One of the biggest emergency medical groups in Michigan has signed an agreement to sell its operations to Greenwood Village, Colo.-based Envision Healthcare Holdings for about $120 million, according to Envision.
Ann Arbor, Mich.-based Emergency Physicians Medical Group, which employs more than 500 physicians and other providers, staffs 37 healthcare facilities in Michigan, Illinois, Indiana, Ohio and Iowa, and manages nearly 1 million patient encounters each year in hospital emergency departments and urgent-care centers.
Founded in 1976, EPMG contracts with 22 healthcare facilities in Michigan and several hospitals in Southeast Michigan, including Henry Ford Wyandotte Hospital and at least eight facilities owned by St. Joseph Mercy Health System.
EPMG is expected to contribute annualized net revenues of approximately $140 million, Envision said. The deal is expected to close in about 30 days.
“(We are) celebrating 40 years of delivering innovative and compassionate care and we found ourselves considering opportunities to further evolve so we are well positioned to best serve our patients for the next 40 years,” Christopher R.H. Newton, M.D., CEO and managing partner of EPMG, said in a statement.
Envision owns multiple physician-related services that contract with consumers, hospitals, healthcare systems, health plans and local, state and national government entities, officials said.
It owns American Medical Response, an ambulance company; EmCare Holdings, which manages emergency, anesthesiology, radiology, hospitalist and surgery physician services; and Evolution Health, a care-coordination services company.