Apollo Medical Holdings, Inc. (ApolloMed) (OTC-QB: AMEH), an integrated physician-centric healthcare delivery company, today announced that it has expanded its growing network of providers with the acquisition of Los Angeles-based Independent Physician Association (IPA) AKM Medical Group. AKM Medical Group will remain a separate but wholly owned affiliated medical group of ApolloMed and will retain its name. The acquisition aligns with ApolloMed’s strategy to provide high-quality, cost-efficient healthcare delivery through integrated services and network offerings. Terms of the transaction were not disclosed.
Founded in 1990, AKM Medical Group currently represents 16 primary care physicians and 87 contracted specialists. The group is contracted with multiple health plans, including Aetna, Blue Cross, Blue Shield, Care1st, Cigna, Health Net, LA Care, MD Care, Molina and SCAN. AKM serves more than 2,100 patients, including Medicare Advantage, Commercial and Medi-Cal HMO patients.
“We welcome AKM to the ApolloMed family,” stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings. “AKM patients can expect a seamless transition and access to more healthcare services through the ApolloMed network. For ApolloMed, this transaction broadens our network allowing us to provide more services to our patients and added value to our health plan clients. We plan to seek additional acquisitions that meet our strategic objectives and to further increase our footprint in Los Angeles County.”
“AKM needs to be part of a larger organization to provide greater access to services for our patients and physicians, and ApolloMed is an excellent fit for us,” stated Vasanth Kumar, M.D., President of AKM Medical Group. “We are highly impressed with the integrity of ApolloMed and its commitment to patient care. I am proud to become a member of this organization.”
About Apollo Medical Holdings, Inc. (ApolloMed)
ApolloMed is a leading integrated physician-centric healthcare delivery company committed to providing exceptional multi-disciplinary care in the communities it serves. ApolloMed is addressing the healthcare needs of the nation’s largest population center by leveraging its integrated healthcare delivery platform comprised of four affiliated and complementary physician groups: ApolloMed Hospitalists, ApolloMed ACO (Accountable Care Organization), Maverick Medical Group (Independent Physician Association) and ApolloMed Care Clinics. ApolloMed strives to improve medical outcomes with high-quality, cost-efficient care. For more information, please visit www.apollomed.net.
Forward Looking Statements
This press release may contain forward-looking statements, including information about management's view of future expectations, plans and prospects for Apollo Medical Holdings, Inc. (“the Company”). In particular, when used in the preceding discussion, where we refer to quarter over quarter revenue growth targeted for the remainder of 2014 and the words “predicts,” "believes," "expects," "intends," “seeks,” “estimates,” "plans," "anticipates," and similar conditional expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could” are intended to identify forward-looking statements. In addition, our representatives may from time to time make oral forward-looking statements. Any such statements, other than those of historical fact, about an action, event or development, are forward-looking statements. Such statements are based on the current expectations and certain assumptions of the Company’s management. Such statements are, therefore, subject to a variety of known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which could cause the actual results, performance or achievements of the Company, its subsidiaries and concepts to be materially different than those that may be expressed or implied in such statements or anticipated on the basis of historical trends. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company’s actual results, performance or achievements may vary materially from those described in the relevant forward-looking statement as being expected, anticipated, intended, planned, believed, sought, estimated or projected. Unknown or unpredictable factors also could have material adverse effects on the Company’s future results. The forward-looking statements included herein are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update or revise these forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. You should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks discussed under Item 1A. “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended January 31, 2014 and in any of the Company’s other subsequent Securities and Exchange Commission filings.
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