Ambulatory strategies can help in a shifting market , Revista panel says
By John B. Mugford
The “Ambulatory Strategy in a Shifting Market” panel discussion at the 2026 Revista Medical Real Estate Investment Forum Feb. 4 included (from left to right): moderator Matt Coursen of JLL, Kelly Noel of UPMC, Steven Stubbs of ATK Group and Gina Weldy of Northwestern Medicine. (HREI photo)
Experienced healthcare real estate (HRE) professionals know that their success hinges on having a firm grasp of the challenges, opportunities and objectives of their health system clients, who are the driving force behind the HRE market.
Those client concerns took center stage during a recent panel discussion of current and former system executives, who shared insights into the strategies they are exploring to grow their ambulatory networks in light of probable, and painful, reductions in Medicaid and Medicare funding.
The discussion, titled “Ambulatory Strategy in a Shifting Market: Capital, Policy Risk & Portfolio Optimization,” was held during the recent Revista Medical Real Estate Investment Forum (MREIF) at the Terranea Resort in Rancho Palos Verdes, Calif., part of Greater Los Angeles.
The moderator was Matt Coursen, U.S. Healthcare leader of leasing advisory with Jones Lang LaSalle Inc. (NYSE: JLL), and the panelists comprised:
■ Kelly Noel, VP of construction, real estate and facilities operations with Pittsburgh-based UPMC (University of Pittsburgh Medical Center), which is also an academic health system and which operates more than 40 hospitals, 800 outpatient facilities and has a real estate portfolio of about 42 million square feet;
■ Steven Stubbs, principal with Los Angeles-based health system advisory firm ATK Group, a consultant to Roseville, Calif.-based Adventist Health, a 23-hospital system with about 400 clinics on the West Coast, where he served as the regional director of clinic, ancillary and business development from 2014-25; and
■ Gina Weldy, senior VP of administration with Chicago-based Northwestern Medicine, an academic health system with 11 hospitals, 250 sites of care and 38,000 employees.
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