Wednesday, February 16, 2011
Physician Shareholders Buy 100% Stake in Doctors' Hospital of Michigan
Physician Shareholders Buy 100% Stake in Doctors’ Hospital of Michigan
Yatinder Singhal, MD, Chairman of the Oakland Physicians Medical Center (OPMC) Board of Directors, announced today that Doctors’ Hospital of Michigan (DHM) signed the final purchase agreement to gain sole control of the Pontiac-based hospital, buying out their former partner, Flint-based McLaren Health Care Corporation.
McLaren had invested approximately $5 million in DHM since opening in November 2008. A portion of DHM’s physician shareholders paid McLaren approximately $3 million total to gain 100% ownership of DHM. DHM is Michigan’s only physician-owned acute-care hospital.
Clarence Sevillian will step down as DHM’s President & CEO effective today (February 8, 2011). Sevillian is employed by McLaren Health Care Corporation and has been under a contractual management agreement as DHM’s CEO since the hospital opened in November 2008.
Michael DeRubeis, presently the CFO of DHM since November 2008, has been named Acting CEO.
“The shareholders worked very hard to make this deal happen and to save 600+ jobs. The hospital has inherited a long-standing tradition of quality and personalized healthcare in Northern Oakland County, and has every intention of continuing to do business as Doctors’ Hospital,” stated Dr. Singhal. He also acknowledged that he was very thankful and grateful to McLaren Healthcare Corporation. “Our business relationship with McLaren did not work out but we appreciate all they have done to help us start up Doctors’ Hospital and keep it a viable healthcare provider.”
Additional members of the OPMC Board of Directors are: Dr. Michael Short and Dr. Anil Kumar. ( Dr. Mahmood Khalid, former board member and DHM’s Chief of Radiology, resigned from the board in December 2010 and is now employed by POHRMC, a McLaren hospital).
DHM is licensed for 336 beds and currently has 690 employees. It was successfully re-accredited by The Joint Commission in October 2010, and received accreditation for its award-winning Family Medicine Residency Program in November 2010. Other services include Emergency Medicine (Pontiac and Waterford), ICU, Radiology, Radiation Oncology, Cardiology, Lab Services, Behavioral Medicine, Acute Medical Surgery & Recovery, Physical Therapy and a nationally-recognized Intensive PT program for the treatment of children with Cerebral Palsy, Euro-Peds. DHM also owns and operates several off-site clinics, including Waterford Emergency Center, Oakland ASC Surgical Center, Clarkston Family Health Center and Clarkston Radiology.
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