OFFICIAL REQUEST FOR PROPOSAL CITRUS COUNTY HOSPITAL...

OFFICIAL REQUEST FOR PROPOSAL

CITRUS COUNTY HOSPITAL BOARD

SUBMITTED TO: CITRUS COUNTY HOSPITAL BOARD OF TRUSTEES

ATTENTION: MS. VICKIE LAMARCHE CHIEF OPERATING OFFICER

123 N. APOPKA AVENUE INVERNESS, FLORIDA 34450

PRINCIPLE VALUATION’S FINANCIAL INFORMATION IN SECTION 5.4 MUST REMAIN STRICTLY

CONFIDENTIAL.

TABLE OF CONTENTS

TABLE OF CONTENTS

OFFICIAL REQUEST FOR PROPOSAL ..................................................................................... 1

CITRUS COUNTY HOSPITAL BOARD ................................................................................................. 1

1. Management Summary ......................................................................................................... 1

1.1 Management Summary ....................................................................................................... 1

2. Proposed Solution ................................................................................................................. 2

2.1 Proposed Solution ............................................................................................................... 2

3. Project Management .............................................................................................................. 4

3.1 Project Management ........................................................................................................... 4

4. Costs ...................................................................................................................................... 6

4.1 Costs ................................................................................................................................... 6

5. Bidder Information ................................................................................................................. 8

5.1 Bidder’s General Information ............................................................................................... 8

5.2 Bidder’s Profile .................................................................................................................... 9

5.3 Customer Base .................................................................................................................. 19

5.4 Financial Details ................................................................................................................ 31

5.5 Technical Capability .......................................................................................................... 37

5.6 Quality Certification ........................................................................................................... 37

5.7 Industry Standards ............................................................................................................ 43

5.8 Tenderer Qualifications ..................................................................................................... 43

5.9 Relevant Services ............................................................................................................. 44

5.9.1 Relevant Services ....................................................................................................... 44

5.9.2 Relevant Services ....................................................................................................... 44

5.10 Specific Skills and Experience ........................................................................................ 45

6. Key Personnel ..................................................................................................................... 46

6.1 Identity of Key Personnel .................................................................................................. 46

6.2 Technical Knowledge of Personnel ................................................................................... 46

6.3 Bidders Curriculum Vitae ................................................................................................... 47

6.4 Personnel .......................................................................................................................... 53

6.5 Reference Projects ............................................................................................................ 55

6.5.1 Reference Projects ..................................................................................................... 56

6.5.2 Reference Projects ..................................................................................................... 56

APPENDICES

MANAGEMENT SUMMARY PAGE 1

1. MANAGEMENT SUMMARY

1.1 Management Summary

General bidder

information

Principle Valuation, LLC

230 W. Monroe, Suite 2540

Chicago, IL 60606

www.principlevaluation.com

Phone: (312) 422-1010

High-level approach

to the proposed

action including an

outline plan

Receive requested hospital information

Schedule site visit

Prepare fair market value as a going concern appraisal and

objective operating comparison (draft)

Develop an alternative ownership or liquidation value (if

necessary)

Issue fair market value appraisal and objective operating

comparison

Attend board meeting to discuss findings

Project Manager: Pat Simers, Executive Vice President

o Over 25 years appraising acute care hospital facilities.

Summary of

services to be

provided

Rendering an independent valuation of the Citrus Memorial Hospital’s

fair market value for sale or leasing of hospital facilities owned by the

board to a not-for-profit or for-profit entity. Providing an objective

operating comparison.

Fixed price cost $55,000

PROPOSED SOLUTION PAGE 2

2. PROPOSED SOLUTION

2.1 Proposed Solution

Methodology The methodologies applied and the report prepared will be in

conformance with the Uniform Standards of Professional Appraisal

Practice (“USPAP”) of The Appraisal Foundation.

Project plan We believe a multi-step valuation-consulting service provides the

greatest benefit. First, we would determine if the hospital is a viable

business entity with the ability to earn income at a sustainable rate that

offers an adequate return on the capital assets in use. This would be

the hospital’s fair market value as a going concern. If the earnings are

insufficient to support the hospital assets then an alternative ownership

or liquidation study will be completed. Finally, we would prepare the

objective operating comparison.

Key deliverables During this process we anticipate providing you preliminary estimates in

an abridged format for:

The fair market value of the hospital

An alternative ownership or liquidation value (if necessary)

An objective operating comparison

PROPOSED SOLUTION PAGE 3

Time-scale for

completion

December RFP response due

(source: RFP section 1.8)

January Citrus County Hospital Board of

Trustees awards contract


January Meeting or conference call before

work commences

(source: RFP section 5)

Late January Receive requested hospital

information

Mid-February Site visit

March Distribute fair market value as a

going concern appraisal and

objective operating comparison

(draft)

Mid-March Issue fair market value appraisal

and objective operating

comparison


April Board of Trustee meetings


PROJECT MANAGEMENT PAGE 4

3. PROJECT MANAGEMENT

3.1 Project Management

Statement

Citrus County Hospital Board must nominate two Project Manager(s) with

overall responsibility and authority for this project. The successful bidder will

report to Citrus County Hospital Board Manager.

Project

Manager

Patrick Simers

Position in

Company

Executive Vice President

Address

230 West Monroe, Suite 2540

Chicago, Illinois 60606

Telephone

Number

Atlanta phone: (770) 924-8811

Chicago phone: (312) 422-1010

Fax Number

(312) 422-1515

Email Address

[email protected]

PROJECT MANAGEMENT PAGE 5

Methodology

The methodologies applied and the report prepared will be in conformance

with the Uniform Standards of Professional Appraisal Practice (“USPAP”) of

The Appraisal Foundation.

CV

(Qualifications)

PATRICK J. SIMERS EXECUTIVE VICE PRESIDENT

EXPERIENCE Mr. Simers has extensive experience in serving the valuation needs of the health-care industry. He has valued all tangible and intangible assets associated with health-care enterprises, including the capital stock of majority and minority share holdings; medical specialty and physician joint ventures; fee simple, leased fee, and leasehold interests in real estate for hospital systems, stand-alone hospital campuses, and medical office buildings; major and minor movable equipment; certificates of need; contractual agreements; and preferred provider arrangements. Specific healthcare enterprises appraised include acute care hospital facil ities, LTACH hospitals, psychiatric hospitals, rehab hospital facilities, single physician practices, multi-specialty practices, cath labs, diagnostic centers, cardiac care practices, home health agencies, nursing homes, assisted living facilities, and medical office buildings. Mr. Simers has performed fair market value studies for purchase, sale, or financing; merger and acquisition consulting; negotiation of purchase price; fairness opinions; purchase price allocations; financial reporting; SEC reporting; Medicare regulatory requirements; Safe Harbor requirements; and 501(c)(3) private placement offerings.

PROFESSIONAL

HISTORY Mr. Simers began his appraisal career with Valuation Counselors in 1982 and held various consulting, business development, and management roles, including four years as president of Valuation Counselors, leading up to its merger with CBIZ Inc. Most recently, Mr. Simers has served as the National Director for Healthcare services for American Appraisal Associates where he spear-headed the development of healthcare services for this international appraisal firm.

Patrick J. Simers is Executive Vice President for Principle Valuation. He is responsible for the development and overall business plan for Principle’s consulting and appraisal services to for-profit, nonprofit, and public health-care providers. Mr. Simers is located in Principle Valuation’s Atlanta office.

PROFESSIONAL AFFILIATIONS

American Health Lawyers Association Healthcare Financial Management Association

EDUCATION

LICENSES, AND DESIGNATIONS

Graduate of Northern Il linois University with a Bachelor of Science in Finance and Economics

Graduate of Moraine Valley College with a Associate in Arts in Business Administration

Certified General Real Estate Appraiser in Georgia

COSTS PAGE 6

4. COSTS

4.1 Costs

Fixed cost for performing all work required to

satisfy the requirement specifications

$55,000 ($49,500 for the work plus $5,500 for

expenses)

Daily rates and the number of days required

for each individual involved in the project

Name Daily rate Number of

days

T Baker $2,000 2

P Simers $2,000 6.1

TJ Griffith $1,600 3

MJ Duffy $1,600 3

D Rogala $960 10

M Staunton $1,600 1

Horne $2,000 6.25

Actual number of days and involvement of

each individual subject to change.

