Business
Steward Health Care Announces Strategic Partnership with First Choice Healthcare Solutions
Steward Health Care Announces Strategic Partnership with First Choice Healthcare Solutions.
About this update from First Choice Healthcare Solutions, Inc.
[{"type":"text","content":"\n\n BOSTON, Feb. 08, 2018 (GLOBE NEWSWIRE) -- Steward Health Care System (“Steward”) (the “Company”) Steward Health Care is pleased to announce it is entering into a strategic partnership with First Choice Healthcare Solutions, Inc. (OTCQB:FCHS) (“FCHS”), a fully integrated, non-physician owned, healthcare delivery platform providing a full life cycle of care for patients through diagnosis, treatment and recovery. This partnership will allow FCHS to expand its delivery system of orthopaedic and spine care, with the assistance of Steward and its resources.\n Currently, First Choice Medical Group of Brevard, a subsidiary of FCHS, utilizes two of Steward’s Florida facilities. Through such utilization, FCHS has proven their ability to deliver high quality patient care, while reducing costs and maintaining patient outcomes at rankings above the national averages. This success is a leading factor in Steward’s desire to expand its partnership with FCHS.  As such, Steward has entered into a Stock Purchase Agreement with FCHS, February 6th, 2018, whereby Steward will make an investment into FCHS of $7.5mm to purchase 5mm shares of FCHS stock.  The transaction is expected to close on or before March 1, 2018.  This investment will allow FCHS to continue expanding its business model and geographic footprint nationally. Additionally, upon closing of the investment, Steward plans to designate two of the five individuals who shall serve on the post-closing Board of Directors of FCHS. “We are pleased to officially enter into a strategic partnership with FCHS after building a successful working relationship. We look forward to assisting the company with their expansion plans as they implement their platform into our network,” said Dr. Michael Callum, Executive Vice President of the Physician Services Group of Steward Health Care System. “As a result of our partnership, we anticipate outcomes to improve, while simultaneously reducing healthcare costs across our network.” About First Choice Healthcare Solutions (FCHS) First Choice Healthcare Solutions (FCHS) is implementing a defined growth strategy aimed at expanding its network of non-physician-owned medical centers of excellence, which concentrate on treating patients in the following specialties: Ortho...