IPC The Hospitalist Company Signs Definitive Agreement to Acquire Hospitalists of America
NORTH HOLLYWOOD, Calif., June 26 /PRNewswire-FirstCall/ — IPC The Hospitalist Company, Inc. , a leading national physician group practice company, announced today that it has signed a definitive agreement to acquire Hospitalists of America (HOA), headquartered in Coral Gables, Florida. The acquisition will expand IPC’s presence to Southeast Florida with a network of independent physicians who perform hospitalist services on a part-time basis for HOA’s health plan and hospital customers across Miami-Dade, Broward and Palm Beach Counties. Subject to completion of due diligence and other customary closing conditions, the acquisition is scheduled to close in the third quarter of 2008.
Adam Singer, M.D., Chairman and CEO of IPC, said, “Executing an agreement to acquire Hospitalists of America represents a significant opportunity for IPC to enter Southeast Florida. HOA has built a strong and stable presence in numerous medical facilities across the densely populated Southeast Florida market over the past five years, through a combination of health plan and hospital contracting. We believe that IPC’s infrastructure and advanced technology can further enhance HOA’s ability to deliver excellent quality patient care, while adding value to its existing clients. We are excited to utilize HOA’s strategic foothold to expand our Florida presence by leveraging the independent contractor network model and implementing our full time affiliated hospitalist model in select facilities.”
Isela Sotolongo, President and CEO of HOA, who will serve as Executive Director of the IPC-Southeast Florida region upon completion of the transaction, said, “We are excited to join IPC and look forward to pursuing the growth opportunities that will result from joining forces with this dynamic company. IPC’s recruitment capabilities, acquisition experience and infrastructure will complement our strengths in contracting and operations, as well as our reputation for quality that HOA has developed across three Florida counties.”
About IPC The Hospitalist Company, Inc.
IPC The Hospitalist Company, Inc. is a leading national physician group practice company focused on the delivery of hospitalist medicine services. IPC’s physicians and affiliated providers manage the care of hospitalized patients in coordination with primary care physicians and specialists. The Company provides its hospitalists with the comprehensive training, information technology, and management support systems necessary to improve the quality and reduce the cost of inpatient care in the facilities it serves. For more information, visit the IPC website at http://www.hospitalist.com/.
Safe Harbor Statement
Certain statements and information in this press release may be deemed to be “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements are often characterized by terminology such as “believe”, “hope”, “may”, “anticipate”, “should”, “intend”, “plan”, “will”, “expect”, “estimate”, “project”, “positioned”, “strategy” and similar expressions. Any forward-looking statements are necessarily based on a variety of estimates and assumptions which, though considered reasonable by the Company, may not be realized and are inherently subject to significant business, economic, competitive, industry, regulatory, market and financial uncertainties and contingencies, many of which are and will be beyond IPC’s control. Important risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by any forward-looking statements are described in IPC’s most recent Annual Report on Form 10-K, including the section titled “Risk Factors,” and actual results could differ materially from those anticipated in forward-looking statements.
In particular the following risks and uncertainties may have such an impact:
— failure to comply with complex and intensive government regulation of our industry; — the ability of our affiliated hospitalists to appropriately document services they provide; — the adequacy of our insurance coverage and insurance reserves; — our ability to recruit and retain qualified physicians; — our ability to successfully integrate new acquisitions; — the effect of changes in rates or methods of third-party reimbursement; and — the high level of competition in our industry.
IPC undertakes no obligation following the date of this press release to update or revise any such statements or projections whether as a result of new information, future events, or otherwise.
Media Contact: Investor Contacts: Elaine Murphy The Ruth Group Scott Public Relations Stephanie Carrington/Jared Hoffman 818.610.0270 646.536.7017/7013 elaine@scottpublicrelations.com scarrington@theruthgroup.com jhoffman@theruthgroup.com
IPC The Hospitalist Company, Inc.
CONTACT: Media Contact: Elaine Murphy of Scott Public Relations+1-818-610-0270, elaine@scottpublicrelations.com; or Investor Contacts:Stephanie Carrington, +1-646-536-7017, scarrington@theruthgroup.com, or JaredHoffman, +1-646-536-7013, jhoffman@theruthgroup.com, both of The Ruth Group,all for IPC The Hospitalist Company, Inc.
Web site: http://www.hospitalist.com/