Yates Medical Group makes their largest offer to buy local hospitals
The Yates Medical Groups claims they have submitted their largest offer yet to buy Trumbull Regional Medical Center and Hillside Rehabilitation Hospital. The founder and President of the group, Benjamin Yates, could not disclose what the actual offer is but said they have been serious about buying the hospitals for months.
“We've worked in silence long enough,” Yates said. “I felt it was time for the people of the community to know that someone’s been there rallying behind them. That someone actually cares for them.”
The group is going up against others like Insight Health, who are the current operators of both facilities, to buy the hospitals. Groups must submit bids to Medical Properties Trust who will make the final decision on the new owners.
“Literally, it’s been like a David and Goliath kind of thing. You're looking at these huge groups and then there's us coming in,” Yates said.
The Yates Medical Group was formed back in July with the sole intention of purchasing the facilities. The group has never owned a hospital before and has never entered anything regarding their plans into the Steward bankruptcy docket.
Yates admits that he himself lacks experience but claims his board members are “heavy-hitters” in the medical world who have revamped hospitals before.
“The people who are on our team have all united with one vision. They line up with my vision of fully trying to change healthcare in America because it really has been a complete crap show lately,” he said. “That I hope isn’t really a thing that should come up as a question about whether we can do it. We can do it, it's a question of just trying to get it done right now.”
Yates believes this will be his last chance to submit an offer to MPT to buy the facilities. He said he was told the CEO of MPT is reviewing the offer. 21 News reached out to MPT to see if they have received and are reviewing the offer but they did not get back to us.
Yates said if he doesn't get to two facilities he may take a more legal route to object to other owners before things are finalized.
He said the Yates Medical Group is also working on plans to buy other hospitals in other states.