For Release: October 26, 2011
Contact:
Jim Gosky 330.344.6083, jim.gosky@akrongeneral.org
Amy Kilgore 330.344.6014, amy.kilgore@akrongeneral.org
Akron General Health System and Signet Development, Ltd., have formed a new joint venture that enables the partnership to offer its well-established health and wellness, development, and finance expertise to health systems, universities, and municipalities across the country that seek to create or update health and wellness programs and centers for their communities.
Known as Integrated Wellness Partners, the new joint venture marks a historic milestone for Akron General as it reaches beyond – most likely well beyond – Northeast Ohio, to bring one of its most innovative services to other organizations that have a similar philosophy of complementing traditional "sick" care and inpatient admissions with a keen focus on wellness, prevention and outpatient care.
Akron General Health & Wellness Centers
Akron General pioneered the area’s signature comprehensive health and wellness initiative in 1996 when its Health & Wellness Center-West in Bath Township debuted. At that time the first-of-its-type in the United States, the campus featured a full range of diagnostic, treatment, rehabilitation and wellness services, all in one easily accessible location. A second Health & Wellness campus opened in Stow in 2007 and a third will open in Green early next year. And now, as a result of the new joint venture, these types of successful models will be offered throughout the United States. Preceding this expected growth across the country are a litany of awards and honors that clearly establish Akron General’s LifeStyles wellness programs as the nation’s leader. Industry publications consistently name LifeStyles as the #1 hospital-owned or medically based center in the country and regional consumer popularity surveys regularly rank LifeStyles on top. Last year alone, members made nearly 600,000 visits to the two Akron General sites.
While Akron General brings its extensive health and wellness expertise to potential clients, Signet, one of the country’s premier developers of both public and private real estate projects, offers comprehensive, turn-key development services and creative financial strategies to the partnership and its potential clients. The company, based in downtown Akron, brings more than 20 years of experience and successful project execution to the joint venture and health and wellness markets. Signet will handle a variety of duties for new clients, including comprehensive project management services, legal structuring, creative finance strategies, and all underwriting activities.
With an unceasing commitment to honor its Mission of improving the health and lives of the people and communities they serve, Akron General determined years ago that since traditional forms of revenue for hospitals were drastically declining, other nontraditional forms of revenue had to be explored. Coupling this reality with the more recent federal healthcare reform challenges and shrinking reimbursements from government and private payors, Akron General moved quickly in seeking additional revenue opportunities to ensure its Mission remained strong, and that all patients, regardless of financial ability, could be served by the Akron General Health System. Forming Integrated Wellness Partners and taking the health and wellness model beyond Akron was a logical option to ensure a portion of the revenue needed to maintain a strong financial position for years to come.
"We’ve been planning for this day for five years," said Thomas "Tim" Stover, MD, President of Outpatient Services at Akron General. "And we’ve been preaching health and wellness for 15 years. Now, we have the partner to help us take these concepts to another level. Signet is a great partner and they’re right in our own backyard."
"We are thrilled to partner with Akron General to take their successful health and wellness concepts nationally, even globally" said Anthony S. Manna, Signet’s Chairman. "We consistently hear from organizations that are interested in developing health and wellness projects. This joint venture brings our collective expertise to the marketplace to partner with and catapult these health systems and others into the next decade and beyond."
For additional information on the new joint venture or to set up a consultation, please contact Matt Edwards or Jerel Klue at Integrated Wellness Partners, 330-344-7550.
About Akron General Health System
Akron General Health System is a not-for-profit healthcare organization with the Mission of improving the health and lives of the people and communities it serves. Akron General Health System includes: Akron General Medical Center, a 511-bed teaching and research medical center, and Edwin Shaw Rehabilitation Institute, the area's largest provider of rehabilitation services; Akron General Partners, which includes Partners Physician Group, the Akron General Health & Wellness Centers, Lodi Community Hospital, Community Health Centers and other companies; Akron General Community Health Ventures, which includes Visiting Nurse Service and Affiliates, the largest and most comprehensive provider of home healthcare services in Ohio; and Akron General Development Foundation. Akron General has earned the prestigious National Research Corporation (NRC) Consumer Choice Award for 14 years. Recently, Becker’s Hospital Review named Akron General Medical Center one of the nation’s top 50 hospitals. For more information about Akron General Health System, visit About Us.
ABOUT SIGNET DEVELOPMENT
Signet Development is a premier provider of turnkey development, finance, and project management services with a wide range of experience creating solutions for healthcare providers, institutions of higher education, and public-private partnerships. As strategic real estate and capital partners, we deliver creative financial solutions for our clients while also handling tactical planning, global project coordination, construction management, and facility management for each client and each project. Signet has successfully managed, and currently has in progress, more than $3.5 billion in real estate development, finance, and construction throughout the country. For more information about Signet Development, visit www.signet-enterprises.com.
