Business
Apollo Medical Holdings, Inc. Announces Signing of Agreement to Purchase the Remaining 60% of Equity Interests of Diagnostic Medical Group of Southern California Within Three Years
ALHAMBRA, Calif., Nov. 3, 2021 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed," and together with its subsidiaries and affiliated entities, the
About this update from Astrana Health Inc.
[{"type":"text","content":"ALHAMBRA, Calif., Nov. 3, 2021 /PRNewswire/ -- Apollo Medical Holdings, Inc. (\"ApolloMed,\" and together with its subsidiaries and affiliated entities, the \"Company\") (NASDAQ: AMEH), a leading physician-centric, technology-powered healthcare company focused on enabling providers in the successful delivery of value-based care, today announced that the Company's affiliate has entered into an agreement to purchase within three years all of the remaining equity interests in Diagnostic Medical Group of Southern California (\"DMG\"). The Company's affiliate currently owns 40% of DMG and has committed to purchasing the remaining 60% within three years. In accordance with relevant accounting guidance, the Company has determined that DMG is a variable interest entity of the Company, and therefore, DMG's financial statements will be consolidated with those of the Company consistent with U.S. generally accepted accounting principles.\n\n \n \n \n \n \n \n\n \nDMG is a complete outpatient imaging center providing MRI, CT, x-ray, bone density, nuclear medicine, ultrasound and mammogram exams, among others. DMG has been serving patients in the community since 1984 and currently operates four locations in the San Gabriel Valley area of southern California. \nAs the Company makes progress on its growth strategy, it expects to leverage its extensive network advantages and operational experience in introducing DMG to new markets in other geographic regions. \nKenneth Sim, M.D., Executive Chairman and Co-Chief Executive Officer of ApolloMed, stated, \"We look forward to working more closely with the team at DMG going forward with a goal of continuing to support the superior quality of DMG's patient experience for which it is already recognized within the communities it serves. We are thrilled to add DMG to ApolloMed's extensive network of service offerings for our affiliated physicians and members and believe there is an opportunity to bring DMG's diagnostic exam services to other geographic regions as our Company grows.\"\nDavid Chen, M.D., President of DMG, added, \"DMG is pleased to expand upon our existing relationship with ApolloMed, which has been a longtime valued partner of ours. DMG has been a trusted provider of various diagnostic services in the San Gabriel Valley since 1984, and we believe working more closely with ApolloMed will en...