Modern Healthcare - - Regional News -

Ad­vo­cate Health Care is get­ting ready to ex­pand its flag­ship med­i­cal cen­ter in the south­west Chicago sub­urb with a $202 mil­lion build­ing for out­pa­tient care and re­search, re­ported

Crain’s Chicago Busi­ness, a sis­ter pub­li­ca­tion to Mod­ern Health­care. The pro­posed nine-story am­bu­la­tory pavil­ion will of­fer ser­vices such as en­doscopy, ra­di­ol­ogy and var­i­ous forms of re­ha­bil­i­ta­tion such as phys­i­cal ther­apy. Con­struc­tion con­tracts are ex­pected to top $101 mil­lion for the pro­ject, which is ex­pected to be com­pleted by 2014. Ad­vo­cate, a 10-hos­pi­tal sys­tem based in Oak Brook, Ill., is the mar­ket leader in the Chicago area, with 15.4% of the hos­pi­tal mar­ket for the six-county Chicago area as of June 30, 2010, ac­cord­ing to a Feb. 1 credit re­port by Fitch Rat­ings. The build­ing will be funded in part with $67 mil­lion in cash and more than $135 mil­lion in bonds, ac­cord­ing to an ap­pli­ca­tion sub­mit­ted by Ad­vo­cate to the Health Fa­cil­i­ties and Ser­vices Re­view Board. Ad­vo­cate Health had $2.66 bil­lion in cash and in­vest­ments on Sept. 30, a 21% in­crease com­pared with $2.19 bil­lion on Dec. 31, 2009, ac­cord­ing to Fitch.

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