Cleveland hospital group plans $1B in facilities
The board of University Hospitals Health System (UHHS; Cleveland) has approved core elements of its strategic plan, Vision 2010, for investments of more than $1 billion over five years, including a commitment to the University Hospitals of Cleveland (UHC) campus, new facilities and expansion of services at several system hospitals, additional suburban ambulatory centers and more than $100 million in technological enhancements, including system-wide electronic health records (DHRs).
Thomas Zenty III, president and CEO of UHHS, termed Vision 2010 “the single largest endeavor that UHHS has undertaken in its history and, as we celebrate 140 years of service.“
The first phase of the plan includes the construction of a 200-bed, freestanding cancer hospital on the University Hospitals of Cleveland campus, major renovation and expansion of the Pediatric and Adult Emergency Department at UHC, and a new Neonatal Intensive Care Unit at the Rainbow Babies & Children's Hospital.
Plans also call for the construction of ambulatory medical centers in Twinsburg and Aurora. Further, the cardiovascular facilities at UHHS Geauga Regional Hospital, UHHS Richmond Heights Hospital and UHHS Bedford Medical Center will be expanded, along with orthopedic facilities and services at UHHS Geauga Regional Hospital.
Piper Jaffray to explore CryoLife 'strategies'
Biomaterials and biosurgical firm CryoLife (Kennesaw, Georgia) reported that it has engaged Piper Jaffray (Minneapolis) to assist it in identifying potential strategies to enhance shareholder value.
Piper Jaffray has had an investment banking relationship with CryoLife, most recently leading the company's offering of 6% convertible preferred stock in 2005.
The company said there is no assurance that the review will lead “to any specific action or transaction.“
CryoLife processes and distributes implantable living human tissues for use in cardiovascular and vascular surgeries throughout the U.S. and Canada. Its BioGlue Surgical Adhesive is FDA-approved as an adjunct to sutures and staples for use in surgical repair of large vessels, CE-marked and approved in Canada for use in soft tissue repair, and approved in Australia for use in vascular and pulmonary sealing and repair.