Allowances for expenses, travel, subsistence,

etc. must be quantified and included in the

fixed price. These cannot be submitted later

Confirmed

Itemized breakdown of the cost of any options

being proposed beyond the minimum

specifications

None

COSTS PAGE 7

Costs shall be exclusive of all taxes. Quote

taxes separately where appropriate and at the

appropriate rate

Confirmed

Unquantified costs will not be accepted Confirmed

Bidders shall indicate any discounts that relate

to this proposal

None

Public sector discounts None

Early payment discounts None

Any other discounts None

Provide an overall fixed price. The must be

the Bidder’s best and final offer

$55,000 (25% advance partial payment).

Valid for 120 days after closing date for receipt

of tenders. The timeliness completion of this

project may be impacted by significant

commencement delays.

BIDDER INFORMATION PAGE 8

5. BIDDER INFORMATION

5.1 Bidder’s General Information

Contact person

dealing with the

proposal

Adam Lynch

Phone: (312) 422-1010

E-mail: [email protected]

Identification of party

who will carry overall

responsibility for the

contract

Patrick Simers

Executive Vice President

Phone: (312) 422-1010

E-mail: [email protected]

Confirmation of

acceptance by the

Bidder and any third

parties of the terms

and conditions of

tender

Yes, we accept the terms and conditions of tender.

Confirmation of

acceptance by the

tenderer and any

third parties

regarding overall

responsibility for

successful delivery

Yes, we accept overall responsibility for successful delivery.


Statement

identifying

relationship between

bidder(s) and other

suppliers

Horne LLP will be supplying the objective operating comparison.

Historically, Principle Valuation has worked on a sub-contract basis with

Horne LLP on other healthcare engagements.

Acknowledgement of

Receipt

Bidder confirms that we have received the proposal documents

Amendments to the

Request for

Proposal

The prospective supplier acknowledges receipt of Amendment dated

December 17, 2012.

Conflict of Interests The bidder agrees that it has no interest and shall not acquire any

interest, direct or indirect, which would conflict in any manner with the

performance of services required.

5.2 Bidder’s Profile

Length of

time in

existence

5 years

Number of

employees

15


Brief

description

of the

company’s

principal

areas of

activity

Principle Valuation is the premier valuation firm specializing in valuations and

advisory services for the healthcare and seniors housing industries. Our clients

find our services invaluable in helping them obtain financing, comply with

governmental reporting requirements, and strengthen their financial position.

Any

additional

information

in support of

this proposal

“Principle Valuation provides excellent valuations for ongoing healthcare

enterprises, as well as placing values on the individual assets. They are very

timely, reliable, have a solid understanding of the regulatory implications of their

work, and are authoritative in the way they present their information.”

Mike Anthony, Partner

McDermott, Will & Emery

Our clients have used Principle Valuation for valuations for purchase and sale

transactions, compensation relationships, and support for tax purposes. They do

straightforward and intelligent work, and are very responsive.”

Scott Becker, Partner

McGuire Woods

“


Any

additional

information

in support of

this proposal

“

“Principle Valuation is far superior to any other valuation firm we have worked

with. They are knowledgeable about businesses, real estate and equipment.

And their reports are always right the first time.”

Ken Doran, President and CEO

Spectrum Health Partners

“Principle Valuation appraised the hard assets and intangible values of local

medical practices for us. They were able to work with the medical practice

financial advisors to understand the numbers, and talked with us about

strategies going forward.”

Don Daniels, VP – Clinical Management and Regional Development

Swedish American Hospital

Identify the

key

personnel

responsible

for carrying

out each

service/task

Timothy Baker Quality Assurance

Patrick Simers Project Management

TJ Griffith Real Estate Valuation

Mary Jo Duffy, CPA Accounting Requirements

Daniel Rogala Business Enterprise Valuation (Analyst)

Michael Staunton Equipment Valuation


Technical

knowledge of

the

personnel

responsible

for each

service/task

TIMOTHY H. BAKER, PRESIDENT

EDUCATION LICENSES, AND DESIGNATIONS

1980 graduate of Bucknell University with a Bachelor of Science in Business

Administration

Certified General Real Estate Appraiser Arizona, Indiana, Maryland, New

Jersey, and New York

PATRICK J. SIMERS, EXECUTIVE VICE PRESIDENT

EDUCATION LICENSES, AND DESIGNATIONS

Graduate of Northern Illinois University with a Bachelor of Science in Finance

and Economics

Graduate of Moraine Valley College with a Associate in Arts in Business

Administration


THOMAS J. GRIFFITH, VICE PRESIDENT EDUCATION, LICENSES, AND DESIGNATIONS

Bachelor of Arts in Real Estate and Business Administration, Arizona State

University

Certified General Real Estate Appraiser Illinois, Ohio and Wisconsin

Illinois Real Estate Managing Broke

Associate Member of the Appraisal Institute

Member, Chicago Real Estate Council

MARY JO DUFFY, CPA EDUCATION LICENSES, AND DESIGNATIONS

Graduate of Georgetown University School of Business

Certified Public Accountant


DANIEL L. ROGALA EDUCATION & LICENSES

Appraisal Institute

(2010) Basic Appraisal Principles

(2010) Basic Appraisal Procedures

(2010) National Uniform Standards of Professional Appraisal Practice (USPAP)

American Society of Appraisers

(2010) BV201 – Introduction to Business Valuation Part 1

(2010) BV202 – Introduction to Business Valuation Part 2

(2011) BV203 – Business Valuation Case Study

(2012) BV204 – Advanced Topics in Business Valuation

University of Illinois at Chicago, Bachelor of Science in Economics, 2009

(2009) Real Estate Finance

(2009) Business Forecasting

(2008) Investments

(2007) The Legal Environment of Business

Illinois Associate Real Estate Appraiser #557.005617

MICHAEL E. STAUNTON

EDUCATION AND PROFESSIONAL TRAINING


Uniform Standards of Professional Appraisal Practice

Professional Appraisal Ethics


Qualification

s of the

personnel

responsible

for each

service/task

.

TIMOTHY H. BAKER PRESIDENT

EXPERIENCE Mr. Baker has been in the appraisal industry since 1981 with a concentration on healthcare and senior living properties. His valuation experience includes valuing the business enterprise, real estate, and personal property. Valuations have been performed on a national and international basis. Consulting engagements include market and financial feasibility studies. Mr. Baker has experience in the valuation of numerous healthcare facilities including acute care, behavioral health, and rehabilitation hospitals. Senior l iving properties include nursing homes, assisted living facilities, and retirement centers. Other related operations include research facilities, healthcare leasing companies, physician practices, and medical office buildings. Mr. Baker has also provided consultations on market assessment, demand analysis, reimbursement issues, development of fixed asset records, and provided analysis of strategic opportunities. Valuation reports prepared by Mr. Baker have been used for several purposes including public offerings, l itigation support, HUD 232 and 242 mortgage insurance programs, acquisition/divestitures, property tax purposes, state reimbursement, estate planning, and for internal management decision making.

PROFESSIONAL

HISTORY 2007 to present – President, Principle Valuation, LLC.

2001 to 2007 - Senior Vice President, Wellspring Valuation, Ltd. 1997 to 2001 - Vice President, Marshall & Stevens National Healthcare

Practice. 1992 to 1997 - Senior Manager, Capital Valuation Group, specializing in the

valuation of the business and real estate of senior living and healthcare related facil ities.

1981 to 1992 – Manager, Valuation Counselors where he was responsible for performing a multitude of appraisal and consulting services for clients specializing in business enterprise, real estate, and machinery and equipment.

