EMSC Enters Anesthesiology Outsourcing Market
04 Agosto 2008 - 4:31PM
Business Wire
Emergency Medical Services Corporation (NYSE: EMS) (the �Company�)
today announced that it has entered into an agreement to acquire
the management services entity of Clinical Partners, P.A. (CPPA), a
provider of anesthesiology services, as well as an associated
billing company. Upon closing, the management entity will enter
into a long-term agreement to provide management services to CPPA,
and the Company anticipates that the acquisitions will contribute
approximately $7 million in annual management services revenue.
CPPA provides anesthesiology services to more than 35 hospitals in
six states with annual provider revenues of approximately $85
million. The purchase agreement was entered into effective on July
31, 2008 and is expected to close within 30 days, subject to
customary closing conditions. Upon completion of the transaction,
the two new entities will become subsidiaries of EmCare, Inc.,
(EmCare), and will provide anesthesiology practice management
services to hospitals which will include recruitment of physicians
and certified registered nurse anesthetists, risk management,
billing and collection, and other services. William A. Sanger, EMSC
Chairman and Chief Executive Officer, said, �This acquisition
further supports our strategy to expand into new markets and
services which we believe complement our core competencies and have
strong growth potential. We are pleased to respond to market demand
by expanding our lines of service to existing and new clients to
help them provide high-quality anesthesia services for their
patients.� Upon closing, Dr. Harold Bolnick, owner of CPPA, will
become Chief Medical Officer of EmCare�s newly formed
anesthesiology services division, and Jim McKinney, currently CEO
and President of CPPA�s management services entity, will join
EmCare as the division�s CEO. Dr. Bolnick said, �We look forward to
working with EmCare and EMSC to expand services in the growing
anesthesiology market. EMSC�s broad national footprint will afford
opportunities to reach new markets across the nation.� About
Emergency Medical Services Corporation Emergency Medical Services
Corporation (EMSC) is a leading provider of emergency medical
services in the United States. EMSC operates two business segments:
American Medical Response, Inc. (AMR), the Company�s healthcare
transportation services segment, and EmCare Holdings, Inc.
(EmCare), the Company�s emergency department and hospital-based
management services segment. AMR is the leading provider of
ambulance services in the United States. EmCare is the nation�s
leading provider of outsourced emergency department staffing and
related management services. In 2007, EMSC provided services to
10.6 million patients in more than 2,000 communities nationwide.
EMSC is headquartered in Greenwood Village, Colorado. About EmCare�
EmCare is a leading provider of outsourced emergency department
staffing and related management services to healthcare facilities
in the United States. In addition, EmCare has become one of the
country�s leading providers of hospitalist services. EmCare has
more than 400 exclusive contracts with hospitals and independent
physician groups to provide emergency department, hospitalist and
radiology staffing, management and other administrative services.
EmCare is a subsidiary of Emergency Medical Services Corporation.
Forward-Looking Statements Certain statements and information
herein may be deemed to be "forward-looking statements" within the
meaning of the Federal Private Securities Litigation Reform Act of
1995. Forward-looking statements may include, but are not limited
to, statements relating to our objectives, plans and strategies,
and all statements (other than statements of historical facts) that
address activities, events or developments that we intend, expect,
project, believe or anticipate will or may occur in the future. Any
forward-looking statements herein are made as of the date of this
press release, and EMSC undertakes no duty to update or revise any
such statements. Forward-looking statements are not guarantees of
future performance and are subject to risks and uncertainties.
Important factors that could cause actual results, developments and
business decisions to differ materially from forward-looking
statements are described in EMSC's filings with the SEC from time
to time, including in the section entitled "Risk Factors" in the
Company's most recent Form 10-K and subsequent periodic reports.
Among the factors that could cause future results to differ
materially from those provided in this press release are: the
integration of newly acquired entities into our business, the
impact on our revenue of mix of insured and uninsured patients and
third party reimbursement rates; potential penalties or changes to
our operations if we fail to comply with extensive and complex
government regulation of our industry; and the loss of existing
contracts and the accuracy of our assessment of costs under new
contracts.
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