Wednesday, January 14, 2015
Envision Healthcare Holdings, Inc. announced that its EmCare, Inc. (EmCare) business has entered into two agreements to acquire Emergency Medical Associates (EMA) of Parsippany, N.J. and Scottsdale Emergency Associates, LTD (SEA) of Phoenix, Ariz. The physician groups are expected to add an estimated $300 million to EmCare’s revenues and approximately 1.9 million patient encounters annually.
“We are very excited about partnering with EMA and SEA,” stated Todd Zimmerman, chief executive officer of EmCare. “Both independent physician groups have established excellent relationships with hospitals and physicians in their respective areas. These two groups will serve as the foundation of a new division at EmCare aimed at growing our relationships with similar physician practices.”
Emergency Medical Associates’ 945 clinicians, including 580 physicians, provide emergency department, hospitalist and urgent care services at 47 facilities in New Jersey, New York, Rhode Island and North Carolina. EMA utilizes a number of innovative operational practices and technology tools to improve quality and productivity within their group.
“At EMA, we have a long history of great relationships with our clinicians and hospital partners as well as a passion for implementing technology that will better serve both,” stated Raymond Iannaccone, M.D., president and chief executive officer of EMA. “Combining forces allows us to provide additional service line expertise to our current customer base and gives our combined companies an impressive technology portfolio.”
Scottsdale Emergency Associates is a premier emergency physician group in the greater Phoenix market with 40 physicians and more than a dozen mid-level providers. “Our leadership team and clinicians are proud of our longstanding relationships with our partner hospitals and our community. We look forward to the opportunity to be part of a greater strategy with EmCare and EMA to better serve hospital clients, other independent physician groups and communities nationwide,” said Doug Smith, M.D., president and chief executive officer of SEA.
“Emergency Medical Associates and Scottsdale Emergency Associates are appealing due to their impressive leadership and clinical expertise,” said William A. Sanger, chairman, president and chief executive officer of Envision. “These new relationships will allow Envision to draw upon this expertise and strengthen our strategic objectives with independent physician groups to manage the patient across the care continuum.”
The acquisitions are expected to close before the end of February pending completion of certain closing conditions. Nexus Health Capital served as the Investment Banking Advisor to EMA and SEA.
American Medical Response (AMR) Granted Approval to Operate in Maricopa County, Ariz.
Arizona’s Department of Health Services approved AMR’s application to provide ambulance services in most of Maricopa County, including Phoenix. The Director’s approval is subject to the normal appeal and review processes.
Envision Healthcare 2015 Guidance
Envision expects 2015 full-year Adjusted EBITDA to be $653 to $665 million and Adjusted EPS to be $1.42 to $1.50. First quarter 2015 Adjusted EBITDA and Adjusted EPS is expected to be approximately 19 to 20 percent of the full-year guidance due to normal expense seasonality, including higher payroll taxes in the first quarter, particularly for its EmCare subsidiary; the anticipated loss of Medicare parity for care reimbursed for certain Medicaid patients effective January 1, 2015 and the timing of the closing of the EMA and SEA acquisitions.
About Envision Healthcare Holdings, Inc.
Envision Healthcare Holdings, Inc., and its more than 34,000 employees and affiliated clinicians, offers an array of healthcare related services to consumers, hospitals, healthcare systems, health plans and local, state and national government entities. Through Envision Healthcare Corporation, the Company operates American Medical Response, Inc. (AMR), EmCare Holdings, Inc. (EmCare) and Evolution Health, LLC (Evolution Health). AMR is a provider and manager of community-based medical transportation services, including emergency (‘911’), non-emergency, managed transportation, fixed-wing air ambulance and disaster response. EmCare is a provider of integrated facility-based physician services, including emergency, anesthesiology, hospitalist/inpatient care, radiology, tele-radiology and surgery. Evolution Health provides comprehensive care to patients across various settings, many of whom suffer from advanced illnesses and chronic diseases. Envision is headquartered in Greenwood Village, Colorado.
Source : http://www.businesswire.com/
