Millennium HealthCare sets closing date for Premier Healthcare Resources Acquisition
Combined company to achieve significant profitability
GARDEN CITY, N.Y., Sept. 6, 2012 /PRNewswire/ -- Millennium HealthCare Inc. (OTC Pink: MHCC) announced today the scheduled closing date of on or about October 3rd, 2012 for its acquisition of Premier Healthcare Resources LLC, a physician practice management company specializing in cardiovascular services.
Premier Healthcare Resources manages one of the largest Cardiology Practice Groups in the New York area. With approximately 50 locations, the strategy of Premier is to manage cardiology services targeted within primary care physician practices, thereby providing continuity of care for the patient under one roof. Premier Healthcare Resources has been in operation since 2009, and its managed offices currently see approximately four to five thousand cardiology patients each month. The services provided by the Cardiology practices under management include all clinically non-invasive procedures.
Richard DeMaio, President of Premier Healthcare Resources commented, "The value added in this acquisition is based on the synergies both companies offer through their combined services. My executive team has worked closely with Millennium management over the past twelve months to evaluate and identify the many growth opportunities available, and have concluded that we are a perfect complement to each other."
Millennium President Chris Amandola added, "Both companies have gone through an extensive due diligence process over the past few months to identify true synergies. What we have concluded is that this acquisition will exponentially increase total revenues to Millennium. With the combination of both companies, Millennium expects to achieve revenues of approximately $12 million to $15 million for 2012 with significant profitability. As a unified entity, there is a potential synergistic revenue increase of up to $100 million that can be recognized over the next several years. This would be in addition to the rapid, organic growth that both companies have been able to achieve. Peripheral vascular disease is among the fastest growing, life threatening diseases. This is the basis of the significant synergies that both management companies foresee."
About Premier Healthcare Resources LLC
Premier Healthcare Resources provides a full suite of management and consulting services to assist health care delivery systems and physician groups in developing and implementing solutions that create high performing healthcare organizations. Their experienced healthcare team helps organizations with strategic advisory, operational improvement and outsourcing, and technology solutions. Specific services include revenue cycle management, supply chain improvement, facilities planning, physician-hospital alignment, care innovation and clinical documentation improvement.
Premier Healthcare Resources offers a unique practice management business model that enables existing medical practices the ability to offer advanced Cardiology services in-house. The Company also provides hospitals, AMSURG and large medical groups with alternatives to manage and expand their current Cardio patient flow and business.
About Millennium HealthCare Inc.
Millennium HealthCare Inc. provides physician practices with practice management and development services to enhance and grow their business. Our primary focus is on practices specializing in Cardiology and Vascular care.
Vascular Management Services -Medical practice management and development services for physicians primarily focusing on vascular disorders such as peripheral arterial disease (PAD). These minimally invasive procedures for (PAD) are performed by a highly skilled team of Interventional Cardiologist's and Vascular Surgeon's that specialize in this form of care and treatment. Millennium Vascular Management Group offers these physicians an alternative office based setting to enhance patient care and comfort, physician flexibility and clinical outcome.
Cardiology Management Services -The cardiology practice management and development services offers practitioners a flexible business alternative to expand their patient retention and flow by providing advanced cardiology care and testing capabilities within their existing office setting. Advanced in-house services promote long-term patient retention and revenue for their practice.
Additional Services Offered:
Billing Coding Medical Devices ProComm
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Certain written and oral statements made by us may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Forward-looking statements are identified by such words and phrases as "we expect," "expected to," "estimates," "estimated," "current outlook," "we look forward to," "would equate to," "projects," "projections," "projected to be," "anticipates," "anticipated," "we believe," "could be," and other similar phrases. All statements addressing operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to revenue growth, earnings, earnings-per-share growth, or similar projections, are forward-looking statements within the meaning of the Reform Act. Because they are forward-looking, they should be evaluated in light of important risk factors that could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known at this time. We undertake no obligation to update these forward-looking statements after the date of this release.
SOURCE Millennium HealthCare Inc.
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