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Hospitals Partnering with Private Equity: A Strategic Realignment
Levin Associates attended AHLA’s Health Care Transactions Conference on April 17-19, 2023, and the insights shared below are from panel discussions our writer observed in person and from follow-up conversations with panelists. Partnerships with private equity-backed groups and other non-traditional healthcare entities have created new opportunities for hospital systems to be even more strategic about their operations. One of the recurring themes discussed at the AHLA conference was that many traditional health systems are dealing with cash flow problems – and that partnerships with third-party groups represent a potential solution. As referenced in our previous article “A Growing Trend:... Read More »
KKR-Backed Covenant Physician Partners Adds a New ASC in Southern California
Covenant Physician Partners, a portfolio company of KKR, announced on June 6 its merger with Wilshire Center for Ambulatory Surgery. Wilshire Center for Ambulatory Surgery is an ambulatory surgery center (ASC) in Los Angeles, California. The ASC has two operating rooms. Covenant Physician Partners is a national physician services organization operating in 20 states in partnership with 70 practices and nearly 850 providers. It delivers a full range of administrative and clinical support functions to its partnered physicians and their staff. Covenant provides patient care in nine ASCs and seven physician practice locations throughout California. The addition of the Los Angeles MOB expands... Read More »
Doctor Care Anywhere Sells GP2U Telehealth to My Emergency Doctor
Doctor Care Anywhere Group (DCA) announced this week that it is selling GP2U Telehealth to My Emergency Doctor. GP2U Telehealth is an Australian provider of virtual GP services through the brand GP2U and tele-mental health services through the Psych2U brand. DCA acquired GP2U Telehealth in September 2021, a year after GP2U went public in Australia. Founded in 2016, My Emergency Doctor provides acute care after hours via video and phone across regional Australia. The company has partnerships with more than 40 healthcare services, including ambulances, primary health networks, residential aged care facilities, hospitals, urgent care centers and multi-purpose centers. DCA said it... Read More »
Hosparus Health Acquires Baptist Health Deaconess Hospice
Hosparus Health announced its acquisition of Baptist Health Deaconess Hospice (BHDH), a service of Baptist Health Deaconess Madisonville in Madisonville, Kentucky. BHDH began in 1993 as Green River Hospice, a home-based service for those in their last phase of life. Hosparus Health is a fully accredited, non-profit hospice and palliative care organization that provides medical care, grief counseling, pain management and more for people facing serious and life-limiting illnesses in Kentucky and Indiana. The Louisville-based hospice care provider serves 8,000 patients a year. Nearly all of the current BHDH staff will continue in their roles. Baptist Health Deaconess Madisonville confirmed... Read More »
Concentra Acquires Holland Medi Center in Michigan
Concentra announced on June 5 the acquisition of Holland Medi Center, an occupational health clinic in Holland, Michigan. The center will now be called Concentra Holland Michigan. According to data captured in the LevinPro HC database, this represents the 14th occupational health deal of 2023. This also marks Concentra’s fourth deal of 2023. Holland Medi Center provides occupational medical services like workers compensation, injury care, industrial medicine and drug testing. Concentra, a division of Select Medical, provides occupational health services focused on improving the health of America’s workforce, one patient at a time. The company is headquartered in Addison, Texas and operates... Read More »GI Alliance Acquires Digestive Health Consultants
Dallas-based GI Alliance announced on June 2 that it acquired Digestive Health Consultants, expanding its presence in Washington. Founded in 1982, Digestive Health Consultants is committed to providing the highest level of GI medical care to patients. According to the company’s website, the practice is run by a team of five physicians and one advanced practice provider. It is based in Silverdale, Washington. GI Alliance is a physician-led and majority physician-owned GI practice management company providing services to more than 800 independent gastroenterologists. The company operates in Texas, Arkansas, Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Louisiana,... Read More »
Rology Acquires Arkan United
Rology announced on June 5 that it acquired Arkan United. The financial terms of the acquisition were not disclosed. Arkan United is an advanced teleradiology provider based in Jeddah, Saudi Arabia. Its services include CT scans, MRIs, X-rays, ultrasounds, mammograms and nuclear medicine. Arkan provides around the clock care. The company was founded in 2020. Rology was founded in 2017 as an on-demand teleradiology platform that connects hospitals and other healthcare providers with remote and readily available radiologists. It is based in Cairo. This acquisition allows Rology to accelerate its mission of bringing the latest innovations in teleradiology to healthcare providers... Read More »
Medusind Acquires AVA Billing & Consulting
Lightning Step announced on June 1 that it was divesting AVA Billing & Consulting to Medusind, a portfolio company of San Francisco-based private equity firm Alpine Investors. The financial terms of the acquisition were not disclosed. AVA Billing & Consulting is a revenue cycle management (RCM) company that’s based in Costa Mesa, California. In 2019, it was bought by Lightning Step, a provider of enterprise behavioral healthcare software solutions. Under Lightning Step’s ownership, AVA evolved into an industry-leading full-service RCM solution trusted by many behavioral healthcare facilities and treatment providers nationwide. Medusind Solutions provides comprehensive... Read More »
Optum Enters Bidding War for Amedisys
Amedisys is the hot target of the second quarter. Early in May, Option Care Health, the largest independent home and alternate site infusion services provider in the United States, offered $3.6 billion to acquire a 64.5% stake in Amedisys and its multi-state home health and hospice network. The deal seems straightforward, and the offer price (which includes debt) values Amedisys at approximately $5.6 billion, or 2.65x the company’s 2022 revenue and 27.1x EBITDA. However, on Monday, Amedisys announced it received an unsolicited offer from Optum, a significant division of the health insurance giant UnitedHealthcare. Optum is offering $100 per share, valuing Amedisys at approximately $5.73... Read More »Schedule a demo
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