Santee Hathaway, Michael Tatum, Patrick Valentz and Tommy Newton founded Xite Realty for one main purpose: to help physicians because they help us.
“All of us came out of the corporate real estate world, preforming site selection all over North America for Fortune 500 companies, then the subprime hit and that sector changed,” says Tommy Newton. At that time we noticed medical projects were still expanding, and after further research we realized that the physicians behind these projects didn’t have adequate specialized real estate representation. This experience started what is now Xite Realty.”
It was then that the four partners took everything they had learned from 10 years of providing in-depth, value-added services to publicly traded companies and customized that platform to a medical service model.
“We quickly realized that when working for a partnership of physicians that they are researchers, and in order for us to effectively communicate with them, we would need to provide a data-driven approach to site selection in order to prove why one property would have a higher patient volume than another,” Michael Tatum explained. “That is when Xite turned into a healthcare demographics company with real estate experience. “
Since then Xite has either completed or is actively negotiating over 40 FECs. “We have learned along the way,” Santee Hathaway said. “The method of site selection we first used in 2009 has evolved tremendously compared to how we performed site selection today for FSED groups. Now we have the capabilities to identify the private insured population density, and through our Kaiser model we can forecast the estimated market share you need to capture in order to achieve your pro forma while taking into account area hospital ER counts and FEC competition.”
Patrick Valentz says Xite has experienced tremendous growth since its inception with offices in Dallas, Houston, Austin, and San Antonio. “We fully expect to be completing several transactions for ER’s in other states by the end of 2015.”
Joining TAFEC has allowed Xite to collaborate with other professionals who specialize in the FEC market and has helped educate our company in other subject matters related to the ER industry. Growing our knowledge in medical equipment, reimbursables, healthcare legislation, and other realms of healthcare allow us to be better at our job and constantly seek areas to improve the healthcare site selection process.