GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Envision Healthcare Holdings, Inc. (Envision) (NYSE: EVHC) announces a definitive agreement to acquire Emergency Physicians Medical Group (EPMG) based in Ann Arbor, MI whose more than 500 clinical providers staff 37 facilities in Michigan, Illinois, Indiana, Ohio, Iowa and Delaware. EPMG is expected to contribute annualized net revenues of approximately $140 million.
EPMG clinicians manage nearly one million patient encounters annually in emergency and hospital medicine departments as well as urgent care centers across the Midwest. In addition, EPMG operates community paramedicine programs and provides telemedicine services in urgent care and post-acute care operations.
“EPMG is celebrating 40 years of delivering innovative and compassionate care and we found ourselves considering opportunities to further evolve so we are well positioned to best serve our patients for the next 40 years,” said Christopher R.H. Newton, MD, president, chief executive officer and managing partner of EPMG. “Joining the Envision team not only allows us unparalleled infrastructure support and the ability to offer additional integrated services to our facility partners, it enables us to broaden our reach in our communities by partnering with EmCare, Evolution Health and AMR.”
Envision continues to attract physician groups interested in building progressive, team-based and integrated solutions for health plan, hospital system and community partners.
“We are proud to welcome EPMG to our healthcare family,” said Todd Zimmerman, chief executive officer of EmCare. “This not only allows us to affiliate with high quality clinicians, it expands our ability to deliver solutions across the care continuum in the Midwest.”
“We have advanced our market-centric strategy for several years and this is yet another example of how we are building strategic centers of healthcare excellence in key geographic locations,” added William A. Sanger, president, chief executive officer and chairman of the board of Envision. “EPMG has very strong relationships with its healthcare partners which will open doors for us to add additional hospital-based services as well as expand community health offerings through opportunities with AMR and Evolution Health.”
Envision expects to invest approximately $120 million, plus contingent consideration based on EPMG’s post-closing performance, to acquire EPMG. The transaction is anticipated to close within 30 days, pending satisfaction of certain closing conditions.
Envision also announces that its American Medical Response (AMR) healthcare transportation segment has secured three new contracts with large health systems and will also begin providing system relief to DC Fire and EMS by adding basic life support services in the Washington, D.C. metro area later this month. These agreements are anticipated to generate approximately $45 million in annualized revenues and more than 125,000 annual transports once fully operational.
“The success our teams have had building innovative partnerships with hospital systems and municipal fire agencies is indicative of the value AMR clinicians contribute as healthcare providers in the pre- and post-acute environments,” stated Edward Van Horne, president and chief executive officer of AMR. “The catalyst is that we are able to add value to their networks and improve outcomes by providing integrated delivery solutions that complement their systems.”
About Envision Healthcare Holdings, Inc.
Envision Healthcare Holdings, Inc., offers an array of physician-led healthcare-related services to consumers, hospitals, healthcare systems, health plans and local, state and national government entities. The organization provides care across a broad patient continuum via American Medical Response, Inc. (AMR), EmCare Holdings, Inc. (EmCare) and Evolution Health, LLC (Evolution Health). AMR provides community-based medical transportation services, including emergency (‘911’), non-emergency, managed transportation, air ambulance and disaster response. EmCare’s integrated facility-based physician services include emergency, anesthesiology, hospitalist/inpatient care, radiology, tele-radiology and surgery. Evolution Health’s innovative and comprehensive care coordination solutions result in improved patient care delivery across a number of healthcare settings. Envision Healthcare is headquartered in Greenwood Village, Colorado. For additional information, visit www.evhc.net.
About Emergency Physicians Medical Group (EPMG)
EPMG is a physician-owned practice that has been creating a culture of care for patients since 1976. We help hospitals build impressive reputations by integrating with our partners and communities to provide exceptional emergency care and leadership. EPMG optimizes operations and enhances clinical outcomes by aligning goals, applying evidence-based practices, utilizing data analytics, customizing innovative solutions and enhancing the safety and experience of every patient. Compassionate care is at the heart of who we are. Learn more at www.epmg.com.
Forward-Looking Statements
Certain statements and information in this press release 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 expected revenues from pending acquisitions or new contracts, 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. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in our filings with the Securities and Exchange Commission from time to time, including in the section entitled “Risk Factors” in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Factors that could cause future results to differ materially from those provided in this press release include, but are not limited to: decreases in our revenue and profit margin under our fee-for-service contracts; failure to implement our business strategies, the loss of existing contracts; failure to accurately assess costs under new contracts; our ability to integrate acquisitions; competition in markets we serve; the cost of required capital expenditures; retention of our senior management; our ability to maintain or implement information systems; the impact of labor union representation; failure to comply with extensive and complex government regulation of our industry; the impact of changes in the healthcare sector; our ability to service our debt obligations; and other factors discussed in our filings with the Securities and Exchange Commission. Any forward-looking statements herein are made as of the date of this press release, and we undertake 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.
