Fri, Jun 15, 2012, 8:07 AM EDT - U.S. Markets open in 1 hr 23 mins
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Showing posts with label Acquires. Show all posts
Showing posts with label Acquires. Show all posts
Friday, June 15, 2012
Tuesday, June 12, 2012
Prime Health Services Acquires Casualty Management Network
NASHVILLE, Tenn.--(BUSINESS WIRE)--
Prime Health Services (Prime), one of the nation’s largest workers’ compensation, group health, corrections, and auto liability PPO networks is pleased to announce it has acquired Casualty Management Network (CMN).
CMN is a broad based PPO network with over 5,000 medical providers in the state of Colorado. Its providers are contracted for the workers’ compensation, group health, and auto markets. Both coverage and discounts are substantial.
Brian Sharp, CEO of Prime, said yesterday, “This acquisition greatly enhances Prime’s coverage in the state of Colorado for all of our product lines. CMN has done an excellent job in contracting the most desired providers in this prominent western state. Our clients will see an immediate impact on Prime’s coverage and savings in Colorado.” Sharp further stated, “Prime continues to enhance its place in the PPO market with this acquisition.”
As the consolidation of PPOs continues nationally (especially in the workers’ compensation market), Prime is executing its business strategy to aggressively contract the most sought after providers. For clients that use our Prime Metrics product, we also contract medical providers with the best empirical medical outcomes. As stated by Prime’s VP of Network Management, Dorrence Stovall, “Prime’s strategy also includes acquiring regional and local PPOs. CMN was a perfect fit with Prime and our overall business plan.”
About Prime Health
Founded in 2001 and based in Brentwood, TN, Prime Health Services (Prime) is a medical cost containment company that offers a full spectrum of services, including a Preferred Provider Organization (PPO) ready for access with customizable solutions, as well as other cost containment services. Prime Health’s PPOs include Workers’ Compensation, Group Health, Corrections, and Auto Liability networks. Prime Health has over 600,000 providers and facilities nationwide forming the Prime Health National Delivery System. Prime Health offers our National Delivery System to the TPA, insurance carrier, and self-insured markets. More Information is available at www.primehealthservices.com or by calling 866-348-3887.
Wednesday, May 16, 2012
Alliance Health Networks Acquires Medify to Strengthen Social Health Networks for Consumers and Industry Partners
Tue, May 15, 2012, 6:03 PM EDT - U.S. Markets closed
Sorry, I could not read the content fromt this page.Friday, March 16, 2012
AdCare Health Systems Acquires Two Skilled Nursing Facilities in Oklahoma
SPRINGFIELD, OH--(Marketwire -03/15/12)- AdCare Health Systems, Inc. (AMEX: ADK - News), a leading long-term care provider, has signed definitive purchase agreements for two skilled nursing facilities in Oklahoma for a total consideration of $11.6 million.
The facilities have an aggregate of 239 beds in service and generate an estimated $10.3 million in gross annualized revenues according to their most recent financial statements. The transaction is expected to be completed in the next 90 days. AdCare plans to finance the acquisition of the facilities with traditional bank loans.
"Including the two new acquisitions announced today, we have a total of 12 skilled nursing facilities we expect to close in established markets over the next 120 days," said Boyd Gentry, AdCare's president and chief executive officer. "Together, these facilities have existing estimated gross annualized revenues of $49.0 million, which is prior to our optimization process that we believe will increase sub-acute census and revenues.
"We are especially excited about the significant upside of our Arkansas expansion, which includes three Little Rock facilities. One of these is a recently fully renovated 157 bed facility that we will open exclusively as a sub-acute facility. Once fully optimized, this facility's revenues are anticipated to exceed $15 million. This transaction is scheduled to close at the end of this month."
AdCare's M&A program is driven by management's commitment to acquire, develop and manage facilities where it can leverage operational efficiencies and improve profitability -- even in a more conservative Medicare environment. In line with this strategy, the company recently terminated an agreement to acquire or lease 15 skilled nursing facilities in South Carolina, North Carolina, Virginia, and Tennessee that was announced in June of last year, following further due-diligence and renegotiation efforts.