PROFESSIONAL

AFFILIATIONS Advisory Committee Member American Senior Housing Association

Healthcare Financial Management Association American Health Lawyers Association

Associate Member Appraisal Institute

EDUCATION LICENSES, AND

DESIGNATIONS

1980 graduate of Bucknell University with a Bachelor of Science in Business Administration

Certified General Real Estate Appraiser Arizona, Indiana, Maryland, New Jersey, and New York

TESTIMONY Testified as expert witness in California, Colorado, Connecticut, New

Hampshire, New Jersey and Pennsylvania



EXPERIENCE Mr. Simers has extensive experience in serving the valuation needs of the health-care industry. He has valued all tangible and intangible assets associated with health-care enterprises, including the capital stock of majority and minority share holdings; medical specialty and physician joint ventures; fee simple, leased fee, and leasehold interests in real estate for hospital systems, stand-alone hospital campuses, and medical office buildings; major and minor movable equipment; certificates of need; contractual agreements; and preferred provider arrangements. Specific healthcare enterprises appraised include acute care hospital facil ities, LTACH hospitals, psychiatric hospitals, rehab hospital facilities, single physician practices, multi-specialty practices, cath labs, diagnostic centers, cardiac care practices, home health agencies, nursing homes, assisted living facilities, and medical office buildings. Mr. Simers has performed fair market value studies for purchase, sale, or financing; merger and acquisition consulting; negotiation of purchase price; fairness opinions; purchase price allocations; financial reporting; SEC reporting; Medicare regulatory requirements; Safe Harbor requirements; and 501(c)(3) private placement offerings.

PROFESSIONAL

HISTORY Mr. Simers began his appraisal career with Valuation Counselors in 1982 and held various consulting, business development, and management roles, including four years as president of Valuation Counselors, leading up to its merger with CBIZ Inc. Most recently, Mr. Simers has served as the National Director for Healthcare services for American Appraisal Associates where he spear-headed the development of healthcare services for this international appraisal firm.

Patrick J. Simers is Executive Vice President for Principle Valuation. He is responsible for the development and overall business plan for Principle’s consulting and appraisal services to for-profit, nonprofit, and public health-care providers. Mr. Simers is located in Principle Valuation’s Atlanta office.

PROFESSIONAL AFFILIATIONS

American Health Lawyers Association Healthcare Financial Management Association

EDUCATION

LICENSES, AND DESIGNATIONS

Graduate of Northern Il linois University with a Bachelor of Science in Finance and Economics




THOMAS J. GRIFFITH VICE PRESIDENT

EXPERIENCE Mr. Griffith is currently the head of the seniors housing and skilled nursing valuation group. He has experience in the preparation and review of appraisals on a variety of proposed and existing properties. He specializes in valuations for the healthcare industry. Interests appraised include fee simple, leased fee and leasehold. Property types include hospitals, assisted-living facil ities, senior apartment complexes, congregate care facilities, land, medical office buildings and nursing homes. He has also valued neighborhood shopping centers, industrial buildings, and office buildings. He has valued properties for conventional loans as well as Fannie, Freddie and HUD.

PROFESSIONAL HISTORY

Manager, Real Estate Practice, Huron Healthcare Associate, Real Estate Practice, Wellspring Partners Consultant, Griffith Valuation Inc., where he conducted a variety of

residential appraisals including single-family residential; multi-family 2-4 flats; vacant land and condominiums

Real Estate Broker, West End Real Estate Inc. Served Merrill Lynch in the Investment Department, where he supported

several relationship managers

EDUCATION, LICENSES, AND DESIGNATIONS

Bachelor of Arts in Real Estate and Business Administration, Arizona State University

Certified General Real Estate Appraiser Illinois, Ohio and Wisconsin Illinois Real Estate Managing Broker Associate Member of the Appraisal Institute Member, Chicago Real Estate Council

REAL ESTATE

COURSES Appraisal Institute

Basic Appraisal Principles Basic Appraisal Procedures

15-Hour National USPAP Course General Appraiser Market Analysis and Highest & Best Use

Basic Income Capitalization Approach Advanced Income Capitalization Approach

Advanced Sales Comparison & Cost Approach Report Writing & Valuation Analysis Advanced Applications Fundamentals of Separating Real Property, Personal Property and

Intangible Business Assets


MARY JO DUFFY, CPA

EXPERIENCE Ms. Duffy brings 25 years of accounting, auditing, business valuation, business consulting and financial management to her clients. She has testified as an expert witness in deposition and trial, and advised clients on strategy, transactions and general business issues in addition to valuation issues Ms. Duffy began her career with KPMG as an accountant and auditor. As CEO of Valuation Counselors, a national valuation firm, she provided valuation services to entities as diverse as boat manufacturers, grocery chains, technology ventures and healthcare providers. She served as a partner in a national CPA firm, responsible for appraisal and valuation services nationwide and was a member of the firm’s Management Council. As National Director of Financial Services to the healthcare industry for Coopers & Lybrand L.L.P., a predecessor firm of PricewaterhouseCoopers, Ms. Duffy was responsible for litigation, valuation, merger & acquisition, reorganization and other services to healthcare entities and assisted healthcare clients with matters involving providers, payers and related organizations. She later joined Ernst & Young’s Healthcare Consulting practice specializing in physician networks, operations improvement, M&A strategy and post-merger integration. Her expertise in the healthcare arena includes advising providers on strategic options, negotiating transactions and assisting a Debtor in Possession in disposing of the assets, preparing a physician organization for doubling in size and an IPO, and developing integrated networks in academic medical centers and community delivery systems. She has also been the CFO of multi-specialty, multi-site healthcare provider.

PROFESSIONAL

HISTORY Director, Acuitas, Inc.

Senior Manager/Director, Ernst & Young Healthcare Consulting, LLC National Director of Financial Services, Coopers & Lybrand, LLC

CEO, Valuation Counselors Group Certified Public Accountant and Auditor, KPMG

PROFESSIONAL

AFFILIATIONS Leadership Team Member Healthcare Task Force of Georgia Society of

CPAs Member, Illinois CPA Society

Serves as Board Member for: Turning Point Women’s Healthcare, The Childhood Autism Foundation and Emory Austin Resource Center

Georgia Association of Healthcare Executives

EDUCATION LICENSES, AND

DESIGNATIONS

Graduate of Georgetown University School of Business Certified Public Accountant

HONORABLE

DESIGNATIONS Honored by Atlanta Magazine as one of Atlanta’s outstanding business

women.


DANIEL L. ROGALA

EXPERIENCE Mr. Rogala has training in the fields of real estate, appraisal, finance, and economics. Education received was from a four-year accredited university; real estate and finance specific courses consisted of full time instruction over the course of 1 year. Instructors consisted of former lawyers and attorneys, and real estate brokers, including UIC’s director of Graduate Real Estate Studies. Following graduation Mr. Rogala started his valuation career in 2010 with Principle Valuation, LLC, a company specializing in healthcare and seniors housing appraisals, and is currently under direct supervision of Patrick Simers, Executive Vice President for Principle Valuation. Experience includes the valuation of the business enterprise, real estate, and personal property associated with ambulatory surgical centers, hospitals, physician practices, independent l iving communities, assisted living residences, skilled nursing facilities, and medical office buildings.


January 2010 to present – Analyst, Principle Valuation, LLC

EDUCATION &

LICENSES Appraisal Institute (2010) Basic Appraisal Principles (2010) Basic Appraisal Procedures

(2010) National Uniform Standards of Professional Appraisal Practice (USPAP)

American Society of Appraisers (2010) BV201 – Introduction to Business Valuation Part 1

(2010) BV202 – Introduction to Business Valuation Part 2 (2011) BV203 – Business Valuation Case Study

(2012) BV204 – Advanced Topics in Business Valuation

University of Illinois at Chicago, Bachelor of Science in Economics, 2009 (2009) Real Estate Finance

(2009) Business Forecasting (2008) Investments (2007) The Legal Environment of Business

Ill inois Associate Real Estate Appraiser #557.005617


5.3 Customer Base

Percentage

of revenues

obtained

from the

different

service

types

Business Service Type Percentage of Revenue

Healthcare 65%

Seniors Housing 35%

MICHAEL E. STAUNTON

EXPERIENCE Twenty-seven years of valuation experience, specializing in healthcare properties including major medical centers, regional hospitals, physician practices, imaging and surgery centers. Valuations have been performed for the purpose of merger and acquisitions, allocation of purchase price, financial reporting, fixed asset management and insurance. These reports have also been used for third-party reimbursement, financial reporting, and property control. Responsibilities include business development, client relationships, execution of valuation projects and project and staff management.

