IPC the Hospitalist Co., North Hollywood, Calif., continued its expansion into the Northeast states with the acquisition of Red Bank, N.J.-based Hospital Medical Associates of Monmouth County.
The owners of HMAMC, Drs. Brian Incremona and Nauman Ahmad, will remain with the group as IPC Practice Group leaders, according to an IPC news release
"The new regulatory requirements, performance imperatives and uncertainties under healthcare reform make it much more challenging for a local practice such as HMAMC to go it alone," Incremona said in the release. "As such, we decided that joining forces with IPC was the best way to enable our group to continue to deliver value to our hospitals."
HMAMC is expected to generate about 30,000 acute patient encounters annually.
In recent months, IPC has expanded into New York state
, Massachusetts and Rhode Island
The company did not disclose financial terms of the deals, but in its third-quarter 2012 financial report,
it was stated that "(c)ash of $33.3 million was used in the nine months ended Sept. 30, 2012 for physician practice acquisitions and earn-out payments on prior acquisitions compared with $19.4 million in the same period of the prior year."
In all, "Net cash used in investing activities was $36.3 million for the nine months ended Sept. 30, 2012, compared with $21.5 million for the same period in 2011," according to the report.