APGME’s President Sameer Suhail told Crain’s his company purchased the hospital building, a few adjoining plots and the closed hospital’s business and medical records for $250,000.
Once they can’t be used for their intended purpose anymore, acute-care hospital buildings rarely command high prices, Adam Lynch, a vice president at healthcare appraisal firm Principle Valuation, told Crain’s. He said purchasers would need to make large capital investments to repurpose such buildings.
Sacred Heart has been closed since July 2013. A few months before that, the owner and CEO of Sacred Heart, Edward Novak, was arrested by federal authorities in connection with an investigation of alleged Medicare fraud and a kickback scheme with physicians. Following his arrest, CMS suspended reimbursement to the hospital. A trial date for the Sacred Heart kickback case has been set for Oct. 6.
Mr. Suhail said his company was negotiating with construction companies concerning the demolition of the hospital building. APGME is considering healthcare-related replacement options, such as facilities for primary care or outpatient services, according to the report.
More Articles on Sacred Heart Hospital:
2 Sacred Heart Executives Cooperated in Federal Investigation
Sacred Heart Hospital Auctions Off Hospital Beds, Imaging Equipment
Sacred Heart Hospital Paid $5.5M to Companies Owned by Former CEO
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