PROFESSIONAL

HISTORY

2008 to present – Principle Valuation, LLC

Responsibilities include business development, management and execution of valuation projects

1985 to 2008 – Senior Manager, Valuation Counselors/CBIZ Valuation Group

Since joining the firm in 1985, Mr. Staunton served as Staff Appraiser, Senior Appraiser, Manager, Senior Manager and Business Development Manager.

PROFESSIONAL AFFILIATION Healthcare Finance Management Association

EDUCATION AND

PROFESSIONAL TRAINING




Prerequisite courses in Machinery and Technical Specialties including MTS201, MTS202, MTS203, and MTS204.


Relevant

Customers

HEALTHCARE SYSTEMS AND HOSPITALS OUR PROFESSIONALS HAVE SERVICED SINCE 2000

HEALTHCARE SYSTEMS CITY ST

Advocate Health Care Oak Brook IL

Ascension Health St. Louis MO

Aurora Health Care Milwaukee WI

Banner Health Systems Phoenix AZ

Baptist Health South Florida Coral Gables FL

Baylor Health Care System Dallas TX

Benefis Health System Great Falls MT

Capella Healthcare Franklin TN

Catholic Healthcare West San Francisco CA Centinela Freeman Health System Inglewood CA Centura Health Englewood CO CHRISTUS Health Irving TX

Community Health Systems, Inc. Brentwood TN

Community Memorial Health System Ventura CA

Daughters of Charity Health System Los Altos Hills CA

Elmhurst Memorial Healthcare Elmhurst IL

Envision Corp. Scottsdale AZ

Essent Healthcare Inc. Nashville TN

Gulf States Health Services Baton Rouge LA

Health Care REIT, Inc. Toledo OH

Health East Minneapolis MN

Health Management Associates Naples FL

Holistic Health Care, Inc. Birmingham AL

Hospital Sisters Health System Springfield IL

Ingalls Health System Harvey IL

Integrated Healthcare Holdings, Inc. Santa Ana CA

Jewish Hospital & St. Mary’s Healthcare Louisville KY

Landmark Hospitals Cape Girardeau MO

LifeCare Management Service Plano TX

LifePoint Hospitals, Inc. Brentwood TN

Memorial Healthcare System Hollywood FL

Metrocrest Hospital Authority Farmers Branch TX

NorthShore University Health System Evanston IL

Presbyterian Healthcare Services Albuquerque NM

Presence Health Chicago IL

Rapid City Regional Hospital Rapid City SD

Renaissance Healthcare Systems Houston TX

Saint Barnabas Health System Livingston NJ


HEALTHCARE SYSTEMS CITY ST Saint Thomas Health Services Nashville TN

Sarasota Memorial Healthcare System Sarasota FL

Seton Family of Hospitals Austin TX

Specialty Hospitals of America, LLC Portsmouth NH SSM Regional Health Services/St Mary’s Health Center

