Forest Park Medical Center has brought in a new management company and hired the former chief financial officer of the Parkland Health & Hospital System.
The group of physician-owned hospitals was formerly headed by Vibrant Healthcare LLC, an operations company created by a commercial real estate firm that helped raise equity and arrange debt financing to build the first hospital in North Dallas. Todd Furniss, CEO of the private equity firm glendonTodd Capital, confirmed that The Management Company at Forest Park Medical Center now oversees the physician-owned hospitals. He is listed as its chairman.
Furniss said former Parkland Chief Financial Officer John Dragovits is onboard. He left the safety net system in June 2012 to head healthcare information technology company Anthelio. Dragovits was CFO for close to six years and left as the Centers for Medicare and Medicaid Services investigated the hospital for lapses in patient care. He has denied that his departure was related.
It’s not clear what this means for Vibrant or the Neal Richards Group, its founding company. Furniss hasn’t commented further. Neal Richards Group CEO Derrick Evers has not responded to requests for comment, nor have Forest Park’s founding physicians.
Drs. Richard Toussaint, an anesthesiologist, and Wade Barker, a bariatric surgeon, formed NRG in the late 2000s to secure equity and arrange debt financing to launch a physician-owned hospital in Dallas. It hired Evers, a former real estate developer with The Staubach Co., as CEO. Under his leadership, the Neal Richards Group launched hospitals in Dallas, Fort Worth, Southlake, Frisco, and San Antonio as well as a medical office tower on the Dallas campus. A full-service Austin hospital is set to open later this year as the anchor of a 59-acre mixed-use development. Its opening has been delayed from its original date of 2014.
The Uptown-based NRG has focused largely on Forest Park’s medical developments, but its portfolio also includes Christ the King Catholic Church in the Park Cities. The company has had success in selling some of the healthcare facilities, however. In early 2013, it sold the Dallas office tower to the Arizona-based Healthcare Trust of America for $26.75 million. Last October, Irvine, California-based Sabra Health Care REIT Inc. acquired the Frisco location for $119.8 million while dedicating a loan of up to $66.8 million for construction of its Fort Worth campus. It has an option to purchase that hospital for $168 million.