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.
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