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Kaufman Hall’s National Hospital Flash Report Reveals a Rough 2022 for Hospitals
A recently published National Hospital Flash Report from Kaufman Hall found that median hospital margins remained negative for 2022. The report was published on January 4, 2023, and tracked data up to December 2022. According to the report, hospital margins hit a low of -3.4% in January 2022 but steadily increased over the year to a high of -0.2% in November. The report stated that “significant increases in the cost of labor made it harder for hospitals to see positive margins in 2022.” Year-over-year numbers highlight the financial woes even further. Nationally, hospital profitability was down 32% and margins were down 27% compared to 2021. However, Kaufman found that the average net... Read More »
OhioHealth Closes 2 Mergers in December
One of Ohio’s major health systems has further expanded its reach in the state. In December, OhioHealth finalized negotiations with Van Wert Health and Guernsey Health Systems and added both systems under its banner. The deals add two hospitals, more than 100 beds and a collection of physician groups, outpatient clinics and home health operations to OhioHealth’s network. OhioHealth now owns and operates 14 hospitals in total. Van Wert Health is anchored by the 34-bed Van Wert Hospital. It also has four outpatient centers and physician practices. The organization generated $59.6 million in revenue and nearly $13 million in EBITDA in 2021. Guernsey Health Systems is a health system... Read More »
Montecito Medical Acquires Indianapolis, Indiana MOB
Montecito Medical Real Estate, a leading acquirer of medical office properties nationwide, has completed its acquisition of a 34,369 square-foot medical office building (MOB) in Indianapolis, Indiana. Terms of the deal were not disclosed. The MOB is tenanted by the Midwest Center for Joint Replacement, which uses the property for orthopedic clinical care, orthopedic surgeries and physical therapy. Midwest Center for Joint Replacement is the dominant orthopedic group within a 10-mile radius of the property’s location on the southwest side of Indianapolis. The group maintains an additional location in Bloomington, Indiana. Montecito Medical Real Estate specializes in healthcare-related real... Read More »
MB2 Dental Solutions Acquires 5 Dental Practices
MB2 Dental Solutions announced on January 2 that it acquired five dental practices, marking the first dental transactions of the year. Financial terms were not disclosed. MB2 Dental Solutions, a portfolio company of middle-market private equity firm Charlesbank Capital Partners since February 2021, partners with dentists and specialists. Founded in 2007, MB2 offers general dentistry services, orthodontics, cosmetic dentistry and oral surgery. Rolling Hills Family Dentistry is a dental practice serving Poway, California, a city in the San Diego region. The practice is run by one physician. Graff Orthodontics is a dental practice founded in Farmington, New Mexico. It provides orthodontic... Read More »
JLL Serves as Broker for $131 Million Medical Office Building Portfolio Sale
Remedy Medical Properties and Kayne Anderson Real Estate announced on January 4 their joint acquisition of a medical office building (MOB) portfolio for $131 million. The seller was Montecito Medical Real Estate. JLL served as the broker for the transaction. The Project Prism Portfolio is a fully leased medical office portfolio that consists of 13 properties in eight states totaling 300,328 square feet. The price was $436 per square foot. The portfolio represents a significant expansion for Remedy Medical Properties and Kayne Anderson Real Estate. The deal closed in late December 2022. Last year, the joint venture completed five MOB transactions. Remedy Medical Properties is one of the... Read More »
Quipt Acquires Great Elm Healthcare for $80 Million
Quipt Home Medical Corp. announced on January 3 that it has acquired Great Elm Healthcare, LLC, a division of Great Elm Group, Inc., effective December 31, 2022. Great Elm had unaudited revenues for the 12 months ended August 31, 2022, of $60 million with an adjusted EBITDA of $13 million. The purchase price was $80 million, including $73 million in cash, $5 million in assumed debt and 431,996 Quipt common shares at a deemed price per share equal to $4.63, representing a purchase price of 6x adjusted EBITDA pre-cost savings and synergies. The combination of Quipt and Great Elm has a combined annualized revenue and annualized adjusted EBITDA of $220 million and $47 million, respectively,... Read More »
PE-Backed Cadence Announces Acquisition of Utitec
Cadence, Inc., a portfolio company of Kohlberg & Company since April 2018, announced on January 3 its acquisition of Utitec, Inc. in the first Medical Devices transaction of 2023. Brown Gibbons Lang & Company served as the exclusive financial advisor in the transaction. Terms of the deal were not disclosed. Utitec is a manufacturer specializing in miniature, deep drawn medical devices and commercial components. The company is headquartered in Watertown, Connecticut, with an additional medical facility located in Alajuela, Costa Rica. Cadence is a contract manufacturing partner, providing initial product design and development through complete manufacturing. Cadence employs more... Read More »
Blacksmith Medicines Merges With Forge Therapeutics
Blacksmith Medicines merged with Forge Therapeutics in a combination of two San Diego-based biotechnology companies. The Blacksmith platform has been validated through multiple pharmaceutical partnerships, including deals with Roche, Eli Lilly and Company and Basilea Pharmaceutica, which have the potential to earn more than $800 million in milestone payments plus royalties. The company has earned non-dilutive federal awards of up to $25.3 million to fully fund its infectious disease programs to the end of Phase 1. Blacksmith investors include Evotec A.G., MagnaSci Ventures, MP Healthcare Partners, Alexandria Venture Investments and Eli Lilly. Blacksmith Medicines works to discover... Read More »
Stonemont Financial Group Acquires MOB in Alpharetta, Georgia
Stonemont Financial Group announced on January 2 that it has acquired Preston Ridge Medical Office Building, an 85,000-square-foot medical office building (MOB) in Alpharetta, Georgia. The deal represents a strategic move by the firm to grow its healthcare platform nationwide. According to data captured from our LevinPro HC database, this marks the first MOB acquisition of 2023. Northside Hospital is the anchor tenant of the Class A building, where it provides cancer care services to the community. The property also houses three single specialty surgery centers and a mix of tenants offering a range of medical services including plastic surgery, dermatology, ENT and gastroenterology.... Read More »Schedule a demo
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