HealthCare Partners to Acquire Magan Medical Clinic
Leading Multispecialty Clinic Reaches Agreement to Join HealthCare Partners, a DaVita Medical Group
EL SEGUNDO, Calif., June 1, 2017 /PRNewswire/ -- HealthCare Partners, a DaVita Medical Group and division of DaVita Inc. (NYSE: DVA), and Magan Medical Clinic, a respected multispecialty medical group in Los Angeles County's San Gabriel Valley, today announced that they entered into a definitive agreement by which Magan will join HealthCare Partners. Financial terms were not disclosed.
"In its nearly hundred-year history, Magan Medical Clinic has demonstrated strong clinical performance and a commitment to patient-centered care," said Jim Rechtin, California market president for HealthCare Partners and senior vice president of corporate strategy for DaVita Inc. "For 25 of those years, HealthCare Partners has worked closely with Magan through a joint venture providing integrated care services. We're excited to join forces and look forward to the possibilities of growing membership and continuing to provide high-quality care to this area together."
Magan Medical Clinic's 55 providers serve more than 20,000 managed care patients. The medical group offers primary care as well as a wide range of specialty care services including cardiology, dermatology, endocrinology, neurology and oncology.
"Over multiple generations, Magan Medical Clinic has been proud to serve the communities of Covina, West Covina, San Dimas, Diamond Bar and La Verne," said Dr. Bradley Rosenberg, president of Magan Medical Clinic. "We chose to join HealthCare Partners, part of the nationally renowned DaVita Medical Group, so that together we could achieve even better care for generations to come. This is an exciting step in our growth and our mission to provide great patient care."
The transaction is expected to close by mid-2017 subject to completion of due diligence and other customary closing conditions.
About DaVita Medical Group
DaVita Medical Group is a division of DaVita Inc., a Fortune 500® company that operates and manages medical groups and affiliated physician networks in California, Colorado, Florida, Nevada, New Mexico, Pennsylvania and Washington. A leading independent medical group in America, DaVita Medical Group has over two decades of experience providing coordinated, outcomes-based medical care in a cost-effective manner. As of December 31, 2016, DaVita Medical Group's teammates, employed clinicians and affiliated clinicians provided care for approximately 1.7 million patients. For more information, please visit healthcarepartners.com.
About DaVita Inc.
DaVita Inc., a Fortune 500® company, is the parent company of DaVita Kidney Care and DaVita Medical Group. DaVita Kidney Care is a leading provider of kidney care in the United States, delivering dialysis services to patients with chronic kidney failure and end stage renal disease. As of March 31, 2017, DaVita Kidney Care operated or provided administrative services at 2,382 outpatient dialysis centers located in the United States serving approximately 189,400 patients. The company also operated 162 outpatient dialysis centers located in 11 countries outside the United States. DaVita Medical Group manages and operates medical groups and affiliated physician networks in California, Colorado, Florida, Nevada, New Mexico, Pennsylvania and Washington in its pursuit to deliver excellent-quality health care in a dignified and compassionate manner. As of December 31, 2016, DaVita Medical Group's teammates, employed clinicians and affiliated clinicians provided care for approximately 1.7 million patients. For more information, please visit DaVita.com/about.
About Magan Medical Clinic
Magan Medical Clinic, Inc. was founded in 1919 by Dr. W.P. Magan, Sr. The practice has been at its present address in Covina, Calif. since 1967, expanding to its current size in 1989, with additional satellite offices serving the communities of Diamond Bar, La Verne, San Dimas, West Covina, and surrounding cities. Magan Clinic proudly provides quality medical care as a multispecialty practice with many specialists under one roof, striving to help its patients lead a healthier lifestyle. For more information, please visit maganclinic.com.
Forward Looking Statements
This release may contain forward-looking statements within the meaning of the federal securities laws. All statements that do not concern historical facts are forward-looking statements and include, among other things, statements about our expectations, beliefs, intentions and/or strategies for the future, including the prospective performance of or synergies created involving the acquired business, prospects for enhanced patient care, and the impact the business combination will have on clinical outcomes and growth in the number of patients served. Factors which could impact future results include the uncertainties associated with our ability to complete any acquisition or merger that we might be considering or announce, or integrate and successfully operate any business we may acquire, or retain key personnel of the acquired business or such personnel being able to continue to manage or have adequate resources to operate the acquired business successfully, and the other risk factors set forth in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2016, and subsequent quarterly reports filed on Form 10-Q. Any forward-looking statements should be considered in light of these risks and uncertainties. We base our forward-looking statements on information currently available to us at the time of this release, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of changes in underlying factors, new information, future events or otherwise.
Contact Information:
DaVita Medical Group
Jessica Geurkink
720-925-3184
[email protected]
SOURCE HealthCare Partners
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