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Hospital systems, which typically stake out their own regions,
have started to invade others' territory. We're not talking turf wars, but hospitals are shoring up market share by acquiring private practices wherever they can. (Let the Game of Thrones begin...)
Chuck Feitel, May 2011
Health-Pro Realty Group head Chuck Feitel, who was kind enough to call us yesterday from his golfing vacation in Kohler, Wis., tells us hospitals have revived the practice of the early '90s of absorbing private practices. Reimbursements are expected to go down under Obamacare, and hospital systems are better equipped to compete, he says. That means healthcare real estate firms in Baltimore and the rest of the country are doing more business with hospitals than in Washington, where the recession-proof bubble may be helping private physicians remain independent longer. Chuck will be speaking this Tuesday at our Baltimore Healthcare Real Estate Summit. Sign up now!
Dorsey Hall Medical Center, Ellicott City, MD
Chuck tells us his firm is leasing Dorsey Hall Medical Center in Ellicott City, much of it leased to MedStar, part of a 250-MOB portfolio owned by HCP. They gave tours to two notable tenants,private physicians (OB/GYN and a cardiologist) that had just been bought by hospital systems. Chuck assumed the buyer was JHU's Howard County Hospital two miles down the road. Nope. From 35 miles away, St. Agnes had purchased practices in JHU's backyard. And down in the DC metro in Rockville, an orthopaedic surgeon had just been acquired by a hospital and wanted the hospital to lease his space from him so he could stay put. The hospital that bought his practice wasn't the nearby Shady Grove, Chuck says, but rather Scension Health's Providence Hospital in the District.