ALHAMBRA, Calif., Sept. 5, 2019 /PRNewswire/ -- Apollo Medical
Holdings, Inc. ("ApolloMed" or the "Company") (NASDAQ: AMEH), an
integrated population health management company, today announced
that its affiliates, 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 acquired all of
the outstanding shares of capital stock of Accountable Health Care
IPA, a Professional Medical Corporation ("Accountable Health
Care"). In connection with the settlement of a dispute with Dr.
Jayatilaka and Accountable Health Care, APC-LSMA acquired all
shares of Accountable Health Care's capital stock held by Dr.
Jayatilaka (comprising 75% of the outstanding shares of Accountable
Health Care capital stock) in exchange for $7.25 million. APC owns the remaining 25% of the
outstanding shares of Accountable Health Care capital stock. The
addition of Accountable Health Care will expand the Company's
capitated membership base and deepen its geographic footprint in
Southern California. This
acquisition, along with the recent acquisition of Alpha Care
Medical Group, Inc. ("Alpha Care Medical Group") by APC-LSMA, will
provide the Company with additional synergistic opportunities, as
we continue to aggregate provider and specialist networks to manage
patient care more effectively.
Accountable Health Care, an independent practice association
("IPA"), has served the local community in the greater Los Angeles County area through a network of
physicians and health care providers for more than 20 years.
Accountable Health Care's provider network currently includes over
400 primary and 700 specialty care physicians that provide quality
health care services to more than 91,000 members of six federally
qualified health plans and multiple product lines, including
Medi-Cal, Medicare, California Healthy Families and various
commercial plans.
"Our acquisition of Accountable Health Care continues to bolster
the number of lives we manage and expands our reach. Along with our
recent acquisition of Alpha Care Medical Group, our acquisition of
Accountable Health Care helps us to continue to realize synergies
through our aggregation of multiple IPAs," said Kenneth Sim, M.D., Executive Chairman of
ApolloMed. "This acquisition demonstrates our commitment to the
continued growth of our company," stated Dr. Kenneth Sim.
Note About Consolidated Entities
The Company consolidates entities in which it has a controlling
financial interest. The Company consolidates subsidiaries in which
it holds, directly or indirectly, more than 50% of the voting
rights, and variable interest entities ("VIEs") in which the
Company is the primary beneficiary. Noncontrolling interests
represent equity ownership interests in the Company's consolidated
entities (including certain VIEs). The amount of net (loss) income
attributable to noncontrolling interests is disclosed in the
Company's consolidated statements of income.
About Apollo Medical Holdings, Inc.
ApolloMed is a leading physician-centric integrated population
health management company, which, together with its subsidiaries,
including a Next Generation Accountable Care Organization
("NGACO"), and its affiliated IPAs and management services
organizations ("MSOs"), are working to provide coordinated,
outcomes-based high-quality medical care for patients, particularly
senior patients and patients with multiple chronic conditions, in a
cost-effective manner. ApolloMed focuses on addressing the
healthcare needs of its patients by leveraging its integrated
health management and healthcare delivery platform that includes
Network Medical Management, Inc. (an MSO), Apollo Medical
Management, Inc. (an MSO), ApolloMed Hospitalists, APA ACO,
Inc. (the Company's NGACO), APC (an IPA) and Apollo Care Connect,
Inc. (the Company's Digital Population Health Management
Platform). For more information, please
visit www.apollomed.net.
About Allied Physicians of California
APC is an IPA that the Company has determined should be
consolidated as a 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 Officer and
Chief Financial Officer of APC, and is controlled by APC.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, such as statements about the Company's
acquisition strategy, integration of its acquired companies,
continued growth and business outlook, ability to deliver
sustainable long-term value, ability to respond to the changing
environment, operational focus and strategic growth
plans. Forward-looking statements reflect current views with
respect to future events and financial performance and therefore
cannot be guaranteed. Such statements are
based on the current expectations and certain assumptions
of the Company's management, and some or all of such expectations
and assumptions may not materialize or may vary significantly from
actual results. Actual results may also vary materially from
forward-looking statements due to risks, uncertainties and other
factors, known and unknown, including the risk factors described
from time to time in the Company's reports to the SEC, including,
without limitation, the risk factors discussed in
the Company's Annual Report on Form 10-K filed
with the SEC on March 18, 2019.
FOR MORE INFORMATION, PLEASE CONTACT:
Asher Dewhurst
(443) 213-0500
asher.deshurst@westwicke.com
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SOURCE Apollo Medical Holdings, Inc.