Friday, March 29, 2013

American Family Care Takes Big Step Up

Dr. Bruce Irwin, founder of one of the oldest operators of family care/urgent care clinics announced the acquisition of Doctors Express, the largest US franchisor of urgent care clinics.  The completed transaction (expected in April) will move American Family Care (AFC) to the second largest privately held operator of urgent care centers.  By year end, the merged organization will have a presence in 26 states with more than 140 facilities.  

The Doctors Express name will be retained and the business continue under the current franchise model.   AFC will centralize backroom operations in Birmingham, AL.  Doctors Express is currently headquartered in Baltimore.  >>Read more

Thursday, March 28, 2013

Funding Continues for Walk-in Clinics

Red Cross
Private equity firms continue funding of healthcare’s urgent care sector.  This ongoing interest is not surprising given 20% clinic growth in the last 4 years*.  MedExpress, an industry leader, currently with over 100 locations, was one of the first to benefit from PE interest when it had only 6 offices.  More recently, sector funding has come from LLR Partners for Physicians Immediate Care and FFL Partners for WellStreet.
Health insurers and hospital systems also recognize the value of urgent care ownership.  However, their acquisition motivation may be slightly different vis a vis private equity firms.  Humana, owner of 330-clinic Concentra, and other insurers appreciate the cost containment potential with urgent care clinics (e.g.:  Per visit: 30-40% less than doctor visit; 80% less than ER).  Hospitals now own 27% of urgent care centers.  While not expected to be a large revenue stream, hospital-owned clinics offer a great source of patient referrals.  >>Read more
*Urgent Care Association of America

Wednesday, March 20, 2013

ICV Adds Dialysis Platform

With the recent acquisition of Atlantis Healthcare Group Puerto Rico, Inc., ICV Partners has established a kidney dialysis platform. Atlantis, founded in 2000 by Dr. Otegbola Ojo, has 13 facilities located throughout the island of Puerto Rico.  Dr. Ojo will continue as Atlantis’ President.

ICV, in partnership with Dr. Ojo, noted nephrologist Dr. Randall Maxey, and health care executive Ruby Harford have concurrently formed American Alliance Dialysis Holdings, LLC (“AAD”).  The team at AAD will identify and vet strategic investment opportunities located in North America and the Caribbean.  >>Read more

Tuesday, March 19, 2013

Patients Asked, ZoomCare Answered...

ZoomCare, a company that bridges the gap between ER and primary care physician visits took action based on patient input... adding physical therapy treatments in 2 of its Portland clinics. 
Zoomcare - Healthcare On Demand
Co-CEO Dr. Dave Sanders recounted that, "ZoomCare customers have been asking us for years to offer a PT service with all the convenience, quality and low cost features they love about ZoomCare everyday care....”.  He added “PT is a great fit for Portland's active, outdoor community."

Founded in 2006, the Portland-based urgent care chain has grown to 18 clinics in Oregon, Washington and Idaho. In addition to same-day scheduling, the clinics give patients a guaranteed visit time, issue no bills, have an on-site laboratory and pharmacy and charge the same price for all visits.
Source:  Portland Business Journal

Friday, March 15, 2013

Should you Sell? Ask Yourself 10 Questions...

Selling a business requires more than the "Luck of the Irish".Selling a business is a “Big Deal”  for most small business owners and requires more than the "Luck of the Irish". As snap decisions are not encouraged, Curtis Kroeker, GM of several business-for-sale marketplaces, offers key questions to determine if selling is the right decision. 

1.   Is my business ready to sell?  Key:  2-3 yrs of tax returns, showing maximum profitability.
2.   How is a buyer going to value my business?
3.   Who should be on my team when I sell?  Engage the Experts, if needed, whether an Accountant, Lawyer, Business Broker...
4.   Is it the right time to sell?  Easier when business is on the upswing.
5.   Is the market right?
6.   Can I cope with the changes on the horizon?
7.   Can my business thrive without me?  
8.   Would I be willing to stay on if the buyer wants me to?  Transition flexibility could improve chances of a done deal.
9.   What are the potential deal breakers?  Resolve them before the deal nears closing!
10. Would I consider alternatives to an outright sale? 

>>Read more for greater insight.       

Happy St. Patrick's Day!

Wednesday, March 13, 2013

Another Investment in Heart to Heart Hospice

Summit Partners continues its support of a leading hospice care provider with its recent minority investment.  Heart to Heart Hospice, headquartered in Plano, TX, offers quality care to approximately 1,200 patients in 11 locations across 88 Texas counties.  It was founded in 2003 and currently employs a care team staff of 600.
11 east Texas locations
Heart to Heart Hospice Locations

Founder Kelly Mitchell applauds Summit’s ongoing involvement and role in the “success and growth of Heart to Heart Hospice.”  Mark deLaar and Jesse Lane from Summit will join the hospice care provider’s Board.

The investment will be used “ support several growth initiatives that will allow us to bring hospice care to a greater number of people.” according to Heart to Heart President, Bill Thurman.  >>Read more

Thursday, March 07, 2013

Satori's Entrée to Healthcare...Longhorn

Austin, TX-based Longhorn Health Solutions was acquired recently by Dallas private equity firm Satori Capital.  
Satori Capital invests in Longhorn Health Solutions
Longhorn is a direct-to-consumer distributor of durable medical equipment, consumable medical supplies and pharmaceutical prescriptions (e.g.: incontinence supplies, enteral nutrition products, and diabetic testing supplies) to home-based Medicaid, Medicare and privately insured patients across Texas. The Satori partnership will offer Longhorn opportunities for “organic expansion and growth via acquisition” according to Britt Peterson, CEO. 
Peterson will continue to lead the company with 10 Texas warehouses and 150 employees.  He notes:  
"Longhorn has earned a reputation for excellence through its reliable performance, dedicated customer service, statewide presence, and commitment to integrity and kindness across everything that we do...”
>>Read more

Monday, March 04, 2013

US HealthVest to Acquire Psychiatric Facilities

Co-founders Richard Kresch, MD and Polaris Partners are focused on expanding access and improving psychiatric care with their new company.  According to Dr. Kresch, President and CEO of US HealthVest:   
"The need for quality psychiatric care is increasing rapidly. US HealthVest has the experience and resources to expand access to care by developing new facilities and acquiring existing facilities with untapped potential...”
Previously, Dr. Kresch launched and sold two companies including Ascend Health, owner of multiple free-standing psychiatric inpatient facilities.   Venture Wire reports the US HealthVest team “hopes to get six clinics up and running within the next year.”  Facilities offering inpatient and outpatient programs will include development of new and the acquisition of existing facilities. 

In addition to Kresch and Polaris, US HealthVest partners include the company’s management team, Fidelity Biosciences and notable health care and technology investors. >>Read more