Apollo Medical Holdings, Inc. (“ApolloMed” or the “Company”) (NASDAQ: AMEH), an integrated population health management company, today announced that its affiliates, Allied Physicians of California, a Professional Medical Corporation d.b.a. Allied Pacific of California (“APC”) and APC-LSMA Designated Shareholder Medical Corporation (“APC-LSMA”) have acquired all of the outstanding shares of capital stock of Accountable Health Care IPA, a Professional Medical Corporation (“Accountable Health Care”). In connection with the settlement of a dispute with Dr. Jayatilaka and Accountable Health Care, APC-LSMA acquired all shares of Accountable Health Care’s capital stock held by Dr. Jayatilaka (comprising 75% of the outstanding shares of Accountable Health Care capital stock) in exchange for $7.25 million. APC owns the remaining 25% of the outstanding shares of Accountable Health Care capital stock. The addition of Accountable Health Care will expand the Company’s capitated membership base and deepen its geographic footprint in Southern California. This acquisition, along with the recent acquisition of Alpha Care Medical Group, Inc. (“Alpha Care Medical Group”) by APC-LSMA, will provide the Company with additional synergistic opportunities, as we continue to aggregate provider and specialist networks to manage patient care more effectively.
Accountable Health Care, an independent practice association (“IPA”), has served the local community in the greater Los Angeles County area through a network of physicians and health care providers for more than 20 years. Accountable Health Care’s provider network currently includes over 400 primary and 700 specialty care physicians that provide quality health care services to more than 91,000 members of six federally qualified health plans and multiple product lines, including Medi-Cal, Medicare, California Healthy Families and various commercial plans.
“Our acquisition of Accountable Health Care continues to bolster the number of lives we manage and expands our reach. Along with our recent acquisition of Alpha Care Medical Group, our acquisition of Accountable Health Care helps us to continue to realize synergies through our aggregation of multiple IPAs,” said Kenneth Sim, M.D., Executive Chairman of ApolloMed. “This acquisition demonstrates our commitment to the continued growth of our company,” stated Dr. Kenneth Sim.
Date: September 10, 2019
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Source: Prnews Wire