IPC The Hospitalist Co., North Hollywood, Calif., has acquired a Mesa, Ariz.-based hospitalist practice group previously owned by Scottsdale, Ariz.-based Apogee Medical Group.
The practice has a contract with the Banner Physician Hospital Organization to service the Phoenix East Valley region, a news release said, and it also provides service via referral to several primary care and specialist physicians in the community.
No terms were disclosed.
IPC Chairman and Chief Executive Officer Adam Singer, who was recently named Modern Physicians Physician Entrepreneur of the Year, noted in the release that IPC has been operating in the Phoenix metro area for 10 years now and this acquisition was a perfect way for us to mark this milestone.
IPC also announced in early October that it purchased two other practices: Hospital Medicine Associates, Allen, Texas; and Central Florida Hospitalist Group, Ocala. Earlier this year, IPC acquired two different Texas and Florida practices: Texas Inpatient Services, Dallas-Fort Worth; and Hospitalists of America, Coral Gables, Fla.
After an initial public stock offering in January netted some $45.8 million for the company, Singer said some expansion was in store. Were interested in finding and acquiring groups that match us philosophically, Singer said at the time. Were looking for the best of the best.
IPC has a third-quarter 2008 earnings conference call scheduled for 5 p.m. Eastern time, Nov. 11. -- by Andis Robeznieks