Royal Oak, Mich.-based Hillcrest Capital Partners, an ASC development and management company, aims to open 15 ASCs in the near future, according to Crains Detroit Business.
Five things to know:
1. The company will partner with physician investors to develop 15 surgery centers in Michigan by the end of 2020.
2. Hillcrest was founded in 2015 and currently manages one center, Charter Endoscopy Center in Flint, Mich. The company has plans for three additional centers in the works.
3. The company estimates development will cost around $14 million for each center and guarantee a return of investment between $20 million to $30 million per center, according to the report.
4. Michigan is a certificate-of-need state, which makes developing new ASCs challenging. However, Hillcrest owners report multiple physicians have committed to ASCs in planned CON applications.
5. Hillcrest, founded by Abe Baydoun and Ricardo Borrego, MD, are looking for centers to include spine, orthopedics, pain management and cardiovascular care.