Wayne State University Physician Group will relocate 230 employees from Detroit in mid-July to a new administrative and surgery center building in Troy, co-owned with Oakwood Healthcare, according to a Crain's Detroit Business report.
The four-story, 175,000-square-foot building was purchased in 2006 for $16 million in a 50-50 joint venture between Oakwood and the medical group. The downturn in the economy starting in 2007 caused the two parties to delay plays for a healthcare facility, and in 2011, the Oakland Physicians Surgery Center was formed to sell ownership shares of the surgery center to physicians.
Sixteen physicians have invested in the surgery center so far. According to the report, six to eight employees will be hired at the surgery center to accommodate an expected 3,000 first-year surgery cases. The surgery center, which could grow to four operating rooms and six post-surgery rooms, is expected to open in October.
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The four-story, 175,000-square-foot building was purchased in 2006 for $16 million in a 50-50 joint venture between Oakwood and the medical group. The downturn in the economy starting in 2007 caused the two parties to delay plays for a healthcare facility, and in 2011, the Oakland Physicians Surgery Center was formed to sell ownership shares of the surgery center to physicians.
Sixteen physicians have invested in the surgery center so far. According to the report, six to eight employees will be hired at the surgery center to accommodate an expected 3,000 first-year surgery cases. The surgery center, which could grow to four operating rooms and six post-surgery rooms, is expected to open in October.
Related Articles on Transactions & Valuation:
10 Questions to Evaluate ASC Investment Opportunities
3 Areas of Opportunities to Assess Trends in ASC Valuation
3 Key Components of Transaction Valuation Multiples