A group of physicians bought out McLaren Health Care's 35 percent interest in Doctors' Hospital of Michigan in Pontiac, Mich., yesterday, leaving the physician group in complete control of the 336-bed facility, according to a Detroit News report.
OPMC paid Flint, Mich.-based McLaren $3 million for its ownership stake, which McLaren had owned since 2008. Phil Incarnati, CEO of McLaren, said the healthcare organization had only invested in the hospital at the request of former Gov. Jennifer Granholm to help preserve jobs in the city, according to the report.
As a result of the buyout, Clarence Sevillian stepped down as president of Doctors'. Mr. Sevillian was employed by McLaren and under a contract to run the hospital. He has been replaced by Michael DeRubeis, who has been CFO at the hospital.
Read the Detroit News report on the physician ownership of Doctors' Hospital of Michigan.
Read more about Doctors' Hospital of Michigan:
- Physician-Owners of Doctors' Hospital of Michigan to Buy Out McLaren Health's Stake
- Doctors' Hospital of Michigan Will Delay Decision on Closure
- Physician-owned Doctor's Hospital of Michigan Plans To Restructure or Sell
OPMC paid Flint, Mich.-based McLaren $3 million for its ownership stake, which McLaren had owned since 2008. Phil Incarnati, CEO of McLaren, said the healthcare organization had only invested in the hospital at the request of former Gov. Jennifer Granholm to help preserve jobs in the city, according to the report.
As a result of the buyout, Clarence Sevillian stepped down as president of Doctors'. Mr. Sevillian was employed by McLaren and under a contract to run the hospital. He has been replaced by Michael DeRubeis, who has been CFO at the hospital.
Read the Detroit News report on the physician ownership of Doctors' Hospital of Michigan.
Read more about Doctors' Hospital of Michigan:
- Physician-Owners of Doctors' Hospital of Michigan to Buy Out McLaren Health's Stake
- Doctors' Hospital of Michigan Will Delay Decision on Closure
- Physician-owned Doctor's Hospital of Michigan Plans To Restructure or Sell