SpecialtyCare enters Agreement to Acquire ProNerve

Wednesday, February 25, 2015

SpecialtyCare, a leading provider of outsourced operating room clinical services, and ProNerve, an intraoperative neuromonitoring (IONM) company, announced today that SpecialtyCare has signed an asset purchase agreement to acquire ProNerve. Upon completion of the transaction, ProNerve’s nearly 200 associates and almost 350 customers in 31 states will become part of SpecialtyCare. This transaction will significantly extend SpecialtyCare’s capacity to improve the delivery of healthcare, most particularly as it relates to ensuring patient health and safety during surgeries in which neural integrity is often at risk.

The acquisition positions SpecialtyCare as the clear market leader in the IONM space and provides the Company with an expanded geographic footprint. ProNerve’s strong presence in the Pacific Northwest, the Mountain States, and the Midwest will enable SpecialtyCare to increase its annual IONM service activity to more than 67,000 procedures in 42 states.

Melvin F. Hall, PhD, SpecialtyCare’s Chief Executive Officer, commented, “SpecialtyCare demonstrates and delivers clinical excellence through its constant focus on improving the delivery of healthcare. By providing the highest level of care, quality, and patient safety in an efficient and cost-effective manner, we act as a vital partner to our customers as they navigate the financial and operational complexities present in the healthcare industry today. The acquisition of ProNerve will further extend our capacity to help hospitals address these challenges while simultaneously optimizing and improving patient outcomes.

“At SpecialtyCare, our associates are our best assets and the lifeblood of our business,” concluded Dr. Hall. “The same is true of ProNerve, and we are delighted to welcome this team of skilled clinicians and professionals on board. Together, we will ensure the health and safety of the patients we serve and also advance the art and science of IONM through education and innovation.”

The transaction is expected to be completed by April 2015. To facilitate the sale, ProNerve and its affiliates commenced voluntary chapter 11 bankruptcy cases on February 24, 2015. SpecialtyCare will acquire substantially all of ProNerve’s assets pursuant to section 363 of the Bankruptcy Code, subject to customary closing conditions, including Bankruptcy Court approval. The agreement affirms SpecialtyCare’s commitment to the ProNerve team and its customers, who will continue to receive uninterrupted service and care through the continuity and integration plan that is being executed ahead of the completion of the transaction. The ProNerve team will begin operating under the SpecialtyCare name once the acquisition has been finalized.

 

Source : http://www.specialtycare.net/

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