TeamHealth acquires Tri-City Emergency Medical Group operations
The deal comes months after a failed $7.6 billion deal with surgery center management company AmSurg.
Tri City Medical Center-Carlsbad, CA. Photo by San Diego Medical Space
TeamHealth Holdings, a physician services organization, has acquired the operations of Tri-City Emergency Medical Group based in Oceanside, California.
TeamHealth encompasses more than 19,000 affiliated physicians and advanced practice clinicians, outsourcing a variety of services to about 3,500 acute and post-acute facilities and physician groups nationwide. Tri-City Emergency Medical Group delivers care to approximately 70,000 patients annually through staffing and management of the Tri-City Medical Center emergency department.
Gene Ma, MD, president of Tri-City Emergency Medical Group, said in a statement that the deal made sense for his outfit because TeamHealth "offers vast resources for clinicians, opportunities for growth and the ability for our group to retain our culture and commitment to clinical excellence."
[Also: UPDATED: AmSurg withdraws higher bid for TeamHealth]
The deal comes months after a failed $7.6 billion deal with surgery center management company AmSurg, which would have given shareholders 0.768 shares of AmSurg and $15.49 in cash for every share of TeamHealth. AmSurg pulled out of the deal, blaming TeamHealth board members for failing to engage with them.
In January, The Justice Department announced a multi-million dollar settlement with Tri-City, resolving allegations it violated Medicare's prohibition on financial relationships between hospitals and referring physicians. The hospital agreed to pay more than $3 million.
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