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Recap of Cain Brothers Industry Insights
Last week, Jonah Schutzman, of Cain Brothers, provided banker commentary on the current state of physician specialty consolidation in the company’s weekly Industry Insights report. In short, the pandemic ignited an acceleration of consolidation among physicians with non-IDN (integrated delivery network) corporations that included insurers, private equity groups and non-provider umbrella organizations at the forefront. The report referenced data from an Avalere and Physicians Advocacy Institute report showing that three out of four physicians are employed by a non-physician-owned company, which represents a 19% increase from the previous three years. In contrast, hospitals employ more than... Read More »
Quest Diagnostics to Acquire Haystack Oncology
Quest Diagnostics and Haystack Oncology announced on April 27 a definitive agreement for Quest to acquire Haystack in an all-cash equity transaction. Quest expects the acquisition to be modestly dilutive to earnings over the next three years and accretive by 2026. The transaction is expected to be completed in the second quarter of 2023, subject to customary regulatory review. J.P. Morgan Securities LLC acted as exclusive financial advisor to Quest, and Weil, Gotshal & Manges LLP acted as Quest’s legal advisor. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Haystack, and Goodwin Proctor LLP acted as Haystack’s legal advisor. Haystack Oncology is an... Read More »
Schweiger Dermatology Group Acquires Windsor Dermatology
Schweiger Dermatology Group (SDG) announced on April 25 that it acquired Windsor Dermatology, a five-physician group in East Windsor, New Jersey. Windsor Dermatology is well known as a leader in medical dermatology and for high-quality clinical trials. It is also home to The Psoriasis Treatment Center of New Jersey, the state’s first complete facility for advanced psoriasis research and therapies. Founded in 2010, SDG is one of the largest group dermatology practices in the Northeast, with more than 90 offices and more than 250 healthcare providers under its belt. SDG provides medical and cosmetic dermatology services to more than one million patients annually. Windsor... Read More »
HCA Healthcare Emerging from Severe Staffing Headwinds
HCA Healthcare Inc (NYSE: HCA), a for-profit healthcare provider based in Nashville, Tennessee, reported $4.93 earnings per share for the quarter, beating the consensus estimate of $3.99 by a whopping $0.94. This increase is largely due to HCA Healthcare’s revenue growth, which was up 4.3% on a year over year basis from $14.9 billion in Q1:22 to $15.6 billion in Q1:23. The healthcare provider’s expenses rose from the first quarter of 2022, reaching $13.67 billion. Yet, despite the rising expenses, HCA Healthcare reported a $1.36 billion profit in the first quarter, an improvement from last year’s profit of $1.27 billion. However, this is a decrease from HCA’s $2.1 billion... Read More »
Kaiser Permanente Acquires Geisinger Health, Launching Risant Health
Kaiser Permanente announced on April 26 that it was acquiring Geisinger Health, which will join Risant Health, a new nonprofit organization created by the Kaiser Foundation Hospitals. Geisinger Health comprises 10 hospitals, as well as a health plan with more than half a million members. The Danville, Pennsylvania-based health system has 25,000 employees and more than 1,700 physicians. Kaiser Permanente is among the country’s largest nonprofit systems with 39 hospitals. Its operations span eight states coast to coast with roughly 13 million members who receive care through its integrated model. The organization reported $95.4 billion in operating revenue across 2022, as well as a $1.3... Read More »
Northgate Technologies Acquires Houston Startup Allotrope Medical
Illinois-based Northgate Technologies Inc. has announced its acquisition of Allotrope Medical to further its goal in optimizing the surgical environment for minimally invasive surgery. According to data captured in the LevinPro HC database, this acquisition represents the 39th Medical Devices transaction of the year. Allotrope Medical is a Houston-based startup that has designed an electrosurgical ureter identification system for optimizing surgery for both robotic and non-robotic laparoscopic procedures. The StimSite technology is a hand-held device used by general and OB/GYN surgeons and has received a Safer Technologies Program designation from the FDA. Allotrope Medical was founded in... Read More »
Telehealth Company eVisit Announces the Acquisition of Bluestream Health
eVisit, backed by Goldman Sachs Asset Management, announced on April 27 the acquisition of Bluestream Health for an undisclosed price. The addition of Bluestream Health brings to eVisit digital front door capabilities and integrated language services for patients to seamlessly access care. Bluestream Health is a virtual care platform designed to help healthcare facilities provide care and streamline workflows across scheduled and on-demand visits related to wound care, home health and behavioral care. Professionals can track sessions using reports and manage intake or triage across locations. eVisit is a virtual care operating platform for health systems and large, complex healthcare... Read More »
On Site Medical Acquires Tucson-Based 10-4 Medical
On Site Medical announced on April 25 its acquisition of 10-4 Medical, a healthcare provider based in Tucson, Arizona. During the transition, services for patients will continue without interruption. Patients will also have access to new services, including 24-7, on-site dispatched care, on-site training and education and on-demand telehealth. Financial terms of the deal were not disclosed. 10-4 Medical offers comprehensive occupational care, primary care, screenings and mental health services for first responders. On Site Medical is an Arizona-based provider of on-site occupational healthcare solutions including rapid response first aid for workplace injuries, on-site clinics for... Read More »
UNC Health Southeastern Sells Home-Based Hospice Program to Lower Cape Fear LifeCare
Lumberton, North Carolina-based hospital UNC Health Southeastern (UNC) will transfer ownership of its community-based hospice operations to Lower Cape Fear LifeCare, effective May 1, 2023. The hospital is located in Robeson County, North Carolina and will continue to offer inpatient services. Lower Cape Fear LifeCare will assist UNC by providing palliative care consultations within the hospital. The transfer of its home-based hospice services will free up more resources for UNC’s palliative care program, according to UNC Health Southeastern President and CEO Chris Ellington. The financial terms of the transfer include a sale of tangible assets for an undisclosed dollar amount, with no... Read More »Schedule a demo
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