February was a modest month for Physician Medical Group deals. With seven on the books thus far (we expect more to pop up), it beat February 2019’s total by just one deal. However, M&A activity seems to be gaining steam in March, with a number of deals already announced, including two substantial physician groups down in Florida.
This past week the Florida Orthopaedic Institute, backed and supported by MD Healthcare Partners, merged with OrthoCare Florida, a physician group with thirteen practices across Florida. The combined company will become the largest orthopedic provider in the state and the 13th largest in the country. The group will also include two orthopedic urgent care centers and eight affiliated outpatient surgery centers.
The new company, which will maintain the Florida Orthopaedic Institute name, will serve more than 150,000 patients through its 150 physicians at 17 locations across Tampa Bay.
The new practice will offer a range of specialized orthopedic services, outpatient surgery, diagnostic imaging, as well as complementary services, such as physical and occupational therapy, rehabilitation, and chiropractic care.
We had one orthopedic acquisition back in February as well. Banner Health, one of the largest nonprofit health care systems in the country, acquired two physician groups, one of them The Orthopedic Clinic Association (TOCA). The group provides an array of orthopedic services, including fracture care, joint replacement, sports medicine, bracing and orthotics, physical therapy, hand therapy, and imaging. Along with the 18 physicians, nine physician assistants and clinical and support staff will join Banner Health. The group will be renamed TOCA at Banner Health.
However, investor interest has been across pretty evenly split. There were two dental acquisitions, a dermatology purchase, and a mixed bag of general medicine coupled with networks of urgent care centers. For more on Physician Medical Group M&A activity, check out our Deal Search Online database and HealthcareMandA.com.