Jefferson City MO

St. Anthony Memorial Health Centers Michigan City IN

St. Francis Health System Pittsburgh PA

St. Vincent’s Health System Birmingham AL

Summa Health Systems Akron OH

Trinity Health Novi MI

Universal Health Services King of Prussia PA

University Hospital Health System - Cleveland Cleveland OH

University Hospital Health System - San Antonio San Antonio TX

Vanguard Health Systems Nashville TN

Vibra Healthcare Mechanicsburg PA

HOSPITALS CITY ST Carraway Burdick West Medical Center Haleyville AL

Carraway Northwest Medical Center Winfield AL

Crestwood Medical Center Huntsville AL

Hartselle Medical Center Hartselle AL

Parkway Medical Center Decatur AL

Russellville Hospital Russellville AL

Southern Cancer Center Mobile AL

Harris Hospital Newport AR

Helena Regional Medical Center Helena AR

National Park Medical Center Hot Springs AR

North Metro Medical Center Jacksonville AR

Siloam Springs Memorial Hospital Siloam Springs AR

St. Mary's Regional Medical Center Russellville AR

Casa Grande Regional Medical Center Casa Grande AZ

Florence Community Hospital Florence AZ

Holy Cross Hospital Nogales AZ

Peoria Regional Medical Center Peoria AZ

Plaza del Rio Campus Sun City AZ

St. Joseph Hospital Tucson AZ

St. Mary's Hospital Tucson AZ


HOSPITALS CITY ST

Sun Health Del E. Webb Campus Sun City West AZ

Tuscan Medical Center Tucson AZ

William O. Boswell Hospital Sun City AZ

Alameda Hospital Alameda CA

California Hospital Medical Center Los Angeles CA

Cedars Sinai Medical Center Los Angeles CA

Children’s Hospital of Los Angeles Los Angeles CA

Community Hospital of the Monterey Peninsula Monterey CA

Doctors Hospital of West Covina West Covina CA

Downey Regional Medical Center Downey CA

Fremont-Ridout Health Group Marysville CA

Glendale Adventist Medical Center Glendale CA

Glendale Memorial Hospital and Health Center Glendale CA

Glendale Regional Medical Center Glendale CA

Hemet Valley Medical Center Hemet CA

Hollywood Presbyterian Medical Center Los Angeles CA

Kentfield Rehabilitation & Specialty Hospital Kentfield CA

Kindred Hospital Rancho Rancho Cucamonga CA

Lancaster General Hospital Lancaster CA

Marian Medical Center Santa Maria CA

Marin General Hospital San Rafael CA

Menifee Valley Medical Center Sun City CA

Norris Comprehensive Cancer Center & Hospital Los Angeles CA

Palo Verde Hospital Blythe CA

Parkview Community Hospital Riverside CA

Physicians’ Hospital of Rancho California Murrieta CA

PIH Health Whittier CA

Providence Little Company of Mary Hospital Torrance CA

Robert H. Ballard Rehabilitation Hospital San Bernardino CA

Ronald Reagan UCLA Medical Center Los Angeles CA

San Joaquin Valley Rehabilitation Hospital Fresno CA

St. John’s Regional Medical Center Camarillo CA

St. Vincent Medical Center Los Angeles CA

USC University Hospital Los Angeles CA

Ventura Hospital Ventura CA

White Memorial Hospital Los Angeles CA

Lutheran Campus ASC LLC Wheat Ridge CO

OrthoColorado Hospital Lakewood CO

Penrose Hospital Colorado Springs CO

St. Anthony North Hospital Westminster CO


HOSPITALS CITY ST St. Mary-Corwin Medical Center Pueblo CO

St. Thomas More Hospital Canon City CO

Capital Hills Hospital Sharon CT

Greenwich Hospital Greenwich CT

Sharon Hospital Sharon CT

Waterbury Hospital Waterbury CT

Greater Southeast Community Hospital Washington DC

Providence Hospital Washington DC

Specialty Hospital of Washington-Hadley Washington DC

Boca Raton Community Hospital Miami FL

Baptist Hospitals of Miami Miami FL

Bonita Community Health Center Boca Raton FL

Campbellton-Graceville Hospital Graceville FL

Doctors Memorial Hospital Bonifay FL

East Point Hospital Bonita Springs FL

Fishermen’s Hospital Marathon FL

Health Central Hospital Ocoee FL

HealthSouth Ridgelake Hospital Sarasota FL

H. Lee Moffitt Cancer Center Tampa FL

Holy Cross Hospital Marathon FL

Homestead Hospital Fort Lauderdale FL

Jackson Hospital Marianna FL

Jacksonville Medical Center Homestead FL

Mercy Hospital Miami FL

Memorial Hospital Pembroke Jacksonville FL

Memorial Hospital of South Broward Pembroke Pines FL

Memorial Regional Hospital Hollywood FL

Northwest Florida Community Hospital Chipley FL

Orlando Health Central Hospital Ocoee FL

Park Royal Hospital Ft. Myers FL

Santa Rosa Medical Center Milton FL

Shands Lake Shore Lake City FL

Shands Live Oak Live Oak FL

Shands Starke Starke FL

West Kendell Baptist Hospital Kendell FL

Wuesthoff Medical Center-Rockledge Rockledge FL

Wuesthoff Medical Center-Melbourne Melbourne FL

Athens Long-Term Acute Care Hospital Athens GA

Banks-Jackson-Commerce Hospital and Nursing Home Atlanta GA

Grady Memorial Hospital Atlanta GA


HOSPITALS CITY ST Hamilton Medical Center Dalton GA

Memorial Hospital of Adel Adel GA

Complex Care Hospital of Idaho Meridian ID

Advocate Bethany Hospital Chicago IL

Advocate BroMenn Regional Medical Center Normal IL

Advocate Christ Medical Center Oak Lawn IL

Advocate Condell Medical Center Libertyville IL

Advocate Good Samaritan Center Downers Grove IL

Advocate Good Shepherd Hospital Barrington IL

Advocate Illinois Masonic Medical Center Chicago IL

Advocate Lutheran General Hospital Park Ridge IL

Advocate South Suburban Hospital Hazel Crest IL

Advocate Trinity Hospital Chicago IL

Elmhurst Memorial Hospital Elmhurst IL

Eureka Hospital Eureka IL

Evanston Northwestern Health Care Evanston IL

Good Shepherd Hospital Barrington IL

Gottlieb Memorial Hospital Melrose Park IL

Holy Family Medical Center Des Plaines IL

Marshall Browning Hospital DuQuoin IL

Mercy Hospital & Medical Center Chicago IL

MetroSouth Medical Center Blue Island IL

Northwest Community Hospital Arlington Heights IL

Norwegian American Hospital Chicago IL

Our Lady of Resurrection Medical Center Chicago IL

Palos Community Hospital Palos Heights IL

Provena Covenant Medical Center Urbana IL

Provena Mercy Medical Center Aurora IL

Provena Saint Joseph Hospital Elgin IL

Provena Saint Joseph Medical Center Joliet IL

Provena St. Mary’s Hospital Aurora IL

Provena United Samaritans Medical Center Danville IL

Resurrection Medical Center Chicago IL

Riverside Medical Center Kankakee IL

Rockford Memorial Hospital Rockford IL

Rush-Copley Medical Center Aurora IL

Rush University Medical Center Chicago IL

Saint Anthony Hospital Chicago IL

Saint Joseph’s Medical Center Joliet IL

Sherman Hospital Elgin IL


HOSPITALS CITY ST Silver Cross Hospital New Lenox IL

St. Anthony’s Memorial Hospital Effingham IL

St. Elizabeth Hospital Chicago IL

St. Elizabeth Medical Center Granite City IL

St. Francis Hospital Evanston IL

St. James Hospital & Health Center Chicago Heights IL

St. John’s Hospital Springfield IL

St. Joseph Hospital Chicago IL

St. Mary’s Hospital Decatur IL

St. Mary’s Hospital Streator IL

St. Mary of Nazareth Hospital Chicago IL

Swedish American Hospital Rockford IL

The Hospital for Specialty Care Chicago IL

Bluffton Regional Medical Center Bluffton IN

Cameron Memorial Community Hospital Angola IN

Dukes Memorial Hospital Peru IN

DuPont Hospital Fort Wayne IN

Elkhart General Hospital Elkhart IN

Franciscan Point Saint Anthony Health Complex Crown Point IN

Franciscan Physician Hospital Munster IN

Heartland Memorial Hospital Munster IN

Home Hospital Lafayette IN

Kosciusko Community Hospital Warsaw IN

Lutheran Hospital of Indiana Fort Wayne IN

Monroe Hospital Bloomington IN

Morgan Hospital and Medical Center Martinsville IN

OP Pavilion Dyer IN

Parkview Medical Center Fort Wayne IN

Pinnacle Hospital Crown Point IN

Pulaski Memorial Hospital Winamac IN

Rehabilitation Hospital of Fort Wayne Fort Wayne IN

Starke Memorial Hospital Knox IN

St. Anthony Memorial Michigan City IN

St. Francis Hospital - Mooresville Mooresville IN

St. Francis Hospitals & Health Centers - South Campus Indianapolis IN

St. Joseph Hospital Fort Wayne IN

St. Joseph Regional Medical Center Mishawaka IN

St. Margaret Mercy Hospital Hammond IN

St. Vincent Indianapolis Hospital Indianapolis IN

Shawnee Mission Medical Center Shawnee Mission KS

Western Plaines Medical Complex Dodge City KS


HOSPITALS CITY ST Jewish Hospital Louisville KY

Jewish Hospital Shelbyville Shelbyville KY

Southern Kentucky Rehabilitation Hospital Bowling Green KY

Avoyelles Hospital Marksville LA

Baton Rouge General Medical Center Baton Rouge LA

CHRISTUS Coushatta Health Care Center Coushatta LA

CHRISTUS Schumpert Highland Shreveport LA

CHRISTUS Schumpert St. Mary Place Shreveport LA

CHRISTUS St. Francis Cabrini Hospital Alexandria LA

CHRISTUS St. Patrick Hospital Lake Charles LA

HealthSouth Specialty Hospital of North Louisiana Ruston LA

Oakdale Community Hospital Oakdale LA

Presbyterian Intercommunity Hospital Lafayette LA

River West Medical Center Plaquemine LA

Sabine Medical Center Many LA

West Carroll Memorial Hospital Oak Grove LA

Merrimack Valley Hospital Haverhill MA

New Bedford Rehabilitation Hospital New Bedford MA

Southern Maryland Hospital Center Clinton MD

Hillsdale Community Health Center Hillsdale MI

St. Joseph Mercy Hospital Ypsilanti MI

Truvista Surgery Center Troy MI

St. Joseph's Hospital St. Paul MN

Callaway Community Hospital Fulton MO

Cape Girardeau Long-Term Acute Care Hospital Cape Girardeau MO

Crossroads Regional Hospital Wentzville MO

Franciscan Sisters of Our Lady of Perpetual Help of Ohio St. Louis MO

Joplin Long-Term Acute Care Hospital Joplin MO

Mercy Continuing Care Hospital Chesterfield MO

Mineral Area Regional Medical Center Farmington MO

Northcrest Regional Medical Center Kirksville MO

North Kansas City Hospital North Kansas City MO

SSM Regional Health Services Jefferson City MO

St. Alexius Hospital - Broadway Campus St. Louis MO

St. Alexius Hospital - Jefferson Campus St. Louis MO

