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14
March 25 • 2010
iN
he Detroit Medical Center
(DMC) Board of Trustees
and Vanguard Health
Systems Inc. have signed a letter
of intent for DMC to become part
of the Vanguard system and for
Vanguard to invest $850 million
in capital improvements to DMC's
eight-hospital system.
"Vanguard's com-
mitment to DMC
and to the city of
Detroit will be the
single largest pri-
vate investment in
the city's history:'
said DMC Board
Steve D'Arcy
Chair Steve D'Arcy.
"It represents great
confidence in the future of the city
of Detroit?'
Charles N. Martin, chairman and
chief executive officer of Tennessee-
based Vanguard Health Systems,
said the company looks forward to
putting its commitment to providing
health care in urban communities to
work in Detroit.
"We are very excited about enter-
ing the Detroit market and look
forward to working with the DMC
management team, who has an out-
standing record of delivering care
and managing financial challenges;'
Martin said.
Setting The Stage
The letter of intent's (LOI) major
provisions:
• Vanguard will acquire all of the
DMC system's assets (other than
donor-restricted assets) for a pur-
chase price that includes approxi-
mately $417 million to retire all
outstanding DMC bonds and other
long-term indebtedness and also
requires Vanguard to assume all
DMC liabilities.
• DMC will be owned and operated
by a Vanguard subsidiary known as
VHS Michigan, which will establish
a regional advisory board to oversee
the conduct of the DMC hospitals.
Four members will be appointed by
Vanguard and three by the DMC.
The hospitals will continue to oper-
ate under the DMC brand and their
historic names.
• Vanguard has made an extensive
commitment to support the safety
net mission of DMC, including a
10-year commitment to keep all hos-
pitals open and to maintain DMC's
charity care policy.
• Vanguard has agreed to spend
$850 million in capital investment
in DMC over the next five years,
more than $800 million in the city
of Detroit; $500 million will go
for a specific project list agreed
to by the DMC board, including a
new Children's Hospital tower, new
patient units at Detroit Receiving,
doubling of the Sinai Grace emer-
gency room, a major renovation of
operating room space at Harper, and
new physician office buildings at
Harper and Sinai Grace. The other
$350 million will be for ongoing
repairs and capital and equipment
needs at DMC.
Looking Ahead
The existing DMC board will remain
in place and administer the exist-
ing $140 million in charitable funds
given to DMC over the years and will
make sure all donor funds are spent
as originally intended. The DMC
board will also have the legal right
to enforce Vanguard's commitments
under the purchase agreement.
The agreement is conditioned on
the approval of a Wayne County-
sponsored Renaissance Zone for
DMC's Central Campus, which
will require state, city and county
approvals.
The letter of intent is non-bind-
ing and extends through June 1, at
which time the parties are required
to have completed a mutually
acceptable binding definitive agree-
ment, or if not completed, the LOI
terminates unless extended mutually
by Vanguard and DMC.
"DMC is operating in the black
for the seventh straight year, but
each year it has been a struggle,"
said Mike Duggan, DMC CEO. "We've
had to sit by and watch while West
Bloomfield and Novi and Ann Arbor
make huge investments in new,
modern hospitals and we've been