NORTH HOLLYWOOD, Calif., July 5, 2012 (GLOBE NEWSWIRE) -- IPC The Hospitalist Company, Inc. (Nasdaq:IPCM), a leading national hospitalist physician group practice company, announced today that it has acquired two practices: Hospital Medicine Associates of Florida, PC (HMA), based in Ocala, Florida; and Transitions of Care, PLLC (TOC), practicing in the Chicago, Illinois area. Both practices are located within markets where IPC already has an established presence. Annualized encounters for HMA and TOC are approximately 18,000 and 10,000, respectively.
Additionally, IPC entered into an exclusive agreement to provide hospitalist services for The Heart Hospital of New Mexico at Lovelace Medical Center, based in Albuquerque, New Mexico. This represents a new market for IPC as the Company enters practice in its 27th state. Encounters are expected to be approximately 18,000 annually.
Adam Singer, M.D., Chairman and CEO of IPC, stated, "Viewed together, these three transactions portray our company's main priorities: continued growth in both established and new markets; a focus on acute care hospitalist and closely related post-acute services; and partnerships with hospitals and other facilities. HMA represents an expansion of our acute care presence in the central Florida market. TOC is a post-acute care practice that will serve as a springboard for building the acute/post-acute care continuum together with our existing acute care practices in the Chicago market. The Lovelace agreement enables us to bring our quality, cost-effective hospitalist services to yet another new market area."
About IPC The Hospitalist Company, Inc.
IPC The Hospitalist Company, Inc. (Nasdaq:IPCM) is a leading physician group practice company focused on the delivery of hospitalist medicine and related facility-based services. IPC's physicians and affiliated providers practice in hospitals or other inpatient facilities, including acute, sub-acute and long-term care settings. The Company offers its providers the comprehensive training, information technology, and management support systems necessary to improve the quality and reduce the cost of patient care in the facilities it serves. For more information, visit the IPC website at www.hospitalist.com.
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