Like many great companies in America’s history, New Era is led by a duo: Tim Lavender and Daryn Eudaly. Tim and Daryn bring a rich history of working together that has led the company to where it is today. They met in 2001, as part of a team of visionaries that would change how medical services were delivered to local communities. Tim and Daryn’s skill sets immediately complimented each other, and the strength of their friendship and working relationship which was formed in those early years continues to this day.
At the turn of this century, the physician owned ambulatory surgery center (ASC as many people know them) was coming into its own. Disgruntled by the large hospital systems and the difficulty they were having in getting operating room time for their procedures, physicians across the country were forming their own out-patient centers. These centers allowed physicians to have a reliable surgery schedule and to share in the profits that were being generated by the hospitals. These ASC’s were also very good for the patients. There were no large, intimidating hospital campuses to wander about, and the out-patient center staffs were friendly and highly trained. Patient’s would go in for their procedure in the morning, and go home in the afternoon…everyone wins.
In 2000, Tim led a small team of people (including Daryn) in planning a vision to create a model that would result in brand new, state-of-the-art ambulatory surgery centers co-owned by physicians and run with professional management. The result of over a year of planning was a company by the name of Cirrus Health, of which Tim became the founding president. But the idea did not stop there. One of the factors that made Cirrus Health unique was that the physician mix and the ASC itself was custom designed and built on the pathographics of each market. Pathographics, a term coined by Tim, is the study of a defined market that answers key questions like:
The result of these pathographic studies was the driving force for the Cirrus Health model, and proved to be invaluable in predicting the success of any given market.
The other factor that made Cirrus Health unique was that, for the first time, primary care physicians (the doctors who refer all the cases to the specialists) had an opportunity to invest into the real estate component of the model. Now, the front line physicians who were prohibited by federal law from investing into the actual ASC operating company, could make investments into the building that housed the ASC.
The result was a win for the patients, a win for the surgeons and a win for the primary care doctors. There is always success when everyone wins. In only 4 short years, Cirrus Health built 12 brand new centers, acquired another 9 centers and had over 200 physician investors. The company’s real estate holdings were sold to a major healthcare REIT in 2005, generating significant returns for its investors.
After the sale of the Cirrus Health assets, Tim and Daryn continued their pursuit of researching, investing, developing and acquiring healthcare facilities throughout the Southwest. They formed their own Broker-Dealer (Upstream Capital Partners) to provide investing and financing opportunities in healthcare related operating companies and medical real estate facilities through their newly named company, TruMedical Partners.
Quite often deals are complicated and need lots of research and brainpower, and that’s where this duo shines. Such was the case as the TruMedical team put its arms around the Stanislaus Surgical Hospital in Modesto, California. Operating as the second conversion in the nation from an ASC to a surgical hospital, the full-service hospital had great favor with the local community, but was beginning to suffer from an aging physician staff who were retiring from their years of medical service. Younger physicians were looking for a role in leadership and a way to participate in the profits of the hospital, but most of the shares were owned by the retiring physicians.
After months of researching and analyzing the complicated opportunity, TruMedical put forth an offer that provided a win-win solution for the retired physicians, the younger physicians and the hospital as a whole. Within less than a year, the entire financial structure of the hospital was re-engineered and case volume grew by 25%. In 2007, this property, which has now become a popular case study, was sold to a regional healthcare company and continues to be successful to this day.
As was the case for many companies in America, 2008 and 2009 brought difficult times to the healthcare development business. Loans to purchase and construct facilities were almost impossible to come by, even for the most successful of companies, including TruMedical Partners. Sometimes you just have to wait for the clouds to pass until a bright new opportunity comes your way. This is exactly what Tim and Daryn did for 2008 and most of 2009.
But the clouds did begin to pass in the summer of 2009, when Tim and Daryn reconstituted their longtime partnership as Rainier Medical Investments (RMI) – a joint venture with Rainier Capital Management in Dallas, Texas. Within months of launching, RMI acquired two major properties on the Baylor Regional Medical campus in Grapevine, Texas. Once again, reaching out to the hundreds of physician investors Tim and Daryn had built relationships with over the years, these two properties were financed in short order and RMI was off to building yet another portfolio of properties.
With RMI, the team had the opportunity to focus on not just developing individual medical facilities, but entire medical campuses anchored by name brand hospital systems. In 2010, RMI acquired 24 acres surrounding the newly opened Texas Health Resources Presbyterian Hospital in Flower Mound, Texas. From 2010 to 2015, the company was busy strategically building out the remaining components of what has become one of the most successful hospitals in the DFW Metroplex. With the addition of a new Baylor Medical campus in Waxahachie, Texas, an up and coming campus in Granbury, Texas and other significant medical opportunities in emerging markets all across Texas, RMI was well positioned to create successful projects for the communities it was involved in and successful investments for its following of investors.
The principles of “always learning” and “looking around the corner” have long been at the heart of Tim and Daryn’s business strategy. Today, these principles hold true as medical services in America are on the change. Obamacare, restrictions on physician ownership of hospitals, mergers and consolidations, consumer preferences – all play a role in the changing landscape of medical facilities and hospital campuses.
In 2013, hospital systems across the country began exploring the growing need for hospitality in the form of a hotel on their campuses. As our principals also foresaw this upcoming trend, they began to prepare the company for its next stage of growth – a new era was in the making for this duo.
In early 2015, Tim and Daryn bought out their RCM business partners and renamed the company, New Era. Today, New Era is the parent company for New Era Medical (formerly know as Rainier Medical Investments), New Era Hotels & Resorts, New Era Capital and New Era Development Company. Some have called the staff of New Era the “Dream Team”. In just a matter of months, New Era has more than tripled its project pipeline with significant projects in the medical, hospitality and multi-use markets underway.
We think that as you enjoy the content of our website it will be obvious to you that a New Era is well underway for our company and the partnership between our principals.