SUCCESS STORY | UTSW - ST. PAUL UNIVERSITY HOSPITAL
Shattuck LLC performs public auction of all medical center assets
When UT Southwestern Medical Center (UTSW) purchased St. Paul University Hospital it was determined that a renovation of the old nine-story medical facility would be too costly. Hospital leaders instead chose to demolish the facility and transfer operations to another UTSW facility, William P. Clements Jr. University Hospital. As a result, UTSW had to liquidate all assets of value from the former St. Paul facility – a hospital that had operated for more than 50 years – within 30-45 days.
With decades of auction project experience in the medical field, Shattuck was quick to rise to the challenge. Immediately after the project was awarded, Shattuck devised a detailed hospital transition plan. Its field services team captured asset tag numbers to assist UTSW in reconciling their equipment and supply inventory prior to moving the assets. Next, Shattuck identified and prepared all fixed-in-place and non-fixed assets of value for sale, preparing for three public preview dates and numerous private preview appointments.
To promote the preview opportunities, Shattuck employed a combination of digital and print promotional methods to target regional buyers, including Shattuck’s database of 20,000+ registered bidders. For each preview, Shattuck routed buyers safely through the facility to view fixed assets.
In addition to managing the accelerated schedule and removal of assets, Shattuck needed to provide oversight to ensure HIPAA compliance throughout the transition. But Shattuck knew how to manage each obstacle and was able to protect its client and their best interests every step of the way.
Shattuck sold all designated assets in 45 days from the time the items were grouped into auction lots. All sold items were retrieved within seven days of auction close, ensuring the demolition schedule stayed on track. The highly-targeted, highly-effective marketing efforts put out by Shattuck helped promote regional interest in the auction, generating twice the projected revenue for the sale – more than $652K in all.
In addition, because Shattuck was able to mitigate a significant amount of tonnage from the demolition contract, UTSW was able to save a tremendous amount on the cost of demolishing the facility.
UTSW expressed its pleasure in Shattuck’s sales process, calling the hospital transition “flawless.” And Shattuck has been able to continue enhancing its collaboration with UTSW, which has developed into a productive working relationship.
at a glance
Following its acquisition of a 50-year old medical facility, University of Texas Southwestern Medical Center (UTSW) was faced with decommissioning the former hospital location within an exceptionally tight timeline. UTSW engaged Shattuck to organize and prepare all fixed in-place and non-fixed assets for public online auction. With Shattuck on board, UTSW was able to maximize the value of these assets while mitigating the costs of demolishing the facility – all within the required timeline.
Photo above: Shattuck LLC sold all assets of nine-story hospital including 185+ hospital beds.