Business
Apollo Medical Holdings Announces Acquisition Of Alpha Care Medical Group
ALHAMBRA, Calif., June 4, 2019 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed" or the "Company") (NASDAQ: AMEH), an integrated population health
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[{"type":"text","content":"ALHAMBRA, Calif., June 4, 2019 /PRNewswire/ -- Apollo Medical Holdings, Inc. (\"ApolloMed\" or the \"Company\") (NASDAQ: AMEH), an integrated population health management company, today announced that Allied Physicians of California, a Professional Medical Corporation d.b.a. Allied Pacific of California (\"APC\") and APC-LSMA Designated Shareholder Medical Corporation (\"APC-LSMA\") have completed their acquisition of Alpha Care Medical Group, Inc. (\"Alpha Care\"). APC is an independent practice association (\"IPA\") that the Company has determined should be consolidated as a variable interest entity (\"VIE\") with the Company's financial statements under United States generally accepted accounting principles (U.S. GAAP). APC-LSMA has as its sole shareholder, Thomas Lam, M.D., Chief Executive Officer of the Company and Chief Executive and Financial Officer of APC, and is controlled by APC. \nOn May 31, 2019, under the terms of the stock purchase agreement, APC and APC-LSMA acquired 100% of the capital stock of Alpha Care from Dr. Kevin Tyson for an aggregate purchase price of $45,000,000 in cash, subject to post-closing adjustments, as defined. The completion of this acquisition will expand the Company's capitated membership population base and deepen its geographic footprint in Southern California.\nAlpha Care, an IPA which has been operating in California since 1993, is a risk bearing organization engaged in providing professional services under capitation arrangements with its contracted health plans through a provider network consisting of primary care and specialty care physicians. Alpha Care specializes in delivering high-quality healthcare to over 180,000 enrollees and focuses on Medi-Cal/Medicaid, Commercial, and Medicare and Dual Eligible members in the Riverside and San Bernardino counties of Southern California.\n\"The acquisition of Alpha Care positions our patient-centered, physician-led organization to replicate our business model in the Riverside and San Bernardino counties, while realizing the synergies of aggregating multiple IPAs,\" said Kenneth Sim, M.D., Executive Chairman of ApolloMed. \"This acquisition demonstrates our continued commitment to the growth of our company,\" stated Dr. Kenneth Sim.\nNote About Consolidated Entities\nThe Company consolidates entities in which it has a controlling financial int...