MedCraft is excited to announce that Walker & Associates, a full-service owner’s representation and project management firm specializing in healthcare, has merged with MedCraft. The merger provides our clients with a full continuum of services for the management, delivery and financing of healthcare facilities.
MedCraft is excited to have partnered with Maimonides Medical Center in the planning and development of Brooklyn’s newest ambulatory care center. MedCraft provided full turnkey development services and worked closely with Maimonides leadership to create a flexible, collaborative care practice model that facilitates care coordination across specialties and is adaptable to future practice innovations.
MedCraft serves as a trusted advisor to Yale New Haven Health in the purchase of a 179,285 square-foot vacant Macy’s store at the Meriden Mall in Connecticut. Through our multi-disciplinary team’s efforts, this purchase positions Yale New Haven Health (YNHHS), the largest and most comprehensive healthcare system in Connecticut, to expand its ambulatory care services in a key market. The facility is now owned by YNHHS and will be repurposed as a consumer-focused health facility.
Click here to read MedCraft’s full press release or here to access YNHHS’s release.
Check out our latest article in HC+O News, where MedCraft planning experts share their unique approach to an outcomes-driven healthcare facility planning process. Click here for the full article “Modernize Your Strategy When Planning a New Ambulatory Healthcare Facility” and contact Patricia Shpilberg or Jessica Anderson to learn how you can benefit from this strategy when starting your next project.
MedCraft provides a broad spectrum of healthcare real estate capabilities that are customized to meet our clients’ specific needs from developing ambulatory facilities to identifying and purchasing land to aligning physicians through complementary real estate investments. How we customize our approach to meet the specific needs of our clients is reflected in our respective partnerships with three leading health systems in Arizona – Tucson HealthCare (TMC), Yuma Regional Medical Center (YRMC) and Northern Arizona Healthcare (NAH). As a national healthcare real estate leader, MedCraft is supporting their growth with expert development, investment, and advisory services.
Rendering of the Yuma Regional Medical Center Foothills campus, courtesy of Orcutt Winslow.
MedCraft, alongside TMC HealthCare, surgeons and project partners officially broke ground on the new Rincon Surgery Center in southeast Tucson. Click on the video for a bird’s eye view of the campus and celebration of this long-awaited milestone. Special shout-out and thank you to Orcutt Winslow for capturing the drone footage and video compilation.
We are combining our expertise to better serve our provider partners and to establish new hospital system and physician group relationships. Building upon MedCraft’s long-standing success as an industry leading developer to create additional economic and strategic value for its healthcare provider partners through:
• monetization of real estate assets,
• optimization of clinical environments,
• offering co-investment opportunities in any acquired real estate and
• expansion of client ambulatory networks within its growing portfolio.
We have 37 years of experience in building long-term client partnerships and successfully developing and optimizing facilities for peak performance. Now, through MIP, we will apply that same client-focused approach to acquisitions.
Read full Press Release or visit www.MedCraftIP.com
By Chris Lambrecht, Senior Vice President of Construction and Development, MedCraft Healthcare Real Estate
When walking into a new ambulatory care facility, it is difficult to envision that same space serving avid shoppers instead of ailing patients. Aisles of clothing, racks of shoes and shelves of household goods have now been replaced by pods of exam rooms, nurse stations and medical equipment. As the number of big box retail store closures in 2020 has soared to around 7,500 due to the Amazon Effect and the pandemic’s impact on consumer shopping behaviors, these vacant sites have created an attractive option for health care organizations looking to expand their footprint. The idea of converting empty retail buildings into medical facilities may seem like a promising solution to enhance your ambulatory strategy. Yet, as simple as it sounds, there is more than meets the eye.
In my article which recently ran in ASHE’s Health Facilities Management publication, I offer tips on how to assess whether this approach is right for you. MedCraft also recently hosted a webinar – “Repurposing Big Box Retail Space for Health Care: An Essential Guide” – for a deeper dive and audience Q&A on this topic. You can download the recording here.
As you assess an unoccupied retail site for potential redevelopment, it is important to understand the pros and cons that may affect your project cost, timeline and ROI. Many of these vacant retail buildings are located in heavily populated areas with high traffic, good visibility, easy access and abundant parking – all plusses for ambulatory care facilities. At the same time, you need to assess whether the existing building’s configuration, structural design and mechanical systems – including roofing, flooring, plumbing, HVAC, fire protection, power, internet, etc. – can adequately support the unique requirements of a health care provider.
In addition, depending on how the property is zoned and what its currently permitted uses are, switching from a retail to a medical purpose may require a municipal site plan review and city approval process that could impact the project’s timeline and budget. In some cases, it may be more economically feasible to buy a vacant property if it’s in a good location and build a new facility rather than renovate an existing building, which could end up costing more time and money in the long run.
While there are many options, the ultimate desired goal is to promote a caring and healing environment for patients – from the innermost infrastructure to the outermost perimeter of the property. In the spirit of minimizing surprises, I encourage a thorough evaluation by a team of qualified and experienced professionals to help guide the most strategic course of action. Only conducting an informed assessment can you objectively identify hidden risks and create a realistic scope of work.
For more details on top considerations when considering repurposing vacant retail space for health care use, click here to view an essential checklist. Learn more about how we’ve helped ambulatory care facilities around the country to optimize their operations by checking out our latest projects. Feel free to email me directly with any questions or comments at clambrecht@medcraft.com.