St. Anthony’s Medical Center St. Louis MO

St. Mary’s Health Center Jefferson City MO

St. Mary's Hospital of Blue Springs Blue Springs MO

Oxford Lafayette Medical Center Oxford MS

Marlton Rehabilitation Hospital Marlton NJ


HOSPITALS CITY ST Meadowlands Hospital Medical Center Secaucus NJ

Memorial Hospital of Salem County Salem NJ

Mountainside Hospital Montclair NJ

Muhlenberg Medical Center Plainfield NJ

St. Michael’s Medical Center Newark NJ

CHRISTUS St. Vincent Regional Medical Center Santa Fe NM

Presbyterian Hospital Albuquerque NM

Presbyterian North Side Hospital Albuquerque NM

HealthSouth Hospital at Tenaya Las Vegas NV

Kindred Hospitals – Las Vegas Las Vegas NV

Kindred Hospitals – Las Vegas Sahara Las Vegas NV

Deaconess Center Buffalo NY

St. Mary's Hospital Amsterdam NY

Brown County Regional Hospital Georgetown OH

Conneaut Medical Center Conneaut OH

Geneva Medical Center Geneva OH

Hillside Rehabilitation Hospital Warren OH

Mahoning Valley Hospital Warren OH

Mahoning Valley Hospital LTAC Boardman OH

Select Specialty Hospital Akron OH

St. Thomas Hospital Akron OH

Summa Health Akron OH

Deaconess Hospital Oklahoma City OK

INTEGRIS Blackwell Regional Hospital Blackwell OK

INTEGRIS Clinton Regional Hospital Clinton OK

INTEGRIS Marshall County Medical Center Madill OK

INTEGRIS Mayes County Medical Center Pryor OK

INTEGRIS Seminole Medical Center Seminole OK

Logan Medical Center Guthrie OK

McKenzie Willamette Medical Center Springfield OR

Willamette Valley Medical Center McMinnville OR

Chestnut Hill Healthcare Philadelphia PA

HealthSouth Hospital of Pittsburgh Monroeville PA

HealthSouth Regional Specialty Hospital Mechanicsburg PA

Lock Haven Hospital Lock Haven PA

Memorial Hospital Towanda PA

Mercy Hospital Scranton PA

Mercy Special Care Hospital – Nanticoke Nanticoke PA

Mercy Tyler Hospital Tunkhannock PA

Moses Taylor Hospital Scranton PA

Southwest Regional Medical Center Waynesburg PA


HOSPITALS CITY ST St. Francis Hospital Cranberry Cranberry PA

St. Francis Hospital of New Castle New Castle PA

St. Francis Medical Center Pittsburgh PA

Sunbury Community Hospital Sunbury PA

Fall River Health Services Hot Springs SD

Lookout Memorial Hospital Spearfish SD

Siouxland Surgery Center Dakota Dunes SD

Sturgis Community Health Care Center Sturgis SD

Baptist Hospital of Cocke County Newport TN

Fentress County General Hospital Jamestown TN

Gateway Medical Center Clarksville TN

Haywood Park Community Hospital Brownsville TN

McKenzie Regional Hospital McKenzie TN

Mercy Medical Center North Powell TN

Mercy Medical Center St. Mary’s Knoxville TN

Mercy Medical Center West Knoxville TN

Methodist Healthcare McNairy Selmer TN

Methodist Healthcare Volunteer Hospital Martin TN

Methodist Healthcare-Brownsville Brownsville TN

Methodist Healthcare-Dyersburg Dyersburg TN

Methodist Healthcare-Jackson Jackson TN

Methodist Healthcare-McKenzie McKenzie TN

Methodist Healthcare-Lexington Lexington TN

Middle Tennessee Medical Center Murphysboro TN

North Coast Medical Center Springfield TN

St. Mary’s Jefferson Memorial Hospital Jefferson City TN

St. Mary’s Medical Center of Campbell County LaFollette TN

St. Mary’s Medical Center of Scott County Oneida TN

White County Community Hospital Sparta TN

Abilene Regional Medical Center Abilene TX

Baptist Medical Center San Antonio TX

CHRISTUS Hospital – St. Elizabeth Beaumont TX

CHRISTUS Hospital – St. Mary Port Arthur TX

CHRISTUS Jasper Memorial Jasper TX

CHRISTUS Santa Rosa Children's Hospital San Antonio TX

CHRISTUS Santa Rosa Hospital-City Centre San Antonio TX

CHRISTUS Santa Rosa Hospital-Medical Center San Antonio TX

CHRISTUS Santa Rosa Hospital-New Braunfels New Braunfels TX

CHRISTUS Santa Rosa Hospital-Westover Hills San Antonio TX

CHRISTUS Spohn Hospital Alice Alice TX

CHRISTUS Spohn Hospital Corpus Christi Memorial Corpus Christi TX


HOSPITALS CITY ST CHRISTUS Spohn Hospital Corpus Christi South Corpus Christi TX

CHRISTUS Spohn Hospital Kleberg Kingsville TX

CHRISTUS St. Catherine Hospital Katy TX

CHRISTUS St. John Hospital Houston TX

Dell Children's Medical Center Austin TX

DeTar Hospital Victoria TX

East El Paso Physicians’ Medical Center El Paso TX

Gulf Coast Medical Center Wharton TX

HealthSouth Hospital of Houston Houston TX

Highland Medical Center Lubbock TX

Kindred Hospital of East Houston Channelview TX

LifeCare Hospitals of Ft. Worth Ft. Worth TX

LifeCare Hospitals of Plano Plano TX

LifeCare Hospitals of San Antonio San Antonio TX

Longview Regional Medical Center Longview TX

Medical Center of Mesquite Mesquite TX

North Central Baptist Hospital San Antonio TX

Northeast Baptist Hospital San Antonio TX

Renaissance Hospital of Groves Groves TX

Renaissance Hospital of Dallas Dallas TX

Renaissance Hospital of Houston Houston TX

San Angelo Community Medical Center San Angelo TX

Seton Medical Center Williamson Round Rock TX

Southeast Baptist Hospital San Antonio TX

South Texas Spine & Surgical Hospital San Antonio TX

St. Luke's Baptist Hospital San Antonio TX

Texas Specialty Hospital Houston TX

Trinity Community Medical Center of Brenham Brenham TX

Trinity Medical Center Carrollton TX

University of Texas M.D. Anderson Cancer Center Houston TX

Vibra Specialty Hospital of Dallas Dallas TX

Jordan Valley West Jordan UT

Rocky Mountain Medical Center Salt Lake City UT

Lee Community Hospital Pennington Gap VA

St. Mary's Hospital Norton VA

Empire Health Services Spokane WA

Lourdes Medical Center Pasco WA

St. Joseph Regional Medical Center Lewiston WA

Valley Medical Center Renton WA

LifeCare Hospitals of Wisconsin Pewaukee WI

Aurora Medical Center Grafton Grafton WI


HOSPITALS CITY ST Aurora Medical Center Oshkosh Oshkosh WI

Aurora Medical Center Summit Summit WI

Sacred Heart Hospital Eau Claire WI

St. Joseph’s Hospital Chippewa Falls WI

St. Mary’s Hospital Medical Center Green Bay WI

St. Nicolas Hospital Sheboygan WI

St. Vincent Hospital Green Bay WI

Bluefield Regional Medical Center Bluefield WV

Charleston Area Medical Center Charleston WV

Thomas Memorial Hospital South Charleston WV


5.4 Financial Details

Financial

Details

Please see three years of historical financial statements.

This information is confidential and sensitive.






Product

Liability

Insurance


5.5 Technical Capability

Technical Capability

Pursuant to Florida

Statutes §

155.40(5)(c)-(d)

Principle Valuation is:

Full service appraisers of healthcare (business, real estate and

equipment)

Professionals that have serviced more than 325 hospitals

Executives with over 25 years of appraising hospitals

5.6 Quality Certification

Quality Certification Principle Valuation’s staff has obtained formal General Real Estate

Appraiser licenses/certifications in 48 States including Florida.


List of licenses/certifications General Real Estate Appraiser

Permanent, Temporary Active or Temporary Expired

1 Alabama 26 Nebraska 2 Arizona 27 Nevada 3 Arkansas 28 New Hampshire 4 California 29 New Jersey 5 Colorado 30 New Mexico 6 Connecticut 31 New York 7 Delaware 32 North Carolina 8 District of Columbia 33 Ohio 9 Florida 34 Oklahoma

10 Georgia 35 Oregon 11 Idaho 36 Pennsylvania 12 Illinois 37 Rhode Island 13 Indiana 38 South Carolina 14 Iowa 39 South Dakota 15 Kansas 40 Tennessee 16 Kentucky 41 Texas 17 Louisiana 42 Utah 18 Maine 43 Vermont 19 Maryland 44 Virginia 20 Massachusetts 45 Washington 21 Michigan 46 West Virginia 22 Minnesota 47 Wisconsin 23 Mississippi 48 Wyoming 24 Missouri 25 Montana

List of licenses /certifications Certified General Real Estate Appraiser

Timothy Baker

Arizona Indiana Maryland New Jersey

TJ Griffith Illinois Ohio Wisconsin

Patrick Simers Georgia


Timothy Baker



TJ Griffith


Patrick Simers


5.7 Industry Standards

Industry Standards Staff include:

Member Florida Chapter Healthcare

Financial Management Association

Board member First Illinois Healthcare


Yerger award recipient Healthcare


(best practices)

Advisory Committee Member American

Senior Housing Association

American Health Lawyers Association

Associate Member Appraisal Institute

5.8 Tenderer Qualifications

Tenderer Qualifications Principle Valuation is:

Full service appraisers of healthcare

(business, real estate and equipment)

Professionals that have serviced more

than 325 hospitals

Executives with over 25 years of

appraising hospitals


5.9 Relevant Services

Name of organization Wuesthoff Medical Center-Rockledge & Melbourne

Services provided Summary Appraisal Report: skilled nursing,

hospital, and LTACH

Value of contract Over $35,000

5.9.1 Relevant Services

Name of organization Shands: Starke, Live Oak, Lake Shore

Services provided Summary Appraisal Report: land, building, equipment, and site improvements


5.9.2 Relevant Services

Name of organization West Orange Healthcare District D/B/A Health Central Hospital

Services provided Summary Appraisal Report: land, building, and equipment



5.10 Specific Skills and Experience

Experience in the

successful delivery

of similar services

Engagement City State Staffed Beds

Tri-Lakes Medical Center (market value of assets sold)

Batesville MS 112

Baptist Memorial Hospital – North Mississippi (market value of assets sold)

Oxford MS 217

Greater Waterbury Health Network

Waterbury CT 373

(fairness evaluation for three way hospital joint venture)

Northwest Florida Community Hospital

Chipley FL 59

(strategic advisor to hospital owner regarding business operations) Logan County Board of Commissioners

Guthrie OK 25

(market value of assets and business operations for Logan Medical Center)

Experience of

working in this

industry sector

Over 1,000 separate healthcare or senior housing engagements

since inception.

