FOR IMMEDIATE RELEASE
June 17, 2010
Contact: Kristin Riger, (813) 281-0062
June 17, 2010 – Focus Management Group USA, Inc. (“Focus”) has been retained by the Department of the Attorney General (“Department”) for the State of Michigan to work cooperatively in a review of the proposed sale of substantially all assets of Detroit Medical Center and its affiliates (“DMC”) to Vanguard Health Systems (“Vanguard”).
On June 11, the DMC, Michigan’s largest provider of safety-net care to the poor, announced it had signed a $1.2 billion contract with Vanguard Health Systems of Nashville, TN, to sell the eight-hospital system and related entities. The two parties hope to complete the sale by November 1, 2010, pending State reviews.
Focus will be responsible for providing the Department with a comprehensive assessment of the financial and operational aspects of DMC and Vanguard with a view to ensuring, among other aspects, the ability of the successor entity post-transaction to maintain the provision of charity care and core services.
Leading the review of the proposed sale are Focus Managing Directors James Hopwood and Daniel McMurray. Hopwood has extensive healthcare experience in a broad base of financial management positions, with in-depth experience in accounting and finance, capital raising, revenue cycle management, labor productivity and cost restructuring, cash flow forecasting, financial analysis, and mergers and acquisitions. McMurray is a senior executive with more than 30 years experience in the healthcare industry, has served as Patient Care Ombudsman in numerous situations, and has a proven track record of achievements working for healthcare systems, individual hospitals, and medical institutions and associations.
Hopwood is based out of the firm’s Chicago, IL office and can be reached at (773) 724-2082 or j.hopwood@focusmg.com. Based out of Tampa, FL, McMurray can be reached at (813) 281-0062 or d.mcmurray@focusmg.com.
About Focus Management Group
Focus Management Group provides nationwide professional services in turnaround management, insolvency proceedings, business restructuring and operational improvement with a senior-level team of 130 professionals. Headquartered in Tampa, FL, with offices in Atlanta, Chicago, Cleveland, Columbus, Dallas, Los Angeles and Philadelphia, the firm provides a full portfolio of services to distressed companies and their stakeholders, including secured lenders and equity sponsors.
For additional information about Focus Management Group, visit www.focusmg.com or call 800-528-8985.