The Tragic End of a Healthcare Leader
Details of the Shooting
United Healthcare CEO Brian Thompson was gunned down on a Wednesday morning in Midtown Manhattan. The exact circumstances surrounding the shooting are still under investigation, but it has left the community in a state of shock. This incident serves as a reminder of the dangers that can exist even in the most bustling urban areas.
Law enforcement officials are working diligently to piece together the events that led to this tragic outcome. They are interviewing witnesses and gathering evidence to determine the motive and identity of the shooter. The community is waiting with bated breath for answers and closure.
Impact on the Healthcare Industry
The death of Brian Thompson, a prominent figure in the healthcare industry, has significant implications. He was not only the CEO of a major healthcare company but also a respected leader in the field. His loss will be felt by colleagues, employees, and patients alike.
United Healthcare plays a crucial role in providing healthcare services to millions of people. With Thompson's passing, there may be questions about the future direction and leadership of the company. It remains to be seen how this tragedy will impact the organization and the industry as a whole.
Lessons Learned and Safety Measures
This tragic event serves as a wake-up call for the need to prioritize safety in public spaces. It highlights the importance of having adequate security measures in place, especially in high-profile areas such as hotels and business districts.
Hotels and other establishments should review and enhance their security protocols to ensure the safety of their guests and employees. This may include increased surveillance, better access control, and trained security personnel. By taking these steps, we can hope to prevent similar tragedies from occurring in the future.
Unlock the Potential of Unconventional Real Estate Partnerships
Section 1: The Changing Landscape of Global Real Estate
In recent times, global real estate development has undergone a significant transformation. Building green, which was once a niche concept, has now become a necessity. New regulations, evolving consumer preferences, and the expectations of investors have all contributed to this shift. For instance, a study conducted by McKinsey revealed that nearly three-quarters of large global real estate companies' chief investment officers identified high interest rates as a major challenge. Fluctuations in costs and supply chain issues also pose significant problems. These difficulties have led real estate developers to explore broader and deeper partnerships.In 2022, approximately 30% of real estate partnerships involved alliances, joint ventures (JVs), and mergers and acquisitions (M&A) with noncore industry partners such as hospitality or environmental services. This is a significant increase from around 20% in 2013. Developers are realizing that they need to integrate sophisticated technology, including machine learning, and provide a high standard of customer experience. Deeper partnerships with diverse companies and industries can help them achieve these goals.Section 2: Unconventional Partnerships in Real Estate
Unconventional partnerships in real estate are innovative and nontraditional collaborations that go beyond the traditional developer-contractor relationship. Instead of simply hiring a service provider or buying products, developers enter into more sophisticated cooperation mechanisms such as alliances, JVs, and acquisitions. These partnerships enable cross-industry collaboration and vertical and horizontal integration.For example, a megacity formed a JV with a sustainable waste management company. This partnership helped the megacity access tailored solutions, enhance its sustainability reputation, and overcome supply chain problems. Another case is a European developer's JV with a clean-energy producer. This collaboration enabled the developer to increase renewable energy production by more than 200% over two years and attract sustainability-conscious investors.Unconventional partnerships offer several benefits. They allow developers to invest in new technologies and solutions, attract a wider pool of investors, and gain capabilities and expertise that expand the traditional definition of what a developer does.Section 3: Case Studies of Unconventional Partnerships
A European developer announced a JV with a clean-energy producer to expand solar-power production on its properties. By doing so, the developer was able to produce approximately ten million kilowatt-hours (kWh) of electricity per year and save roughly four million metric tons of CO2 equivalent. This was more cost-effective than seeking to produce clean energy independently through contracted suppliers.A megaproject invested in an automotive start-up and formed a JV. This allowed the developer to build in-house capabilities and access new revenue streams. It also had a positive impact on the local economy by creating jobs locally instead of in another country.A North African megacity developer formed a JV with a sustainable waste management company. This partnership helped the megacity achieve an 80% landfill waste diversion rate and gain a competitive advantage in securing materials and services during supply chain problems. It also enhanced the developer's reputation and attracted sustainability-conscious investors.A North American real estate developer invested in an equity alliance with a security tech start-up. This partnership enabled the developer to customize the start-up's software and gain a competitive edge in security innovation. It also helped develop in-house capabilities and attract a new class of investors.Section 4: Steps to Successful Unconventional Real Estate Partnerships