Timothy Baker, President: 31 year concentration on healthcare

and senior living properties.

Patrick Simers, Executive Vice President: 30 years as a

healthcare appraiser.

KEY PERSONNEL PAGE 46

6. KEY PERSONNEL

6.1 Identity of the key personnel who will be responsible for performing each services/task

Identity of the key

personnel who will be

responsible for

performing each

services/task

Timothy Baker Quality Assurance

Patrick Simers Project Management

TJ Griffith Real Estate Valuation

Mary Jo Duffy, CPA Accounting Requirements

Daniel Rogala Business Enterprise Valuation (Analyst)

Michael Staunton Equipment Valuation

6.2 Technical knowledge of the personnel who will be responsible for performing each service/task

Technical knowledge

of the personnel who

will be responsible for

performing each

service/task

Timothy Baker Valuation reports for public offerings,

litigation support, HUD 232 and 242

mortgage insurance programs,

acquisition/divestitures, property tax

purposes, state reimbursement, estate

planning, and for internal management

decision making


Patrick Simers Fair market value studies for purchase,

sale, or financing; merger and acquisition

consulting; negotiation of purchase price;

fairness opinions; purchase price

allocations; financial reporting; SEC

reporting; Medicare regulatory

requirements; Safe Harbor requirements;

and 501(c)(3) private placement offerings

TJ Griffith Real estate valuation

Mary Jo Duffy, CPA Accounting requirements

Daniel Rogala Business enterprise valuation (analyst)

Michael Staunton Equipment valuation

6.3 Bidders shall provide details, including curriculum vitae, of all personnel who will be engaged in the management of the services required by this Request for Proposal.


TIMOTHY H. BAKER PRESIDENT

EXPERIENCE Mr. Baker has been in the appraisal industry since 1981 with a concentration on healthcare and senior living properties. His valuation experience includes valuing the business enterprise, real estate, and personal property. Valuations have been performed on a national and international basis. Consulting engagements include market and financial feasibility studies. Mr. Baker has experience in the valuation of numerous healthcare facilities including acute care, behavioral health, and rehabilitation hospitals. Senior living properties include nursing homes, assisted living facilities, and retirement centers. Other related operations include research facilities, healthcare leasing companies, physician practices, and medical office buildings. Mr. Baker has also provided consultations on market assessment, demand analysis, reimbursement issues, development of fixed asset records, and provided analysis of strategic opportunities. Valuation reports prepared by Mr. Baker have been used for several purposes including public offerings, litigation support, HUD 232 and 242 mortgage insurance programs, acquisition/divestitures, property tax purposes, state reimbursement, estate planning, and for internal management decision making.

PROFESSIONAL

HISTORY 2007 to present – President, Principle Valuation, LLC. 2001 to 2007 - Senior Vice President, Wellspring Valuation, Ltd. 1997 to 2001 - Vice President, Marshall & Stevens National Healthcare

Practice. 1992 to 1997 - Senior Manager, Capital Valuation Group, specializing in the

valuation of the business and real estate of senior living and healthcare related facilities.

1981 to 1992 – Manager, Valuation Counselors where he was responsible for performing a multitude of appraisal and consulting services for clients specializing in business enterprise, real estate, and machinery and equipment.

PROFESSIONAL

AFFILIATIONS Advisory Committee Member American Senior Housing Association Healthcare Financial Management Association American Health Lawyers Association Associate Member Appraisal Institute

EDUCATION

LICENSES, AND

DESIGNATIONS

1980 graduate of Bucknell University with a Bachelor of Science in Business Administration

Certified General Real Estate Appraiser Arizona, Indiana, Maryland, New Jersey, and New York

TESTIMONY Testified as expert witness in California, Colorado, Connecticut, New

Hampshire, New Jersey and Pennsylvania



EXPERIENCE Mr. Simers has extensive experience in serving the valuation needs of the health-care industry. He has valued all tangible and intangible assets associated with health-care enterprises, including the capital stock of majority and minority share holdings; medical specialty and physician joint ventures; fee simple, leased fee, and leasehold interests in real estate for hospital systems, stand-alone hospital campuses, and medical office buildings; major and minor movable equipment; certificates of need; contractual agreements; and preferred provider arrangements. Specific healthcare enterprises appraised include acute care hospital facilities, LTACH hospitals, psychiatric hospitals, rehab hospital facilities, single physician practices, multi-specialty practices, cath labs, diagnostic centers, cardiac care practices, home health agencies, nursing homes, assisted living facilities, and medical office buildings. Mr. Simers has performed fair market value studies for purchase, sale, or financing; merger and acquisition consulting; negotiation of purchase price; fairness opinions; purchase price allocations; financial reporting; SEC reporting; Medicare regulatory requirements; Safe Harbor requirements; and 501(c)(3) private placement offerings.

PROFESSIONAL

HISTORY Mr. Simers began his appraisal career with Valuation Counselors in 1982 and held various consulting, business development, and management roles, including four years as president of Valuation Counselors, leading up to its merger with CBIZ Inc. Most recently, Mr. Simers has served as the National Director for Healthcare services for American Appraisal Associates where he spear-headed the development of healthcare services for this international appraisal firm. Patrick J. Simers is Executive Vice President for Principle Valuation. He is responsible for the development and overall business plan for Principle’s consulting and appraisal services to for-profit, nonprofit, and public health-care providers. Mr. Simers is located in Principle Valuation’s Atlanta office.

PROFESSIONAL

AFFILIATIONS American Health Lawyers Association Healthcare Financial Management Association

EDUCATION

LICENSES, AND

DESIGNATIONS

Graduate of Northern Illinois University with a Bachelor of Science in Finance and Economics




THOMAS J. GRIFFITH VICE PRESIDENT

EXPERIENCE Mr. Griffith is currently the head of the seniors housing and skilled nursing valuation group. He has experience in the preparation and review of appraisals on a variety of proposed and existing properties. He specializes in valuations for the healthcare industry. Interests appraised include fee simple, leased fee and leasehold. Property types include hospitals, assisted-living facilities, senior apartment complexes, congregate care facilities, land, medical office buildings and nursing homes. He has also valued neighborhood shopping centers, industrial buildings, and office buildings. He has valued properties for conventional loans as well as Fannie, Freddie and HUD.


Manager, Real Estate Practice, Huron Healthcare Associate, Real Estate Practice, Wellspring Partners Consultant, Griffith Valuation Inc., where he conducted a variety of

residential appraisals including single-family residential; multi-family 2-4 flats; vacant land and condominiums

Real Estate Broker, West End Real Estate Inc. Served Merrill Lynch in the Investment Department, where he supported

several relationship managers

EDUCATION, LICENSES, AND

DESIGNATIONS

Bachelor of Arts in Real Estate and Business Administration, Arizona State University

Certified General Real Estate Appraiser Illinois, Ohio and Wisconsin Illinois Real Estate Managing Broker Associate Member of the Appraisal Institute Member, Chicago Real Estate Council

REAL ESTATE

COURSES Appraisal Institute

Basic Appraisal Principles Basic Appraisal Procedures 15-Hour National USPAP Course General Appraiser Market Analysis and Highest & Best Use Basic Income Capitalization Approach Advanced Income Capitalization Approach Advanced Sales Comparison & Cost Approach Report Writing & Valuation Analysis Advanced Applications Fundamentals of Separating Real Property, Personal Property and

Intangible Business Assets


MARY JO DUFFY, CPA

EXPERIENCE Ms. Duffy brings 25 years of accounting, auditing, business valuation, business consulting and financial management to her clients. She has testified as an expert witness in deposition and trial, and advised clients on strategy, transactions and general business issues in addition to valuation issues Ms. Duffy began her career with KPMG as an accountant and auditor. As CEO of Valuation Counselors, a national valuation firm, she provided valuation services to entities as diverse as boat manufacturers, grocery chains, technology ventures and healthcare providers. She served as a partner in a national CPA firm, responsible for appraisal and valuation services nationwide and was a member of the firm’s Management Council. As National Director of Financial Services to the healthcare industry for Coopers & Lybrand L.L.P., a predecessor firm of PricewaterhouseCoopers, Ms. Duffy was responsible for litigation, valuation, merger & acquisition, reorganization and other services to healthcare entities and assisted healthcare clients with matters involving providers, payers and related organizations. She later joined Ernst & Young’s Healthcare Consulting practice specializing in physician networks, operations improvement, M&A strategy and post-merger integration. Her expertise in the healthcare arena includes advising providers on strategic options, negotiating transactions and assisting a Debtor in Possession in disposing of the assets, preparing a physician organization for doubling in size and an IPO, and developing integrated networks in academic medical centers and community delivery systems. She has also been the CFO of multi-specialty, multi-site healthcare provider.

