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Hospitals to Seek New Revenue Models Amid Declining Patient Overnight Stays

BRONX NY (August 2021) — Healthcare real estate developer Joseph Simone says that the declining rate of hospital stays is prompting providers to seek new revenue models involving elective surgery and outpatient services.

“For the past four decades we’ve seen a remarkable decline in average hospital stays that is reshaping the medical landscape. Many hospitals have closed while those that remained open have launched multi-million-dollar expansions to help them replace the revenue from declining hospital stays,” said Joe Simone, President of Simone Development Companies.

According to statistics from the Centers for Disease Control, the average length of a hospital stay declined nationally from 11.4 days in 1975 to 6.1 days in 2014.

“These government statistics are the reason why my company built the New York metro region’s first ‘bedless hospital,’ an 11-story facility in the Bronx that focuses on outpatient medical services that include surgery,” said Joseph Simone, referring to the 280,000-square-foot Montefiore Ambulatory Care Center. “Increasingly, we are seeing the construction of similar centers throughout the region and nationally.”

Hospitals are spending big money on new ambulatory centers as outdated sick wards receive fewer extended-stay patients. In Harrison, NY situated in the heart of Westchester County’s “Medical Mile” along I-287, Simone recently completed 104 Corporate Park Drive, a state-of-the-art pediatric ambulatory care facility custom designed for Montefiore Medical Center.

“These centers are critical for aging hospitals as they seek to upgrade their delivery of high-quality, specialty care,” said Joe Simone. “Today’s healthcare consumers are demanding higher levels of service and comfort from hospitals, which means that developers and landlords must pay special attention to building design.”

About Simone Development Companies
Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of office, retail, industrial and healthcare properties in the New York tristate area. Headquartered in the Bronx, the privately held company owns and manages more than 6 million square feet of property in the Bronx, Westchester County, Queens, Long Island, New Jersey and Connecticut. The company’s portfolio includes more than 100 properties and ranges from multibuilding office parks to retail and industrial space.
Joe Simone - President - Simone Development - Boyce Thompson Center
Joe Simone, President, Simone Development
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