That's the amount of money new local venture capital fund Heritage Healthcare Innovation Fund told the Securities and Exchange Commission it plans to raise (HT: Venture Nashville). Our earlier story on the formation of the fund by hospital groups including Vanguard Health Systems and Community Health Systems is here. A report in Michigan has previously pegged the fund target at $150 million.
In nearly 10 years, Marketplace Homes has created an unparalleled solution for the icy housing climate in Detroit where nearly 30,000 families making at least a $75,000 per year, 25-40 years old and a child under the age of five, are stuck with negative-equity mortgages and a growing need for more space.
DMC Sinai-Grace Hospital on Detroit's northwest side laid off the nondirect care workers this week to "keep its budget in line," said Tiffany Jones, a DMC spokeswoman. "There are no broader layoffs coming," across the system, Jones said.Vanguard closed on the Detroit acquisition on Dec. 31.
“I am excited to join AlixPartners and to work alongside a team of such experienced professionals,” said Siren. “I am looking forward to helping expand the firm’s practice at a time when healthcare organizations and financial buyers such as private-equity firms will have an even greater need for advisory services brought about by legislative change.”Alix has more than 900 professionals in 15 offices around the world. The company recently advised the Michigan Attorney General's Office in Vanguard Health Systems' acquisition of Detroit Medical Center.
A 20-person board, composed of current and new DMC members as well as appointees by the attorney general, the mayor of Detroit and the Wayne County executive, will monitor Vanguard's performances and finances. The board "at a minimum" must offer a telephone hotline and permanent e-mail address so people can express their concerns, Cox said. Cox also stretched to 10 years, from the six that Vanguard had proposed, the time in which the company must give written reports to the board about Vanguard's "performance and adherence to its commitments."The deal, which still requires approval from the Centers for Medicare and Medicaid Services, is expected to close by the end of the year. SEE ALSO: The Detroit News' story on the news
The outlook revision is attributable to our concerns with the difficult operating environment that is contributing to an inability to improve liquidity with anticipated sizable cash contributions needed in the near term to fund the large underfunded defined benefit pension liability and to support needed capital investment. With the decline in the Michigan economy that has led to declines in the population, especially in the metro-Detroit area, along with increased competitive pressure on the fringes of the service area from newly opened hospitals in the last two years, we believe increased pressure will be placed on volume metrics and revenue growth.