IPC The Hospitalist Company Acquires Two Hospitalist Practices and Signs New Contract
NORTH HOLLYWOOD, Calif., Oct. 7 /PRNewswire-FirstCall/ -- IPC The Hospitalist Company, Inc. (Nasdaq: IPCM), a leading national hospitalist physician group practice company, announced today that it has acquired Hospital Medicine Associates of Texas in Allen, Texas and Central Florida Hospitalist Group in Ocala, Florida. The two acquisitions represent continued expansion in the Texas and Florida markets, where IPC has already established a significant presence.
Separately, the Company entered into an agreement to provide comprehensive hospitalist services to Memorial Hospital, an IASIS Healthcare facility in Tampa, Florida. The contract continues the relationship IPC established in April 2008 with the signing of five IASIS contracts in Arizona, Nevada and Texas.
Adam Singer, M.D., Chairman and CEO, said, "The Hospital Medicine Associates of Texas acquisition expands our presence in the Dallas-Ft. Worth market and the Central Florida Hospitalist Group transaction builds on our existing position in the Ocala, Florida area. The contract with IASIS in Tampa also strengthens our operations in this key Florida market. In aggregate, this expansion activity clearly demonstrates our ability to increase penetration in existing markets and deepen relationships with important clients. Our systems are geared to handle this type of concurrent growth smoothly and efficiently. With our public offering earlier this year, we remain very well capitalized, despite conditions in the financial markets, to continue our acquisition and contracting programs."
Jeff Taylor, President and Chief Operating Officer, commented, "At the heart of these initiatives is our shared mission to provide high quality inpatient care. That is the hallmark of all IPC programs."
About IPC The Hospitalist Company, Inc.
IPC The Hospitalist Company, Inc. (Nasdaq: IPCM) is a leading national hospitalist physician group practice company focused on the delivery of hospitalist medicine services. IPC's physicians and affiliated providers manage the care of hospitalized patients in coordination with primary care physicians and specialists. The Company provides its hospitalists with the comprehensive training, information technology, and management support systems necessary to improve the quality and reduce the cost of inpatient care in the facilities it serves. For more information, visit the IPC website at www.hospitalist.com.
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SOURCE IPC The Hospitalist Company, Inc.
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