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In fiscal 2013, Baptist added 60 physicians in five physician practices to prepare for managing a patient population and accepting financial risk for outcomes and costs. The acquisitions were one factor that dragged down its credit rating last quarter, when Fitch Ratings downgraded three series of bonds to A+ from AA-. The agency cited Baptist’s losses of $89 million in 2013, which are expected to increase to $109 million this year. Carl Herde, Baptist’s chief financial officer, acknowledged at the time of the bond downgrades that losses were higher than expected. But he described physician employment as the inner step in moving from being an acute-care provider to an overall manager of patient health. We need to go out and support our larger integration strategy, he said. This is the cost associated with employing physicians in this market. Some not convinced Other systemsincluding some involved in accountable care models and managing population healthremain unconvinced of the benefits of employing physicians. We’re not aggressive employers of physicians, St. Thomas’ Schatzlein said. St. Thomas, which employs only 150 physicians, has taken a different approach for integrating physicians into its delivery system. It launched the MissionPoint Health Partners accountable care organization in 2011. The ACO offers independent, community-based doctors who participate in its provider network access to malpractice insurance, billing and collection services, electronic health records and group purchasing. Physician practices do better on their own, by and large, Schatzlein said. We actually see MissionPoint as one of our strategies for keeping doctors independent. James LeBuhn, an analyst at Fitch Ratings, predicts that more health systems will move to similar types of physician partnership and alignment strategies instead of outright employment.
The four medical facilities located in Jackson, Conyers and McDonough (2), Georgia total approximately 68,711 square feet and are 100% leased. The purchase price was $20.8 million representing a first year cash yield of approximately 7.5%. The buildings are subject to 15 year, absolute net leases with Eagles Landing Family Practice. John Sweet, Chief Investment Officer of Physicians Realty Trust, stated, This investment is a great example of the type of property we wish to own for the long term. Eagles Landing Family Practice is a full service, top tier primary care physician group with board certified family practitioners. With seven locations, 34 physicians and over 250 employees, the practice is the leading healthcare provider in the Southeastern Atlanta metropolitan area, and continues to grow its market share. Nick Williams, Chief Financial Officer for Eagles Landing, stated, It is a pleasure to work with a group that not only understands medical real estate, but the healthcare industry in general. We will be spending many years as tenants of Physician Realty Trust and it is comforting to know they will be our partners as we face the evolution of healthcare delivery and healthcare policy. About Physicians Realty Trust Physicians Realty Trust is a self-managed healthcare real estate company recently organized to acquire, selectively develop, own and manage healthcare properties that are leased to physicians, hospitals and healthcare delivery systems. The Company invests in real estate that is integral to providing high quality healthcare. The Company plans to make an election to be taxed as a real estate investment trust ( REIT ) for U.S. federal income tax purposes. Forward-Looking Statements Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward looking statement. These forward-looking statements may include statements related to the Companys ability to generate internal and external growth and to execute its business plan.
The Hospitality Houses have been home to nearly 4,000 guests since opening in 1997. Second Opinions Doc Rock performance will include Methodist Medical Center physicians: gastroenterologist Ken Luckmann, MD; and retired otolaryngologist John Jernigan, MD; plus Parkwest radiologist Daryl Harp, MD; along with friends of Methodist: Melissa Carter, Tim Comer, David Lynch, Larry Sheumaker, and Todd Wright. Second Opinion is not the only band to feature physicians from Oak Ridge. Sean Grace, MD, an orthopedic surgeon on staff at Methodist, will perform with his band, Funk Under Cover. This is the seventh year Second Opinion has competed in Doc Rock. Over these years, the band has helped raise more than $7,000 for the Hospitality Houses, which has always been their charity of choice for the competition. The Hospitality Houses are a worthy cause, and we always have fun performing, said Dr. Luckmann. The band performs compilations of classic and current rock, and include original songs and popular covers in its repertoire. Doors open at 6 p.m., and the first band begins at 6:30 p.m. Cover charge is $15 per person. Doc Rock is open to adults age 18 and older. This is a non-smoking event.