Officials at LifePoint Hospitals, Duke University and the Marquette General Health System in Michigan's Upper Peninsula have ironed out the terms of an acquisition agreement that will add a fifth facility to the 18-month-old Duke LifePoint. As is the case with many hospital purchases, the buyers have committed to adding or upgrading facilities and the technology infrastructure at 290-bed Marquette General.
SEE ALSO: Duke LifePoint JV inks Michigan deal from March
Vanguard Health Systems has named Joe Mullany president of its Detroit Medical Center complex. Mullany had overseen Vanguard's New England hospitals since he joined the company from Essent Healthcare in 2005. He will now be the company's No. 2 in the Motor City and brings to the job a lot of experience working in the post-reform Massachusetts hospital sector.
"When DMC was named one of the country's 32 Pioneer ACOs (accountable care organizations), I began to realize how fast the Vanguard/DMC team is building one of the great academic medical centers in America," Mullany said in a statement. "It's an exciting time to be at DMC."
Maxor Correctional Pharmacy Services will expand its Cool Springs office by about 15 people after winning a three-year, $110 million contract with the Michigan Department of Corrections. The Texas-based company acquired its local presence in 2007 by buying a number of the assets of Secure Pharmacy Plus, a subsidiary of what was then still America Service Group. It now provides pharmacy services to about 260,000 inmates in 27 states.
Taubman Centers Inc. announced Thursday the completion of its $560 million purchase of The Mall at Green Hills and California-based The Gardens on El Paseo and El Paseo Village from Davis Street Properties.
The transactions consist of the assumption of $206 million of debt, $281 million in installment notes and the balance in 1.3 million partnership units in The Taubman Realty Group LP.
"These transactions crown a year of progress on our external growth initiatives," Robert S. Taubman, chairman, president and chief executive officer, said in a release. "With the addition of these assets, we've enhanced both the quality of our portfolio and its anticipated growth rate."
Taubman is based in Bloomfield Hills, Mich.