EMSC Acquires Leading Anesthesiology Services Provider
09 Novembre 2009 - 2:20PM
Business Wire
Emergency Medical Services Corporation (NYSE: EMS) (the
“Company”) today announced that it has significantly expanded its
anesthesiology services via definitive agreements to acquire
Pinnacle Consultants Mid Atlantic and the management services
company of Pinnacle Anesthesia Consultants, P.A. (the “MSO”).
Pinnacle Anesthesia Consultants and Pinnacle Consultants Mid
Atlantic are leading anesthesiology services providers in the
United States consisting of more than 700 clinicians serving in
excess of 75 hospitals and ambulatory surgery centers and have
patient revenues in excess of $300 million.
Upon closing of the transactions, the MSO and Pinnacle
Consultants Mid Atlantic will become part of AnesthesiaCare, EMSC’s
anesthesiology services operation, and AnesthesiaCare will be the
exclusive provider of management services to Pinnacle Anesthesia
Consultants. These transactions are expected to contribute
approximately $100 million in new EMSC net revenue from management
fees and patient billings.
William A. Sanger, EMSC Chairman and Chief Executive Officer,
said, “This transaction establishes AnesthesiaCare as a leading
provider of anesthesia management services. Pinnacle is a strong,
well managed company and our affiliation enhances our position as a
leader in the growing outsourced physician services market.”
Michael Hicks M.D., CEO of Pinnacle, said, “We are pleased and
excited about future market expansion opportunities with EMSC. The
combined expertise of Pinnacle’s MSO staff and the staff of EMS is
impressive and will even better serve the needs of anesthesia
clients. In a short time AnesthesiaCare has positioned itself as a
high quality, cost-effective provider of anesthesiology, pain
medicine and perioperative services. Under this new arrangement, we
believe both Pinnacle and AnesthesiaCare will provide an excellent
value proposition for new and existing clients.”
The purchase agreements were entered into on November 9, 2009.
The transactions are subject to various closing conditions,
including the completion of a Hart-Scott-Rodino filing and approval
of the transactions by the equity holders of certain entities in
the Pinnacle group. The transactions are expected to close promptly
following the requisite approvals. It is expected that, at
completion of the transactions, AnesthesiaCare will become the
leading manager of anesthesia practices in the nation, providing
services to more than 130 hospitals in nine states, which will
include recruitment of physicians and certified registered nurse
anesthetists, risk management, credentialing services, billing and
collection, perioperative clinical and process management as well
as other services.
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 outsourced
hospital-based physician services segment. AMR is the leading
provider of ambulance services in the United States. EmCare is a
leading provider of outsourced hospital-based physician services.
In 2008, EMSC provided services to 11.4 million patients in nearly
2,100 communities nationwide. EMSC is headquartered in Greenwood
Village, Colorado. For additional information, visit
www.emsc.net.
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 Annual Report on 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 impact on our revenue of changes in transport volume, mix of
insured and uninsured patients, and third party reimbursement rates
and methods; the adequacy of our insurance coverage and insurance
reserves; potential penalties or changes to our operations if we
fail to comply with extensive and complex government regulation of
our industry; the impact of potential changes in the healthcare
industry generally resulting from legislation currently under
consideration; our ability to recruit and retain qualified
physicians and other healthcare professionals, and enforce our
non-compete agreements with our physicians; our ability to generate
cash flow to service our debt obligations; the cost of capital
expenditures to maintain and upgrade our vehicle fleet and medical
equipment; the loss of one or more members of our senior
management team; the outcome of government investigations of
certain of our business practices; our ability to successfully
restructure our operations to comply with future changes in
government regulation; the loss of existing contracts and the
accuracy of our assessment of costs under new contracts; the high
level of competition in our industry; our ability to implement our
business strategy; our ability to successfully integrate strategic
acquisitions; and our ability to comply with the terms of our
settlement agreements with the government.
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