"AdCare will no longer pursue this acquisition as it has become significantly more expensive as consent negotiations with third-party landlords progressed," continued Gentry. "Although we tried to negotiate suitable terms, we eventually decided it was in our best interest to focus on the other numerous acquisitions we have identified which could quickly take its place."
The company plans to continue pursuing an aggressive M&A program throughout 2012, focused on acquiring facilities that fit within its optimization strategy and have the ability to increase the company's overall Medicare census and patient acuity.
"Our pipeline of potential acquisitions is as robust as ever, and we are working on several opportunities for owned facilities that we expect to announce soon," added Gentry. "All of these facilities are within our existing seven state footprints, where we can leverage our existing regional operations teams."
Combining the company's current annualized run-rate with transactions in the process of closing, AdCare's estimated annualized revenue run-rate is expected to exceed $246 million. This would represent an increase of more than 62% over the company's revenues in 2011, and an increase of more than 8 times revenues since initiating its M&A campaign in the fall of 2009.
"As our portfolio of skilled nursing facilities expands, we continue to focus on cost reduction strategies that improve margins going forward," continued Gentry. "We recently lowered our contract therapy costs, are currently leveraging a GPO program for our medical supplies and food purchases, negotiating with pharmacy providers and are in the final stages of outsourcing a large part of our IT infrastructure. We estimate that when fully implemented these cost reduction initiatives will save $4 million annually."
Chris Brogdon, AdCare's vice chairman and chief acquisitions officer, commented: "Today's new signing brings the total number of facilities we've put under contract to 47 since we began our current M&A program. This transaction also increases the total number of facilities we've put under contract to 12 in Oklahoma. With our M&A program and the integration of new facilities remaining our major focus in 2012, we continue to evaluate a number of opportunities that fit our acquisition strategy. And we demonstrated today that we are willing to walk away from those transactions that we discover are not aligned with this strategy."
About AdCare Health Systems
AdCare Health Systems, Inc. (AMEX: ADK - News) is a recognized innovator in senior living and health care facility management. AdCare develops, owns and manages long-term care facilities and retirement communities, and since the company's inception in 1988, its mission has been to provide the highest quality of healthcare services to the elderly, including a broad range of skilled nursing and sub-acute care services. For more information about AdCare, visit www.adcarehealth.com.
Important Cautions Regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of federal law. Such statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "plans," "intends," "anticipates" and variations of such words or similar expressions, but their absence does not mean that the statement is not forward-looking. Statements in this announcement that are forward-looking include, but are not limited to, statements made by Mr. Gentry that the company expects better results, and statements by Mr. Brogdon that the company continues to expect its new facilities and those pending acquisitions to improve the company's overall EBITDAR margin, as well as other statements regarding the signing and closing of expected acquisitions, and the company's expected annualized run-rate. Such forward-looking statements reflect management's beliefs and assumptions and are based upon information currently available to management and involve known and unknown risks, results, performance or achievements of AdCare, which may differ materially from those expressed or implied in such statements. Such factors are identified in the public filings made by AdCare with the Securities and Exchange Commission and include, among others, AdCare's ability to secure lines of credit and/or an acquisition credit facility, find suitable acquisition properties at favorable terms, changes in the health care industry because of political and economic influences, changes in regulations governing the health care industry, changes in reimbursement levels including those under the Medicare and Medicaid programs and changes in the competitive marketplace. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements. Except where required by law, AdCare undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
In addition, facilities mentioned in this press release are operated by a separate, wholly owned, independent operating subsidiary that has its own management, employees and assets.
References to the consolidated company and its assets and activities, as well as the use of terms such as "we," "us," "our," and similar verbiage, is not meant to imply that AdCare Health Systems, Inc. has direct operating assets, employees or revenue or that any of the facilities, the home health business or other related businesses are operated by the same entity.
