmonology services. The outpatient center opened in March and is Orlando Health's first location in Titusville. n

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