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The Tampa Bay area's power couple

The Drs. Patel have bolstered the bay area in numerous ways.

By KRIS HUNDLEY, Times Staff Writer
Published January 17, 2008

Since moving to the Tampa Bay area 26 years ago, cardiologist Dr. Kiran C. Patel and his pediatrician wife, Dr. Pallavi Patel have had an outsized impact: on health care, on business, on giving.
	[Chris Zuppa | Times]

ADVERTISEMENT [Dianne Blyler] Drs. Kiran and Pallavi Patel with Savitaben Patel, mother of Kiran Patel and namesake of the Savita Society, the women's empowerment initiative, at October's opening of a women's microbank in Mota Fofalia, Gujarat, India.

Since moving to the Tampa Bay area 26 years ago, cardiologist Dr. Kiran C. Patel and his pediatrician wife, Dr. Pallavi Patel have had an outsized impact: on health care, on business, on giving.

With the recent announcement that they are closing their public foundation, the Patels once again showed a determination to make a difference on their own terms.

In a wide-ranging interview recently, Kiran Patel, 58, spoke of the couple's numerous ventures, both profit-making and otherwise. And the self-made multimillionaire, who has made and given away fortunes, gave a hint at what drives him.

"I don't know if I will ever be happy with anything in life," he said.

University of South Florida

In May 2005, the Patels made an $18.5-million pledge, the largest single donation in USF's history, to fund the Dr. Kiran C. Patel Center for Global Solutions.

Status: Patel's $5-million donation to the building fund has triggered a $5-million state match. Though Patel initially contributed to the center's monthly operating expenses, that support ended in the fall with Patel expecting the eight-person center to raise funds from other sources. Neither Patel nor Betty Castor, the center's executive director, believe the change will jeopardize operations. Patel said he is committed to fulfilling his pledge according to a timetable that takes into account his age and tax-related issues.

"This cannot be one man's obligation," Patel said. "It is my job to plant the seed and water it to whatever level I can. Hopefully the rain and sun will be brought by others."

HMOs

After building Tampa's WellCare to $1-billion in revenue, the Patels sold it in 2002 to a New York investment firm for $200-million.

Status: When his five-year noncompete agreement expired in August, Patel started raising money from physicians for a new HMO holding company called America's 1st Choice. His acquisition of two Tampa Bay area Medicare HMOs, Optimum Healthcare and Freedom Health, is pending approval by Florida insurance regulators. Patel said his new Medicare HMO business, which will be based in Tampa, has 12,500 members but should grow to 50,000 within five years.

He's invested $45-million of the couple's reported $274-million net worth in the new business and hopes to replicate his success with WellCare by consolidating small HMOs into a cost-efficient powerhouse.

"It makes a lot of sense for all of us to unite, but is it practical? That's the question," Patel said. "All I know is there will be insurance and there will be companies, and one has to adopt to the environment to survive. I could be one of the casualties. Just because I was successful once doesn't mean I'll always be successful."

Medical software

Patel said eight years ago that he wanted to be No. 1 in the medical software business.

Status: As chairman of America's Healthcare Holdings, Patel has acquired five software companies, one of which is headed by his son, Shilen Patel. He said revenues have grown 25 times, but developing software for electronic health records takes more time and money than he expected. An acquisition by a bigger player would be ideal, Patel said. "I could exit, have another bang and retire forever."

Public foundation

The Patels started the Foundation for Global Understanding in 2003 to raise money for education, health and economic initiatives, locally and overseas.

Status: The couple is closing the foundation, though they will continue funding several of its programs through their private family foundation. Among its continuing efforts is a women's microbank in Patel's ancestral village in India, started with a $20,000 investment from a local women's group in October. Patel said he wants more control over his giving and does not want to be involved in fundraising or answer to a board of directors.

"I want to prioritize my dollars where I feel they will have the most impact," said Patel, who has funded hospitals in Zambia, Tanzania and India, as well as scholarships and two elementary schools in Tampa. "And in this country, of which I am a citizen, the value of a dollar is very little."

Clearwater Beach development

In September 2004, Patel bought 2.7 acres on Clearwater Beach for an eye-popping $40-million with plans for the Kiran Grand Resort & Spa, a posh condo/hotel project.

Status: Late last year Patel signed a partnership with The Related Group, a Miami developer, and said condos were out: The $250-million project is expected to have 250 hotel rooms and 200 time shares. Patel said he is in negotiations with a large hotel franchise to take over 60 percent of the project and the hotel. "Hopefully, we'll break ground in the next six months," he said. "But nothing is done until it's done."

North Tampa megamansion

In mid 2006, the Hillsborough County commission approved Patel's rezoning request, paving the way for the couple to build a 39,000-square-foot residence and family compound on 17 acres on White Trout Lake.

Status: The Patels jettisoned plans for a helipad and floating putting green to satisfy neighbors, but the compound may still have a large glass lotus blossom structure for practicing yoga and a replica of the Taj Mahal carved into a rock mountain. After disagreements with his wife over details of the county's biggestresidence, however, Patel said he stepped away from the project.

"I hope we will break ground there in the next two to four months," Patel said. "But my wife is now in charge of it."

Miscellaneous donations

• $5-million pledge in 2002 to the Tampa Bay Performing Arts Center for the Patel Conservatory, a performing arts school.
• $3-million pledge to University Community Hospital in 2005 for the Dr. Kiran C. Patel Research Institute.

Times staff writers Mike Donila, Shannon Colavecchio-Van Sickler and Janet Zink contributed to this report. Kris Hundley can be reached at hundley@sptimes.com or (727) 892-2996.

[Last modified January 17, 2008, 01:33:30]