The Miami Medical Center has suspended its patient services and laid off 180 employees as it looks to find more capital or a sale. The 67-bed hospital is working with an investment banking firm to secure capital and has been actively looking for a buyer since July.
With regards to suspending patient services, Miami Medical Center CEO Jeff Mason said, “We foresee a future where our mission — to provide high-quality healthcare, personalized patient services and exquisite hospitality and amenities — continues, and we will work diligently to fulfill that goal.”
According to a post on the Miami Medical Center web site, “The Miami Medical Center (TMMC) will be temporarily unable to provide health care services effective October 30, 2017. TMMC has notified appropriate regulatory agencies of this change.”
The Miami Medical Center has a history of financial problems. Founded in 1963 as a non-profit hospital by exiled Cuban doctors, the facility was previously known as Pan American Hospital.
In 2004, it filed for Chapter 11 bankruptcy, and was sold two years later for $34 million. Puerto Rico-based Metropolitan Health Community Services Corp. paid cash for the then-150-bed hospital and converted the non-profit into a for-profit hospital.
Ten years later, Metropolitan sold the hospital property for around $47.0 million to Tampa-based HC-5959 NW 7th Street LLC. The buyer was affiliated with the Carter Valdius Mission Critical REIT. It signed a 15-year lease with the Miami International Medical Center.
The 9.7-acre property included the 134,901-square-foot hospital, a 6,336-square-foot office building, and four single-family homes. The new owner shut down the facility for a year-long renovation, which included $70.0 million in refurbishments, new equipment, and technology. It also had to pay off 243 employees that were laid off as a result of the closure.
The hospital was converted from 150 beds to 67 private rooms and 12 operating rooms. The rechristened hospital was reopened in February 2016 as The Miami Medical Center.
“2017 Worker Adjustment and Retraining Notification Notices,” Florida Department of Economic Opportunity, last accessed November 2, 2017.
“The Miami Medical Center,” The Miami Medical Center, last accessed November 2, 2017.
“Financially troubled Miami hospital to lay off 180 employees,” Becker’s Hospital Review, November 1, 2017.
“Puerto Rican company buys Pan American Hospital,” South Florida Business Journal, November 22, 2006.
“Metropolitan Hospital campus bought for $47M,” South Florida Business Journal, May 5, 2015.