Apollo Medical Holdings, Inc. Reports Record Revenue in Third Quarter of 2011
GLENDALE, Calif., Dec. 22, 2011 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed") (OTC-AMEH.OB), a leading provider of hospitalist and multi-disciplinary care management services to the healthcare community, today announced its third quarter and YTD operating results:
- During the third quarter ended October 31, 2011, ApolloMed recorded record revenues of $1,431,965 compared to $1,019,078 in revenue during the third quarter ended October 31, 2010. For the nine month period ended October 31, 2011, ApolloMed recorded revenue of $3,565,366, a 24.6% increase over the same period in 2010.
- ApolloMed recorded net income for the quarter ended October 31, 2011 of $58,204 compared to a net loss of $41,015 during the third quarter ended October 31, 2010.
Over the past nine months, the company has realized the following:
- ApolloMed was selected to provide hospitalist services at two new hospitals: Tulare Regional Medical Center and Glendale Memorial Hospital.
- Announced its first health plan contract to provide comprehensive physician services and inpatient care for members enrolled in Anthem's Medi-Cal program in Los Angeles County.
- Announced the acquisition of Primary Critical Care Management and Aligned Healthcare.
"We are pleased with the results of our third quarter," stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings, Inc. "We remain focused on our objective of attaining profitable operations and on increasing shareholder value. And we continue to make significant progress in expanding both our service offering and geographic footprint."
About Apollo Medical Holdings, Inc.
ApolloMed is a leading provider of integrated medical management services that improves the efficiency in inpatient care plus multi-disciplinary care management services targeting inefficiencies in healthcare payer and provider networks. Our integrated model combines hospitalist medicine, critical care medicine, 24-hour physician call centers, case management and transition management that offers to help healthcare organizations engage in performance payments for utilization efficiency, quality of care objectives and shared accountability arrangements. The company intends to capitalize on the growing market for hospital-based physicians and care management services. There are 4900 acute care hospitals in the U.S., with over 35 million annual admissions. Total U.S. spending on hospital care is over $650 billion, and is expected to increase to $1.3 trillion by 2016. There are tremendous inefficiencies in the delivery of inpatient care, a high rate of hospital errors and high readmission rates. These are drivers for the growth of hospital-based medicine and care management services. Apollo and its affiliated medical groups have proven expertise in providing excellent and efficient care to hospitalized patients.
SOURCE Apollo Medical Holdings, Inc.