Shortly after selling to for-profit Vanguard Health Systems, Detroit Medical Center is expected to announce the first $60 million out of $850 million in construction contracts today, according to a Crain’s Detroit Business report.
Approximately 20 projects will be completed over the next five years, with Nashville, Tenn.-based Vanguard spending a total of $850 million. Projects include a new tower at DMC’s Children’s Hospital of Michigan, an emergency department expansion at Sinai-Grace Hospital and a cardiovascular institute at Harper University Hospital and Hutzel Women’s Hospital, all in Detroit.
DMC agreed to sell its eight-hospital system to Vanguard in June. The acquisition was completed this past week — a $1.5 billion transaction.
Read the Crain’s Detroit Business report on DMC’s new expansion plans under Vanguard’s ownership.
Read more about DMC and Vanguard:
– Vanguard Completes Acquisition of Detroit Medical Center
– Detroit Medical Center Pays $30M for Improper Relationships With Physicians
– DMC Pays Off Outstanding Debt, Reducing Vanguard’s Cash Purchase Price