PROFESSIONAL

HISTORY Director, Acuitas, Inc. Senior Manager/Director, Ernst & Young Healthcare Consulting, LLC National Director of Financial Services, Coopers & Lybrand, LLC CEO, Valuation Counselors Group Certified Public Accountant and Auditor, KPMG

PROFESSIONAL

AFFILIATIONS Leadership Team Member Healthcare Task Force of Georgia Society of

CPAs Member, Illinois CPA Society Serves as Board Member for: Turning Point Women’s Healthcare, The

Childhood Autism Foundation and Emory Austin Resource Center Georgia Association of Healthcare Executives

EDUCATION

LICENSES, AND

DESIGNATIONS

Graduate of Georgetown University School of Business Certified Public Accountant

HONORABLE

DESIGNATIONS Honored by Atlanta Magazine as one of Atlanta’s outstanding business

women.


DANIEL L. ROGALA

EXPERIENCE Mr. Rogala has training in the fields of real estate, appraisal, finance, and economics. Education received was from a four-year accredited university; real estate and finance specific courses consisted of full time instruction over the course of 1 year. Instructors consisted of former lawyers and attorneys, and real estate brokers, including UIC’s director of Graduate Real Estate Studies. Following graduation Mr. Rogala started his valuation career in 2010 with Principle Valuation, LLC, a company specializing in healthcare and seniors housing appraisals, and is currently under direct supervision of Patrick Simers, Executive Vice President for Principle Valuation. Experience includes the valuation of the business enterprise, real estate, and personal property associated with ambulatory surgical centers, hospitals, physician practices, independent living communities, assisted living residences, skilled nursing facilities, and medical office buildings.


January 2010 to present – Analyst, Principle Valuation, LLC

EDUCATION &

LICENSES Appraisal Institute (2010) Basic Appraisal Principles (2010) Basic Appraisal Procedures (2010) National Uniform Standards of Professional Appraisal Practice

(USPAP) American Society of Appraisers (2010) BV201 – Introduction to Business Valuation Part 1 (2010) BV202 – Introduction to Business Valuation Part 2 (2011) BV203 – Business Valuation Case Study (2012) BV204 – Advanced Topics in Business Valuation

University of Illinois at Chicago, Bachelor of Science in Economics, 2009 (2009) Real Estate Finance (2009) Business Forecasting (2008) Investments (2007) The Legal Environment of Business

Illinois Associate Real Estate Appraiser #557.005617


MICHAEL E. STAUNTON

EXPERIENCE Twenty-seven years of valuation experience, specializing in healthcare properties including major medical centers, regional hospitals, physician practices, imaging and surgery centers. Valuations have been performed for the purpose of merger and acquisitions, allocation of purchase price, financial reporting, fixed asset management and insurance. These reports have also been used for third-party reimbursement, financial reporting, and property control. Responsibilities include business development, client relationships, execution of valuation projects and project and staff management.

PROFESSIONAL

HISTORY 2008 to present – Principle Valuation, LLC

Responsibilities include business development, management and execution of valuation projects

1985 to 2008 – Senior Manager, Valuation Counselors/CBIZ Valuation Group Since joining the firm in 1985, Mr. Staunton served as Staff Appraiser, Senior Appraiser, Manager, Senior Manager and Business Development Manager.

PROFESSIONAL AFFILIATION

Healthcare Finance Management Association

EDUCATION AND PROFESSIONAL TRAINING




Prerequisite courses in Machinery and Technical Specialties including MTS201, MTS202, MTS203, and MTS204.

6.4 Personnel

Documentation Patrick Simers, Executive Vice President

Infrastructure set-up and management Timothy Baker, President

Project Management Patrick Simers, Executive Vice President

Quality Assurance Timothy Baker, President


Relevant qualifications and training Timothy Baker, President

31 years in the appraisal industry with

a concentration on healthcare and

senior living properties

Certified General Real Estate

Appraiser in Arizona, Indiana,

Maryland, New Jersey and New York

Testified as expert witness in

California, Colorado, Connecticut, New

Hampshire, New Jersey and

Pennsylvania

Patrick Simers, Executive Vice President

30 years as a healthcare appraiser.

Certified General Real Estate

Appraiser in Georgia

Testified as expert witness in Federal

Bankruptcy Court (Utah), State Court

(Nevada), County Court (Winnebago

County, Illinois)

Length of time with the Bidder’s organization Timothy Baker – Founder

Patrick Simers – Four years


Position new held with the Bidder and length

of time in this position

Timothy Baker – President since inception

Patrick Simers – Executive Vice President

since joining

Experience (and role) in providing similar

services over the past three years

Timothy Baker: Founder of full service

(business, real estate and equipment)

healthcare appraisal firm. Our

Principle Valuation professionals has

serviced more than 325 hospitals

Patrick Simers: During the past three

years responsible for the development

and overall business plan for

Principle’s consulting and appraisal

services to non-profit, for-profit and

public health-care providers.

6.5 Reference Projects

Name of Company West Orange Healthcare District

d/b/a Health Central Hospital

Contract name Allocation of Purchase Price (Orlando Health)

Telephone number and contact information Michael Mueller, Chief Financial Officer

Phone: 407-296-1802

Email: [email protected]


6.5.1 Reference Projects

Name of Company Carmody & Torrance LLP

Contract name Waterbury Hospital, Connecticut

Telephone number and contact information Ann Zucker, Partner

Phone: 207-784-3108


6.5.2 Reference Projects

Name of Company Community Health Systems, Inc.

Contract name Several – hospital valuations

Telephone number and contact information Jeff McInturff, Director, Accounting/Financial

Reporting

Phone: 615-628-6531


APPENDICES

A P P E N D I C E S

APPENDICES A 1

Contact Details 1.

Company Name Principle Valuation

2. Address

230 West Monroe, Suite 2540 Chicago, Illinois

3. Postcode/Zipcode

60606

4. Telephone Number

(312) 422-1010

5. Fax Number

(312) 422-1515

6. Contact Person

Adam Lynch

7. Position in Company

Business Development

8. Email Address

[email protected]

9. Website (if applicable)

www.principlevaluation.com

10. Number of Employees

Full Time

15

Part Time

6

APPENDICES A 2

Declaration For Applicants I, Adam Lynch, of Principle Valuation have completed the enclosed documentation in respect to this Request for Proposal application. I declare that the following documents have been enclosed with our application

1. 2 Copies of Request for Proposal

Yes

2. Completed Bank Details Forms

Yes

3. Completed CV Forms

Yes

4. Completed Certificate as to Canvassing

Yes

5. Completed Contact Details Form

Yes

Signed

Name (Block Capitals):

ADAM LYNCH

Position in Company

Business Development

Date

12/19/2012

APPENDICES B 1

Certificate As To Canvassing I, Adam Lynch, certify that I have not canvassed any employee of the Citrus County Hospital Board or the Citrus Memorial Health Foundation in connection with the preparation, submission and evaluation of this Request for Proposal or award of the Contract. To the best of my knowledge and belief, no person employed by me or acting on my behalf has done, or will do, such an act. Signed,

Adam D. Lynch Date: 12/19/2012

APPENDICES C 1

Proposal Checklist

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