Conduct Specialized Due Diligence: Unconventional partnerships involve new business models and unfamiliar risks. It is crucial to conduct a tech infrastructure assessment, evaluate cybersecurity protocols, and conduct IP rights audits to ensure the partnership's success.Determine the Partnership Type: Real estate developers need to select the appropriate deal type based on their strategic directions and risk appetite. Acquisitions, JVs, and strategic alliances are the most common mechanisms.Define, Review, and Adapt Shared Objectives: Clear and aligned objectives are essential in unconventional partnerships. As AI and gen AI become more powerful, developers need to seek out partners to rewire their companies for the digital era. Well-defined goals based on common objectives and values are crucial.Develop a Strong Governance Model: Effective governance is crucial to the success and longevity of partnerships. This includes establishing a management team, recognizing and bridging cultural differences, and managing risks.Establish Performance Metrics and Exit Strategies: Partnership agreements should include performance metrics to assess progress and exit strategies in case of dissolution. Planning for leadership succession is also important.Unconventional partnerships can help real estate developers build capabilities and expertise in areas such as sustainability and technology. They can also help pursue near-term goals and evolve into future-proof developers.Uncover Oklahoma's News with First Watch
Cost Overrun at the Donahue Behavioral Health Center
The Donahue Behavioral Health Center in Oklahoma City is encountering a substantial cost overrun. The initial estimate of $150 million did not include furniture, equipment, and the need to redesign bathrooms from hallways to individual rooms. This has led to a request for an additional $125 million to complete the project. Lawmakers and state officials broke ground in March with the expectation of completion by 2026, but now it may be pushed back to 2028. Multiple factors such as inflation have contributed to the higher costs. In 2022, when lawmakers vetted the project, they anticipated making $50 million from the sale of land at the aging Griffin Memorial Hospital in Norman. However, that has now dropped to $10 million due to soft demand and possible building remediation costs. Former leaders at the agency failed to include these costs in the initial project estimates. Mental Health Commissioner Allie Friesen took over in January and is now dealing with these challenges.
The original design had bathrooms in hallways, which raised concerns about certification. The agency's new leaders worried that if bathrooms were not in patient rooms, the facility might not meet certification requirements. Safety concerns and additional costs are associated with moving patients from their rooms to hallways and back. Agencies had to submit their budget requests by Oct. 1, and the updated information has been submitted to legislators. Friesen alerted lawmakers of a possible shortfall in May, and discussions continued throughout the summer. The Legislature committed $87 million in federal pandemic relief funds in 2022, with the rest of the funding coming from the sale of Griffin land. The 200,000-square-foot Donahue Center is set to replace the 1890s-era Griffin, which is the state's largest behavioral health hospital. The bed count may be slightly reduced due to the need for bathrooms in patient rooms.
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Ongoing Discussions and Future Plans
Speaker-Elect Kyle Hilbert stated that discussions about the shortfall are ongoing. Increasing mental health capacity in the state is a priority for the House, and they are working with the Senate and the Department of Mental Health to understand the needs and find ways to meet them. They have publicly discussed the known funding gap and are working within the constraints of the available funding. With the delay in opening Donahue, Hall expects the Department of Mental Health to continue using Griffin in Norman. Temporary private treatment beds may also be needed. Hall emphasized the need to be responsive to the need but cannot make a decision to fill the funding gap without going through the legislative process.
Paul Monies, a reporter with Oklahoma Watch since 2017, covers state agencies and public health. You can contact him at (571) 319-3289 or pmonies@oklahomawatch.org. Follow him on Twitter @pmonies.