OAK LAWN, Ill.—
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.