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Hospital Services
Although Medical Realty Advisors is located in Southern California, we
have assisted our health care clients all over the United States for a number
of years. Because of our commitment and investment into up-to-date technology
and industry trends we can provide the majority of our services to clients in
any location. No matter where you are located, if you have a particular need
or service request, please contact us and we will have one of our
representatives get in touch with you right away.
We are trusted by hospitals and building owners, to provide management
services for their medical office buildings. MRA has committed additional
financial resources to provide the highest level of service through our
sophisticated computer support systems.
Valuable reporting translates into
better decision-making, quicker rent collection and more efficient on-site
operations for the medical properties we manage. All of this in an effort to
support our philosophy that MRA should more than earn it's fee through improved
performance of the properties managed. Hiring MRA should be an economic gain for
you.
TENANT REPRESENTATION
MRA has represented hospitals and physician groups in the lease negotiation for
and site acquisition of nearly two million square feet of medical office premises.
Because of MRA's focused specialization, our agents are familiar with the unique
requirements necessitated by medical use, such as plumbing, water supply, parking
ratios, accessibility, and the curb exposure generally desired by our clients. When
appropriate to an assignment, our agents will digitally photograph prospective
properties identified in our search. These photos are then used to create
individual property information sheets with a location map to aid the client in
determining the most suitable locations without wasting valuable administrator's
time. MRA continues to expand it's database of medical office space in California
with our web site, in an effort to enable physicians and hospitals in making prompt
and knowledgeable decisions on market rates and potential locations.
Many hospitals and integrated health systems lack in-house
real estate expertise and need professional support, but prefer to manage their
medical office buildings to avoid the expense of full service property
management. MRA has developed a program to "shadow" or support
administrative efforts to effectively utilize and maintain real estate assets.
This includes the creation of data intensive forms and reports designed to
provide the administrator with digestible, accessible and up to the minute
information. MRA also establishes written procedures tailored to a specific
administrator needs and can provide administrators with personnel resources
which are not cost effective for the hospital to maintain in-house. All of this
is done at a reasonable cost and is ultimately paid for through the improved
efficiency and performance of the real estate assets and staff personnel.
LEASE MANAGEMENT
On a monthly basis MRA prepares and sends each tenant a rent
statement showing current balance and recent payment history. MRA enforces lease
terms for each tenant including: free rent, rental increases, options, credits
and any arrangement properly documented in the tenant file. MRA is flexible in
creating a rent collection plan that works for each hospital. Two commonly used
methods of deposit are 1) drop box, 2) a designated trust account or 3) MRA
posts and deposits rental payments into an existing hospital bank account.
MRA provides the hospital with a Monthly Activity Report which includes:
move-ins, move-outs, relocation, lease expirations, major rental arrears,
prospective tenants, bank statement, income statement and copies of all monthly
correspondence.
This service involves the administrator where needed, while insulating the
hospital through the third party support of MRA. Physicians respond favorably to
this service. Typically, physicians look at this service as an amenity that the
hospital is providing because they have a quicker response time and a third
party who is focused and understands their needs as a tenant. Physicians respect
the expert opinions of MRA's lease managers and their understanding and
experience in the marketplace.
LEASE AUDIT
associates have been trained in Stark, Safe Harbor and Fraud & Abuse
legislation and statutes. We are familiar with the risks involved in having past
due balances with physician tenants who admit patients to the hospital.
Typically, this assignment is handled in two parts: first, an audit is performed
on all leases and agreements, which result in an abstract on each; second, all
income records provided by the hospital accounting office are compared against
the terms shown on each of the lease abstracts.
 Our The end result is a tenant by
tenant detail showing amounts owed and received month-by-month from the
beginning of each lease term. This information can then be used to properly
collect any past due amounts shown in the report. MRA provides rent collection
services for past due amounts. In the last two years MRA has collected nearly
$1.5 million in past due rent from physicians.
OPERATING EXPENSE ANALYSIS
MRA has demonstrated the consistent ability to reduce operating expenses for
medical office buildings owned by institutions and hospitals. An MRA analysis of
one to two years of operating expense history typically brings to light areas
where greater efficiencies can be achieved. We are aware of many unique expense
aspects involved with medical office users as compared to commercial office use.
Our audit team is well versed in the trouble spots typical of medical office
building management and the appropriate expense levels. We can assist and train
hospital finance and accounting personnel on budget development and cost savings
procedures.
MARKET RENT ANALYSIS
Most hospitals understand the importance in having up-to-date lease market
information. Hospitals must properly abide by Stark, Safe Harbor and Fraud and
Abuse in dealing with lease negotiations between the hospital and physicians.
MRA conducts lease market research on surrounding medical office space which is
comparable to hospital owned or leased facilities. Each report includes: cover
letter on MRA letterhead describing the market lease terms, conditions currently
offered in the area on comparable properties, executive summary showing the
comparable property address and summary of lease terms, individual detailed
comparable property sheets including digital photograph, and an area map showing
numerically coded site locations.
VALUATION, RESTRUCTURING & WORK-OUTS
As the healthcare industry continues to experience consolidation and emphasis on
cost control, MRA has been called upon by its institutional and private investor
clients to serve as an advisor in a variety of situations involving hospital
facilities, medical office buildings and clinics. Services performed include
work-out/resolution of tax issues (reassessment, taxable events, exchanges),
investment valuations, professional opinions for chapter proceedings, bankruptcy
emergence plans and lease renegotiations/buyouts.
If you have a special need, question or request - contact
us and we'll have one of our representatives get in touch with you.
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