A company that owns medical properties throughout the country says it's expanding to seek venture capital and partnership opportunities with physician groups.
Executives of the Montecito Medical Investment Co. of Santa Barbara, Calif., said they're launching a new division, called Montecito Medical Ventures (MMV), to focus on working with physician groups in key markets across the country.
The company will target resources in markets where Montecito believes there are needs for expanded medical services and where it identifies strong partners in the provider community.
Executives say they are particularly looking to identify providers "who are developing innovative ways to provide state-of-the-art medical services."
Before entering financial partnerships, Montecito conducts an extensive analysis to determine if a market will benefit from an infusion of venture capital. Then, it will look for relationships with providers that are seeking to deliver care in technologically advanced or cost-effective ways.
Montecito executives say their capital investments will be aimed at enhancing medical operations and developing opportunities that complement the parent company's real estate acquisition and portfolio holdings.
In addition to investing in healthcare providers, the new subsidiary will seek out opportunities in the medical technology field to link its provider partners with companies that can meet their most critical technology needs.
MMV provides capital for the development and operation of new and existing facilities while leveraging the expertise of the parent company for a long-term hold of the asset.
MMV operates as a freestanding division of MMIC, a privately held real estate company specializing in the acquisition of medical facilities. MMIC owns a diverse portfolio of more than 35 properties throughout the United States.