Ascension Health

"One advantage that Lillibridge brought to the process was a keen understanding of the importance of working with physicians."

Anthony J. Speranzo, SVP and CFO
Ascension Health | St. Louis, MO

ASCENSION HEALTH AND LILLIBRIDGE BUILD LONG-TERM PARTNERSHIP TO STRATEGICALLY LEVERAGE REAL ESTATE

Ascension Health, the nation's largest non-profit health system with 78 hospitals in 20 states, has forged a long-term partnership with Lillibridge to transform its medical office buildings into important contributors to its growth and sustainability. It has tapped an array of Lillibridge's services, including consulting, acquisition and property management, to strategically leverage its real estate to help carry out its mission of serving all with special attention to those who are poor and vulnerable.
 
Ascension Health first turned to Lillibridge to develop a comprehensive strategy for its medical office buildings. "One advantage that Lillibridge brought to the process was a keen understanding of the importance of working with physicians," says Anthony J. Speranzo, Ascension Health's senior vice president and chief financial officer.
 
Optimizing Assets
 
Lillibridge inventoried the system's medical office buildings, evaluated each of them and presented strategic options for the future of the properties. Based on the firm's assessments, many of the member systems, such as St.Vincent's in Indianapolis and Carondelet in Kansas City, chose to monetize a number of their buildings."
 
We clearly felt that our capital could be better served in clinical areas," explains Speranzo.
 
Using a competitive bidding process managed by a third-party, many of the member systems selected Lillibridge as the buyer of their buildings. Lillibridge has since worked closely with the local systems and the tenants to meet their needs for high-quality space and excellent customer service. "Well-run and well-maintained medical office buildings are one of the primary ways to attract and keep physicians," notes Bruce Van Cleave, MD, chief executive of Carondelet Health.
 
Driving Strategic Gains
 
Lillibridge also partners with the health systems to help them realize their strategic objectives. St.Vincent Health is focused on growing such specialties as cardiology, pediatrics and obstetrics, and "Lillibridge works with each of our hospital administrators to help them attract physicians who deliver key services to our communities," says Vincent Caponi, chief executive of the 16-hospital system.