Atrius Health, the largest independent physicians network in Massachusetts, has reached a deal to become part of Optum, the latest in a succession of consolidations in the state’s health care market. Under the deal, which needs approval from regulators, the nonprofit Newton-based physicians group would become a division of a national for-profit behemoth and significantly expand Optum’s footprint in Massachusetts. Optum includes the health care provider arm of UnitedHealth Group. The Atrius network, which includes the Harvard Vanguard practices, is made up of about 715 doctors serving about 745,000 patients.
Apollo Medical Holdings, Inc. (“ApolloMed”) (NASDAQ: AMEH), a leading physician-centric, technology-powered healthcare management company, and CAIPA MSO, LLC (“CAIPA MSO”), a management services organization based out of New York, today announced a strategic alliance and investment by ApolloMed in CAIPA MSO. CAIPA MSO provides management, consulting, administrative, and other support services to professional healthcare service providers. Under the terms of the agreement, ApolloMed will purchase units of membership interest of CAIPA MSO, resulting in ApolloMed owning 30% of the post-closing total interests in CAIPA MSO on a fully diluted basis.
Multi-Specialty HealthCare, a leading outpatient provider of post-traumatic injury care and physical rehabilitation, announced today that it received an investment to support its growth from Bain Capital Double Impact, a leading social impact investor. The partnership will position the founder-led business to expand into new regions, enabling more individuals to benefit from the company’s differentiated patient-centric and integrated approach. Multi-Specialty HealthCare operates more than 30 patient care centers throughout the Baltimore-Washington metropolitan area and the Delmarva Peninsula.
August marked one year since physician-owned Summit Medical Group and urgent care provider CityMD merged into Summit CityMD to offer an integrated delivery model to patients in New York and New Jersey. In an interview that month with HealthLeaders, Summit CityMD CEO Dr. Jeffrey Le Benger shared how the organization was caring for patients during the COVID-19 pandemic through widespread testing and integrated care. Le Benger recently spoke with HealthLeaders again to share what the organization has planned for this year in addition to continuing COVID testing, treatment, and administering vaccines.
Virgo Investment Group (“Virgo”) announced Tuesday a $20M growth capital investment in Apricus Health, an innovative healthcare company created by a group of prominent Arizona physicians. Apricus Health was founded with the goal of transitioning healthcare practices to a value-based care model. The Apricus Health Network of primary care and specialty providers has been growing rapidly and now includes over 590 practitioners and 63 provider groups in 220 locations across Maricopa, Pinal, Coconino, and Yavapai, Arizona counties.
UnitedHealth subsidiary Optum is in talks to acquire Atrius Health, a 715-physician group based in Newton, Mass., according to the Boston Business Journal. Optum has signed a memorandum of understanding to acquire nonprofit Atrius, sources told the Boston Business Journal. The proposed deal comes after Optum acquired Worcester, Mass.-based Reliant Medical Group in April 2018.
Covenant Physician Partners (Covenant), a rapidly growing physician services company, announced today that Goran Dragolovic will succeed Lew Little as President and Chief Executive Officer, effective January 11, 2021. Dragolovic is an accomplished leader in the healthcare services sector who most recently served as CEO of Women’s Health USA, a leading national practice management platform focused on women’s health. Following the transition, Little will continue to serve as an advisor to Covenant to ensure a seamless handover of responsibilities and will remain an investor in the company.
After a two-decade acquisition campaign, Illinois’ largest independent physicians group is looking like a ripe buyout target. Having added more than 70 healthcare providers this year alone, DuPage Medical Group has assembled a local powerhouse with 800 doctors and net revenue of $1 billion. The Downers Grove, Ill.-based company’s size and strong position in the lucrative Chicago-area market make it attractive to larger healthcare companies trolling for doctors’ offices to acquire. “Any group of DuPage’s size is a valuable acquisition target for large health plans,” says Dr. Lisa Bielamowicz, co-founder and president of consultancy Gist Healthcare.
Revelstoke Capital Partners (“Revelstoke” or the “Firm”), a leading private equity firm focused on investing in healthcare services companies, announced today that it has completed fundraising for Revelstoke Single Asset Fund II, L.P. (“RSAF II” or the “Fund”). RSAF II, with $111 million of commitments, was oversubscribed. Concurrently with the closing of RSAF II, the Fund acquired a minority equity interest in Fast Pace Health, with which Revelstoke has long had a successful partnership. Fast Pace Health is a leading provider of primary, walk-in, urgent care and multi-specialty services serving rural communities through a broad network of 127 clinics across five states.
Blue Shield of California-backed venture Altais completed its acquisition of Brown & Toland Physicians, a 2,700-physician group in the San Francisco Bay Area, the organizations announced last week. Altais Clinical Services, which is a division of the healthcare services startup that offers clinical support and technology to physicians, aims to help Brown & Toland’s doctors stay largely independent by supporting them with the predictive analytics, telehealth and other tools needed to alleviate administrative burden and succeed in value-based care. Brown & Toland physicians will continue to operate under its current brand without disruption to their existing patients. They plan work with all health plans.
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