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Physicians Acquire Hospital Building

PORTLAND-A group of local physicians have acquired the 118,500-sf Woodland Park Hospital located at Northeast 102nd Avenue and Hancock Street out of bankruptcy. They plan to reopen the facility in November.

By Brian K. Miller | Updated on July 29, 2004

PORTLAND-A group of local physicians has acquired out of bankruptcy the 118,500-sf Woodland Park Hospital at Northeast 102nd Avenue and Hancock Street as well as its medical equipment. The hospital will reopen under the name of Physicians’ Hospital in November 2004 and provide acute medical and surgical services.The city’s urban renewal and jobs agency, the Portland Development Commission provided support for the $5 million purchase with a $500,000 deferred loan to assist with necessary life-safety tenant improvements. The funds will come from the Gateway Urban Renewal Area. In addition to the PDC loan, the core physician investors have secured first-year operating capital as well as additional private investments totaling more than $4 million.Two of the physician investors include Bryce Milam, a chiropractic physician, and orthopedic surgeon Tim Treible. Initially the facility will be owned by the physicians but eventually will convert to an Employee Stock Ownership Program in which all employees of the hospital participate in the financial performance of the facility. Woodland Park Hospital first opened in 1962 with 50 beds and operated successfully as a locally owned entity. In 1968, purchase and ownership of the former Woodland Park Hospital moved through a string of national hospital management companies. This continued through several cycles of profitability followed by losses. The hospital closed in January, costing 245 jobs.According to PDC, the total direct fiscal public sector impacts of reopening the hospital (income taxes, property taxes, etc.) over 10 years is nearly $9 million dollars. The total economic impact (direct wages, billings, etc.) is more than $221 million, according to the agency.

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