IPC the Hospitalist Co., a North Hollywood, Calif.-based provider of outsourced hospitalist services, has expanded its existing presence in the Houston area with the acquisition of Total InPatient Services, or TIPS.
TIPS is a physician
-owned and -operated hospital practice based in Sugar Land, Texas. It was founded in 2007 by Dr. Mark Murray who will stay with the practice in a leadership role, according to a news release
In late March, IPC acquired Preferred Hospitalists of Michigan
, a Warren-based practice founded in 2011. Dr. Zarnab Sajjad, a practice founder, remained with the organization as practice group leader. Earlier that month, IPC also acquired the CAP Medical Group
, a New Hartford, N.Y.-based organization founded in 2007.
IPC would not disclose the size of any of the practices, but said in news releases that TIPS should generate about 30,000 patient encounters annually, Preferred Hospitalists will account for about 18,000 “acute patient visits” a year, and CAP Medical physicians would generate 35,000 encounters annually.
According to the CAP Medical website
, the practice has 14 doctors, two physician assistants and eight nurse practitioners.
IPC also does not report how much it paid for individual practice acquisitions, but in a recent quarterly earnings report
the company said it “used” $8.7 million to acquire three practices during the three-month period ended March 31. IPC spent $9.7 million on acquisitions in the first quarter of 2013.
According to IPC's first-quarter Form 10-Q filling
with the Securities and Exchange Commission, the “estimated purchase price” of three recently acquired hospitalist practices was $5.9 million.
The company also reported
a 12.8% increase in revenue, stating that it took in $172.7 million during the first quarter of 2014 compared with $153.1 million during same period last year. First-quarter income increased 2.1% to $10 million from $9.8 million.Follow Andis Robeznieks on Twitter: @MHARobeznieks