Integrated Healthcare Holdings, Costa Mesa, Calif., said Orange County Physicians Investment Network has put $5 million into the company and could invest another $15 million over the next year.
The investment will go toward Integrated's purchase of four Southern California hospitals from Tenet Healthcare Corp., Santa Barbara, Calif. The acquisition is expected to close by the end of the year.
Anil Shah, M.D., a cardiologist at two of the hospitals that Integrated is acquiring, is the president of the physicians investment network and will co-chair the medical advisory boards for the four hospitals once they are acquired.
Larry Anderson, Integrated's president, said in a news release that the investment strengthens the company's finances and demonstrates physician support for the four hospitals.
When the Tenet deal was announced in September, Integrated also announced another physician investment -- by Kali Chaudhuri, M.D., an orthopedic surgeon and the founder of KPC Medical Management, a failed clinic operator.