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In this Business Profile, Todd W. Lillibridge, president and CEO of Lillibridge Healthcare Services Inc., and executive vice president of medical property operations at Ventas, discusses trends in healthcare real estate strategy and key considerations when choosing a partner for managing a healthcare organization's service and capital needs.
Lillibridge is the largest owner and operator of medical office buildings (MOBs) in the United States. As of June 2014, our portfolio spans approximately 22 million square feet in 400-plus owned and managed MOBs across 29 states, 163 cities, and 212 markets. And Lillibridge is positioned to grow as the industry consolidates. We really know health care—we provide advisory services, capital funding, property management and leasing, and facility development services to highly rated hospitals and health systems, with more than 400 clients nationwide.
In 2010, Lillibridge became a wholly owned subsidiary of Ventas Inc. (NYSE: VTR), an S&P 500 company that is a leading REIT and the global leader in MOBs and seniors housing. Ventas's diverse portfolio of nearly 1,500 assets in the United States, Canada, and the United Kingdom consists of seniors housing communities, MOBs, skilled nursing facilities, and hospitals.
It’s an exciting time to be in this industry. With the benefit of our national footprint and local execution, the Lillibridge team of professionals brings the best experience and ideas to the table.
We are in the trenches; we're collaborating with hospital and health system C-suite executives coast-to-coast every day. I'll drill down on a few top issues, from a healthcare real estate perspective.
Healthcare spending is high. Healthcare spending is expected to rise to 20 percent of GDP by 2022, from 18 percent in 2012. Economists warn there is no greater threat to the economy than soaring healthcare spending. It is a national imperative for the industry to control costs, employ better technologies, maximize efficiency, and continue to shift utilization away from inpatient settings.
The hospital's "front door" has moved from the emergency department to the MOB. As millions of people per year obtain health insurance through exchanges as a result of the ACA, the MOB will become the hospital's "front door" for those who previously may have accessed health care through the hospital's ED.
Outpatient demand is projected to grow 23 percent from 2013 to 2023. Emerging and enhanced care (and payment) models are driving health care to outpatient settings: population health, value over volume; wellness and prevention; retail medicine; team-based care coordination; "distributive care" for managing disease and chronic illness. In this new landscape, hospitals must reexamine their real estate assets to identify locations, scale, and size to meet these cross-continuum service needs and drive economies in their businesses.
Nobody's getting any younger. You don’t need a study or statistics to see this reality—just look at your own family and friends! Statistically, people ages 65+ visit the doctor four times more frequently than those ages 45 and younger. Providers need to ensure they have the resources to handle these escalating needs, and healthcare real estate is a huge part of the solution.
The mismatch between caregiver demand and supply is accelerating innovation. With a projected 14 percent shortfall between physician supply and demand by 2025, we are actively participating in making healthcare delivery more efficient: suite design that increases throughput, smart use of space to accommodate both physicians and mid-levels, practice consolidation, and even configuring non-traditional spaces for group visits.
Lillibridge should be the first call—the best choice—to own, manage, and build and reconfigure environments for healthcare providers.
Typically, healthcare organizations have two critical needs: service and capital. Owned and leased real estate is one of the largest assets on a health system’s balance sheet, so we help optimize portfolios strategically, financially, and operationally.
We provide strategic capital through the acquisition of MOBs and outpatient facilities, and by funding new projects. Our experts help clients capture growth by developing a flexible, right-sized building at the right cost, at the right time for their market. And we are the largest property manager of outpatient healthcare facilities in the country. Through best practices, technology, and teamwork, we dramatically improve a healthcare organization’s financial position and patient capacity.
Because we are home to 8,000 physician tenants in 29 states—and Ventas, our parent corporation, is one of the leaders in seniors housing—we are uniquely positioned to understand and address the needs of healthcare organizations across the entire continuum of care. This is one of the values in what we’re doing, and why it is a stable business model: MOBs are a needs-based property and one of the lowest cost environments of care outside the home.
People and other vendors may come and go, but the ownership of healthcare real estate has a long time horizon. Following are a few considerations for selecting a partner that will support your mission and goals for the long term.
In everything we do, we are guided by integrity, quality, and commitment to our clients. Clients can expect the following:
Commitment to excellence. One of the many ways we measure success is use of the Net Promoter Score® (NPS) methodology to measure customer satisfaction, manage to metrics, and drive accountability. We conduct annual CEL & Associates REACT Tenant Satisfaction & Opinion Surveys. This valuable feedback provides us with information to continually improve and provide an exceptional client experience.
Certainty of financial strength and access to capital. Our firm has immediate access to capital required to move quickly and with certainty to fund our commitments.
Physician-centric culture. Our understanding of physician alignment, productivity and satisfaction are strategically important for our clients to remain competitive in the marketplace.
Alignment of interests. We fully understand the importance of productive, efficient, and well-stabilized facilities that support physicians and patients along the entire continuum of care.
Publication Date: Tuesday, July 01, 2014
Tom Myers, chief strategy officer, The SSI Group, discusses the shifting payment environment and how it affects providers' patient access and claims management processes.
Jeff Chester, senior vice president and chief revenue officer at Availity, shares his thoughts on "Revenue Cycle 2.0" and how to best meet its challenges.
Mitch Morris, vice chair and global leader, healthcare, Deloitte, and Michael O'Rourke, senior vice president and chief information officer, Catholic Health Initiatives (CHI), share perspectives on the need for transformational IT in health care today.
Brian Kueppers, founder and CEO, Apex, discusses the importance of a robust patient payment strategy in boosting organization revenue and enhancing patient satisfaction.
Brian Grazzini, CFO, HealthPort, describes the importance of efficient and compliant information exchange and audit management in helping HIM staff spend less time on paperwork and more on mission-critical projects.
Cindy Matthews, executive vice president, Community Hospital Corporation, discusses how rural and community hospitals can use collaborative partnering to position for success through tough market conditions.
Rick Heise, senior vice president, revenue cycle, at Cerner Corporation, discusses the importance of integrating clinical and financial data to excel in health care’s changing payment environment.
Russ Graney, founder and CEO for Aidin, and John Laursen, head of business development for Aidin, share insights on how to improve care transitions between acute and post-acute care settings and incentivize high-quality patient outcomes.
Scott Elston, strategic accounts manager, GE Healthcare Services, describes how substantial cost reduction in health care requires rethinking business strategy and asset use.
Robert Williams, MD, director, Deloitte Consulting LLP, and Arielle Freiberger, product strategist, ConvergeHEALTH by Deloitte, explain how sophisticated retrospective, real-time, and predictive data analytics can inform decision making to reduce costs and improve care.
Stuart Hanson, director of business development (healthcare solutions) at Citi Retail Services, discusses how improving the payment experience can benefit consumers and healthcare providers.
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