Providence Health & Services is a nearly 1,500-bed network of physicians, hospitals and health plans that provides healthcare services in Oregon, Alaska, California, Montana and Washington. To meet the growing demand of their patients and the communities in which they live, Providence and its physicians in 2013 began exploring options for creating an affordable, convenient outpatient healthcare facility that provides quality care in areas including podiatry, urology, neurology and general surgery.
Regent’s solution
In January 2013, Regent began working with Providence physicians and hospital administrators on a joint venture agreement. For more than a decade, Regent has refined its joint venture business model to promote excellent patient care and successful, lasting ambulatory surgery centers that provide both physicians and their hospital partner significant equity.
Within four months of the initial conversation, Regent had finalized an operating agreement to develop and open the Plaza Ambulatory Surgery Center with the hospital and 26 individual physicians. While fully independent, the new ASC would be located in an existing building on the Providence Portland campus. The construction build-out began in August 2013 and improving the patient experience was considered a top priority from the start of the design process.
“It’s a very stunning, service-oriented facility that has all the accouterments,” Regent Vice President Joyce Deno Thomas said. “Guests have a great view from atrium and valet parking is provided.”
Results
Construction was completed on the nearly 13,000-square-foot facility in April 2014. The ASC’s first patients were seen the following month. Several early successes include:
•    Growing caseload: In September 2014, the Plaza ASC is expected to perform 200 cases. By June 2015, the
    new facility is expected to perform 400 cases per month, including 23-hour stay total knee and hip
    replacements.
•    Payer relationships: All payer contracts with the Plaza ASC are expected to be finalized by November 2014.
•    Streamlined licensure: The Plaza ASC was fully licensed by its planned opening date of May 30, 2014.
But Plaza ASC’s biggest asset moving forward is the great working relationship among the joint venture’s three collaborative, motivated partners, Deno Thomas said. From the start of the development process, the more than two dozen physician partners took a lead role in procuring equipment and streamlining purchasing, while the hospital team worked closely with Regent on design, development and regulatory issues.
“Picking great partners is the most important issue when opening an ASC today,” Deno Thomas said. “Our partners at Plaza ASC are highly professional and we look forward to continued success working with them at this location.”
For more information on joint venture opportunities with Regent, please contact Jeff Simmons at jsimmons@regentsh.com.