Montecito Medical Acquires Three Medical Office Building Portfolios in June
Montecito Medical Real Estate has had an active June, purchasing three medical office building (MOB) portfolios in Georgia, Nevada and Virginia. Montecito Medical Real Estate specializes in healthcare-related real estate acquisitions and funding. Since 2006, it has completed transactions across the U.S. involving more than $5 billion in medical real estate. Montecito acquired a 27,606-square-foot MOB in Chesterfield, Virginia, on June 3, for $12.25 million from Stanley Shield Partnership. The building opened in 2018 and is 100% leased to four tenants: Vital Care Family Practice; LabCorp; James River Cardiology; and Absolute Dermatology & Skin Cancer Center. The providers at the... Read More »
Medical Transportation Management Will Grow to $1 Billion Valuation With Veyo Acquisition
Alaina Macia, president and CEO of Medical Transportation Management, Inc. (MTM), announced the acquisition of Veyo, a nonemergency medical transportation services (MTS) company that developed an Uber-style model to get Medicaid and Medicare patients to their doctor’s appointments. Macia expects MTM’s total annual revenue to increase to approximately $1 billion USD. According to the LevinPro HC database, this marks the 244th Other Services transaction of 2022, as well as the fifth deal within the MTS subsector. This is an approximately 33% increase from 2021, when there were 183 Other Services transactions announced during the same period, with four MTS transactions announced.... Read More »
Remedy Medical Properties Makes Fourth Acquisition of the Year
Remedy Medical Properties, Inc., purchased another medical office building (MOB) facility. On June 2, Remedy announced that it acquired a two-property MOB portfolio in South Portland, Maine, for $29.75 million from East Brown Cow Management, Inc., marking Remedy’s fourth deal of 2022. The deal closed on May 27. The two buildings have a combined 76,700 square feet. Primary tenants of the property include InterMed, a physician-owned medical group, and Chest Medicine Associates, a medical practice that specializes in pulmonary and sleep care. The price of the transaction was $387 per square foot. Remedy Medical Properties is a national healthcare real estate company for health systems... Read More »
BD Enters New Pharmacy Automation Solutions Market With Parata Systems Acquisition
On June 6, Becton, Dickinson and Company (BD), a leading global medical technology company, entered into a definitive agreement to acquire Parata Systems, an innovative provider of pharmacy automation solutions, for $1.53 billion from leading private equity firm Frazier Healthcare Partners. The transaction will be complementary to BD’s solutions in medication management with a new set of technologies across the care continuum, including acute care health systems, retail pharmacies, long-term care and home settings. Ropes & Gray LLP advised Becton, Dickinson and Company in the acquisition. Parata provides BD access to a new $600 million pharmacy automation market segment that is... Read More »
Carlyle-Backed CorroHealth Closes Two Deals
In its first two deals since creation, CorroHealth, a portfolio company of private equity firm The Carlyle Group, acquired two separate revenue cycle management (RCM) companies, Aergo Solutions and ParaRev. The financial terms for neither of the transactions were disclosed. In October 2020, TrustHCS, Visionary RCM, T-System and RevCycle+ merged to become CorroHealth. It provides a greater breadth of reimbursement cycle, risk adjustment and quality solutions to health systems and payers. Backed by Northstar Capital and founded in 1993, Aergo Solutions solves revenue cycle challenges through a customized mix of services, technology and consulting. Aergo is a leader in denials... Read More »Schedule a demo
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