Monday, March 5, 2012
Univita Health Acquires All-Med Services
Mon, Mar 5, 2012, 7:43 AM EST - U.S. Markets open in 1 hr 47 mins
Sorry, I could not read the content fromt this page.Monday, January 30, 2012
BAYADA Home Health Care Acquires Nursefinders Home Care
MOORESTOWN, NJ--(Marketwire -01/30/12)- BAYADA Home Health Care, a leading provider of home health care services to people of all ages, announced today that is has acquired Nursefinders Home Care, an AMN Healthcare Company. As part of the acquisition, 16 Nursefinders Home Care offices will transition to BAYADA Home Health Care. They are located in Arizona, California, Colorado, Hawaii, New Jersey, New Mexico, Oklahoma, Pennsylvania, and Texas.
The acquisition will not affect Nursefinders Home Care's 19 franchise locations in Florida, Indiana, North Carolina, South Carolina, New Jersey, Tennessee, Pennsylvania, and Virginia. These offices will remain Nursefinders Home Care.
"As we welcome Nursefinders Home Care to the BAYADA family, we are excited to expand our geographic reach, which aligns with our vision to make it possible for more and more people worldwide to experience a better quality of life in the comfort of their own homes," said Mark Baiada, president, CEO, and founder of BAYADA Home Health Care. "Nursefinders' commitment to quality care fits well with our BAYADA core beliefs. At BAYADA, we believe our clients come first and our employees are our greatest asset. These beliefs are a part of our guiding philosophy, The BAYADA Way, which expresses the values and beliefs that have been the foundation of our work since 1975."
BAYADA and Nursefinders Home Care are dedicated to helping children, adults, and seniors live safely at home with comfort, independence, and dignity. Comprehensive services include care for a wide range of diagnoses, including short-term, intermittent care, and ongoing care for complex medical conditions; assistive care to help with bathing, dressing, and light housekeeping; physical, occupational, and speech therapy; respite care to provide caregivers with temporary relief; hospice care, habilitation, and behavioral health.
"We share many of the same values of BAYADA Home Health Care, and their excellent reputation, quality of services provided, and commitment to their mission and values were important factors in our decision," explained Nursefinders Home Care President Linda Sheffield, who will stay on with BAYADA as a division director. "We anticipate that this will be a seamless transition, and our clients will continue to receive the same high quality care from the same team of nurses, therapists, and home health aides that they've been accustomed to."
BAYADA Home Health Care, which started with one office in Philadelphia in 1975, has grown to more than 240 offices in 24 states and India. The company employs more than 17,000 nurses, home health aides, therapists, medical social workers, and other health care professionals who provide care with compassion, excellence, and reliability to people of all ages in the comfort of home.
For more information on BAYADA Home Health Care, please call 888-4-BAYADA.
Founded in 1975 by J. Mark Baiada, BAYADA Home Health Care provides nursing, rehabilitative, therapeutic, hospice, and assistive care services to children, adults, and seniors in the comfort of their homes. Headquartered in suburban Philadelphia, BAYADA employs more than 17,000 nurses, home health aides, therapists, medical social workers, and other home health care professionals who serve their communities from more than 240 offices in 24 states and India. For more information, visit www.bayada.com.
Monday, January 23, 2012
OPKO Health Acquires Next Generation Prostate Cancer Tests
Mon, Jan 23, 2012, 11:37 AM EST - U.S. Markets close in 4 hrs 23 mins
Sorry, I could not read the content fromt this page.Friday, January 13, 2012
Strategic Behavioral Health, LLC Acquires Montevista Hospital and Red Rock Behavioral Health in Las Vegas
MEMPHIS, Tenn.--(BUSINESS WIRE)-- Strategic Behavioral Health, LLC (SBH), a national provider of inpatient and outpatient services, announced that effective January 1, 2012, it has acquired the assets of Montevista Hospital (Montevista) and Red Rock Behavioral Health Hospital (Red Rock) located in Las Vegas, Nevada from Universal Health Services, Inc. (UHS). The acquisition is being made pursuant to the divestiture requirements agreed upon by the Federal Trade Commission, the Nevada Attorney General, and UHS following UHS’s acquisition of Psychiatric Solutions. SBH is a portfolio company of Dobbs Management Service, LLC (DMS) which represents the John Hull Dobbs family of Memphis.
