ADVERTISEMENT
Business Briefs: CareTrust REIT, GIA Miami, Spectrum Health Systems, Newport Healthcare
CareTrust REIT, a self-administered, publicly traded real estate investment trust that engages in the ownership, acquisition, development, and leasing of skilled nursing, senior housing, and other healthcare properties, announced in its latest quarterly earnings report that it plans to move into the behavioral healthcare sector by repurposing some of its existing properties.
We are cautiously optimistic about the opportunity to redevelop and repurpose assets into addiction recovery properties, which we believe would be a higher and better use for some of our real estate,” CareTrust President and CEO Dave Sedgwick said in a news release.
Sedgwick noted that behavioral health facilities typically can command higher rents and operate at better lease coverages than the senior housing sector in which CareTrust has been focused, making the shift in strategy an attractive move.
“Repurposing some of our properties would give us the entry point into behavioral health we’ve been looking for, and give our team a powerful new asset management tool as we constantly evaluate ways to strengthen the overall portfolio,” Sedgwick said.
GIA Miami Appoints Executive VP
GIA Miami, a Florida-based mental health treatment facility that specializes in depression and anxiety treatments, has announced the recent appointment of Terry Shapiro as executive vice president and partner.
Shapiro has more than 30 years of experience in addiction and behavioral health, as well as 15 years of executive experience. Shapiro began his career as a certified drug and alcohol counselor and has since transitioned into management and executive roles. Most recently, Shapiro was a behavioral health advisor for Constellation Behavioral Health and vice president at Origins Behavioral HealthCare.
Shapiro joins GIA Miami as the organization launches Vita Recovery, a sister program specializing in treatment for depression, anxiety, and other mental health disorders.
Spectrum Health Systems Promotes 8 to Leadership Positions
Spectrum Health Systems, a not-for-profit provider of addiction treatment in Massachusetts and specialized programming for justice-involved individuals across the country, announced that it has promoted 8 members of its senior leadership team to the following positions:
- Kristin Nolan to chief behavioral health officer
- Christopher Petrozzi to chief organizational development officer
- Stacy Flanagan to chief human resources officer
- Lisa Blanchard to chief clinical officer
- Cindy Buraczynski to senior vice president of external affairs
- Earl Warren to vice president of correction
- Theresa Caron to vice president of revenue cycle management
- David Nefussy to vice president of payor relations
Spectrum operates 15 outpatient centers, serving about 6,300 clients per day, and has a capacity of 295 inpatient beds.
Newport Healthcare Hires Chief Legal Officer
Newport Healthcare, a provider of mental health services for teens and young adults, has named Keith E. Thompson, JD, as its new chief legal officer. Thompson has more than 15 years of experience in healthcare law, and has previously served as deputy general counsel for Acadia Healthcare and as a partner with the Waller Lansden Dortch & Davis firm.
References
GIA Miami announces new executive vice president and partner. News release. GIA Miami. February 23, 2022. Accessed March 3, 2022.
Spectrum Health Systems grows leadership team with eight promotions. News release. Spectrum Health Systems. March 2, 2022. Accessed March 3, 2022.
Newport Healthcare announces hiring of Keith E. Thompson, JD, chief legal officer. News release. February 28, 2022. Accessed March 3, 2022.
