As part of the deal, Vanguard pledged $850 million in capital improvements for DMC over five years, with a minimum of $80 million to be spent in each of the first four years. Vanguard may be $20 million short because the first year is committed to design planning, according to the report.
As a result, Vanguard has set aside $20 million into an escrow account. DMC President and CEO Mike Duggan anticipated the first-year shortfall and said by the end of 2012, Vanguard will meet its $160 million obligation, according to the report.
Related Articles on Hospital Construction:
Hendrick Health System, Texas Tech Breaks Ground for New Nursing School
Christiana Care in Delaware to Break Ground on Freestanding Emergency Department
Village Council Unanimously Rejects New Jersey’s Valley Hospital Renewal Plan
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
