4 new joint venture ASCs — February/March 2018

Here are four new joint venture ASCs announced or opened in the past couple months.

Hurst, Texas-based Cook Children's Northeast Hospital will close as a hospital April 20 and become an ASC soon thereafter. The hospital will adopt the name Cook Children's Surgery Center and will be run as a joint venture between Cook Children's, NueHealth and physician investors.

Stuart, Fla.-based Martin Health System, Compass Surgical Partners and a group of physician investors will open the Stuart Surgery Center in early 2018. This will be the second center Martin Health System and Compass Surgical Partners have jointly developed. They also opened Port St. Lucie, Fla.-based Tradition Surgery Center.

Renton, Wash.-based Providence Health & Services will begin construction on a new ASC at its St. Vincent Medical Center campus in April. The center is a partnership between 18 local physician-investors, Providence's Oregon Region and Surgical Care Affiliates. Providence owns 41 percent, SCA owns 10 percent and the physicians own 49 percent.

Medical Facilities Corp. completed its acquisition of seven ASCs for $46.5 million through its joint venture with Leawood, Kan.-based NueHealth. The joint venture is 94.25 percent owned by MFC, with the purchase funded primarily by cash and by drawing on MFC's credit facility.

More articles on transactions/valuation:
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