A group of physicians is aiming to buy out Advocate Health Care's controlling interest in Orland Park Surgical Center, according to a Crain's Chicago Business report.
After nearly three years of fighting with the hospital network over its management of the surgery center, the six physicians would pay $550,000 through a venture for Advocate's 58 percent stake in the facility.
The Illinois Health Facilities and Services Review Board must approve the sale. The venture is already a minority owner in the practice.
Advocate gained a majority stake in the surgery center in 2009, when the health system acquired Midwest Physician Group, an 80-physician practice. Since the acquisition, the surgery center's net patient revenue has dropped 21 percent, to $3.6 million in 2011 from $4.6 million in 2009.
Related Articles on ASC Transactions & Valuation:
New N.C. GI Driven Surgery Center Opens in Kingston
New KY Oral and Maxillofacial Surgery Center Opens in Louisville
Carter Validus REIT Buys Stonegate Medical Center, Associated Surgery Center
After nearly three years of fighting with the hospital network over its management of the surgery center, the six physicians would pay $550,000 through a venture for Advocate's 58 percent stake in the facility.
The Illinois Health Facilities and Services Review Board must approve the sale. The venture is already a minority owner in the practice.
Advocate gained a majority stake in the surgery center in 2009, when the health system acquired Midwest Physician Group, an 80-physician practice. Since the acquisition, the surgery center's net patient revenue has dropped 21 percent, to $3.6 million in 2011 from $4.6 million in 2009.
Related Articles on ASC Transactions & Valuation:
New N.C. GI Driven Surgery Center Opens in Kingston
New KY Oral and Maxillofacial Surgery Center Opens in Louisville
Carter Validus REIT Buys Stonegate Medical Center, Associated Surgery Center