Emergency Medical Services Announces Acquisition of Anesthesia Company
December 02 2010 - 4:30PM
Business Wire
Emergency Medical Services Corporation (NYSE: EMS) (The Company)
today announced that an affiliate of its EmCare segment has entered
into a definitive agreement to acquire Milford Anesthesia
Associates, an anesthesia provider based in Milford, Connecticut
(“Milford”). Founded in 1984, Milford has approximately 100
clinicians and provides outsourced anesthesia services to nine
hospitals and 18 ambulatory surgical centers in Connecticut and
Massachusetts. Upon completion of the transaction, Milford will
operate under its present brand as part of EmCare’s anesthesia
services group, AnesthesiaCare. Upon completion, the Company
expects that the acquisition will contribute approximately $40
million in annual net revenue.
William A. Sanger, EMSC Chairman and Chief Executive Officer,
said, “Milford has long standing relationships in Connecticut and
Massachusetts and a strong reputation for providing quality patient
care and exceptional client service. This acquisition provides us
with a solid platform for continued growth in the anesthesia
services market. This transaction is consistent with our strategy
of partnering with quality providers to expand our presence in
individual service lines and increase our opportunities for growth
through cross-selling.”
The transaction is expected to close within 30 days, subject to
customary closing conditions.
About Emergency Medical Services Corporation
Emergency Medical Services Corporation (EMSC) is a leading
provider of emergency medical services in the United States. EMSC
operates two business segments: American Medical Response, Inc.
(AMR), the Company’s healthcare transportation services segment,
and EmCare Holdings Inc. (EmCare), the Company’s outsourced
facility-based physician services segment. AMR is the leading
provider of ambulance services in the United States. EmCare is a
leading provider of outsourced physician services to healthcare
facilities. In 2009, EMSC provided services in 13.0 million patient
encounters in more than 2,200 communities nationwide. EMSC is
headquartered in Greenwood Village, Colorado. For additional
information, visit www.emsc.net.
Forward-Looking Statements
Certain statements and information herein may be deemed to be
"forward-looking statements" within the meaning of the Federal
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may include, but are not limited to, statements relating
to our objectives, plans and strategies, and all statements (other
than statements of historical facts) that address activities,
events or developments that we intend, expect, project, believe or
anticipate will or may occur in the future. Any forward-looking
statements herein are made as of the date of this press release,
and EMSC undertakes no duty to update or revise any such
statements. Forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties. Important
factors that could cause actual results, developments and business
decisions to differ materially from forward-looking statements are
described in EMSC's filings with the SEC from time to time,
including in the section entitled “Risk Factors” in the Company’s
most recent Annual Report on Form 10-K and subsequent periodic
reports. Among the factors that could cause future results to
differ materially from those provided in this press release are:
the impact on our revenue of changes in transport volume, mix of
insured and uninsured patients, and third party reimbursement rates
and methods; the adequacy of our insurance coverage and insurance
reserves; potential penalties or changes to our operations if we
fail to comply with extensive and complex government regulation of
our industry; the impact of potential changes in the healthcare
industry generally resulting from legislation currently under
consideration; our ability to recruit and retain qualified
physicians and other healthcare professionals, and enforce our
non-compete agreements with our physicians; our ability to generate
cash flow to service our debt obligations; the cost of capital
expenditures to maintain and upgrade our vehicle fleet and medical
equipment; the loss of one or more members of our senior
management team; the outcome of government investigations of
certain of our business practices; our ability to successfully
restructure our operations to comply with future changes in
government regulation; the loss of existing contracts and the
accuracy of our assessment of costs under new contracts; the high
level of competition in our industry; our ability to implement our
business strategy; our ability to successfully integrate strategic
acquisitions; and our ability to comply with the terms of our
settlement agreements with the government.
Emergency medical (NYSE:EMS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Emergency medical (NYSE:EMS)
Historical Stock Chart
From Jul 2023 to Jul 2024