The Montevista and Red Rock facilities are licensed acute psychiatric hospitals with 101 total beds providing services on two campuses in Las Vegas. Montevista has served Las Vegas for over 25 years as a provider of acute behavioral healthcare services including geriatric, adult, chemical dependency, and child and adolescent areas. Montevista’s sister facility, Red Rock, was established in 2005 to expand inpatient acute behavioral services to the geriatric population. The facilities bring the total existing or planned beds for Strategic Behavioral Health, LLC to over 350 beds in North Carolina, Colorado, and Nevada across five facilities.
Ben Winbery, Chief Executive Officer of both the Montevista and Red Rock facilities commented, “I am very pleased to be joining such a solid company with a true commitment to quality clinical care and a long-term view of the operations.”
Jim Shaheen, Founder and Chief Executive Officer of SBH, stated in a press release, “We are excited to be entering the Las Vegas market through the acquisition of Montevista and Red Rock. We are impressed with its management and staff and their attention to patient-centered care. We believe we have an opportunity to significantly grow both facilities.”
Shaheen added, “While SBH has historically focused on organic growth through the opening of new facilities, this acquisition was too attractive to pass up given the expansion opportunities it presents. Because of the high quality care being provided by the facilities, both are operating at or near capacity. As a result, we will be adding 60-80 additional beds at the Montevista site. We anticipate that construction will begin in 2012.”
Edward Dobbs, President of DMS, commented, “This Las Vegas acquisition is highly complementary to SBH’s existing assets and provides a great base for further growth. We look forward to additional opportunities to invest in SBH’s growth through greenfield facilities and highly selective strategic acquisitions. Our long-term goal is to make SBH a leading private provider of behavioral healthcare services in the nation.”
SBH worked with Fifth Third Bancorp, First Tennessee Bank, and Pinnacle Financial to finance the Montevista and Red Rock acquisitions. When coupled with the financing for the expansion of North Carolina and Colorado operations, the financing provides $40 million in funding with the ability to expand for future projects.
About Strategic Behavioral Health, LLC
Strategic Behavioral Health was founded to design, build, and operate state-of-the art behavioral health facilities throughout the United States. Based in Memphis, SBH currently operates facilities in Colorado and North Carolina. It is constructing new and expanded facilities in both Colorado and North Carolina. Strategic Behavioral Health is dedicated to providing the highest quality behavioral health services. Please visit the Strategic Behavioral Health website.
About Dobbs Management Service, LLC
Through DMS, the John Hull Dobbs family invests with a long-term perspective. The Dobbs family has a nearly 100 year history of successful long-term investing in businesses with good market positions, growth opportunities and exceptional management teams. DMS’s investment strategy is flexible but generally focuses on business-to-business services companies as well as healthcare services and distribution.
The family currently owns several companies in addition to SBH, including Premier Distributing, a beverage distribution company; DYK Automotive, LLC, a national automotive aftermarket oil, chemicals and parts distributor; Frenkel & Company, LLC, an international commercial insurance and healthcare benefits broker based in New York, NY; JHD Dental, LLC, a children’s dental clinic operator; and, Potter Electric Signal, LLC, a market leading fire and security controls manufacturer.
Historically, the Dobbs family has owned Dobbs Automotive, a national automobile dealership group; Unison Health Plans, a private multi-state Medicare and Medicaid HMO; and Dobbs International, an airline catering and restaurant company. For additional information about DMS and the portfolio companies of the John Hull Dobbs family, please refer to the Dobbs Management website.
About Fifth Third Bancorp
Fifth Third Bank arranged and led a Bank syndicate to provide financing for the acquisition. Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio with over $115 billion in assets. Headquartered in Nashville, Fifth Third’s Healthcare maintains over $7.0 billion in commitments to various healthcare companies including acute care, psychiatric hospitals, outpatient services, long term care, medical devices, managed care, information technology, and other related healthcare services. Fifth Third Bank focuses on financing solutions for acquisitions, growth, recapitalizations, refinancing and working capital facilities, and bridge loans to capital markets transactions.
First Tennessee National Bank and Pinnacle National Bank also participated in the Fifth Third led Credit Facility.
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