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ApolloMed Announces That Network Medical Management Has Entered Into An Agreement With Accountable Health Care IPA To Manage 160,000 Patients
GLENDALE, Calif., Jan. 8, 2018 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed" or "the Company") (NASDAQ: AMEH), an integrated population health management company, today announced that its management services organization ("MSO"), Network Medical Management, Inc. ("NMM"), has entered into a ten year Management Services Agreement ("MSA") with Accountable Health Care IPA ("Accountable IPA"), one of the largest independent physician associations ("IPA") in California. Additionally, a variable interest entity ("VIE") of ApolloMed has extended a line of credit of up to $18 million to Accountable IPA to fund working capital needs. Founded in 1993, Accountable Health Care IPA currently provides quality healthcare services to more than 160,000 patients through a network of over 450 primary care physicians and 1700 specialty care physicians. The IPA has multiple product lines, including Medicare Advantage, Commercial, Medi-Cal managed care and Healthy Families. Pursuant to the terms of the 10-year MSA, NMM will be responsible for managing all health plan members assigned or delegated to Accountable IPA, as well as all hospital risk pools. This effort is expected to be supported by the Company's population health management platform, which includes administrative, clinical and technology capabilities. In connection with the MSA, a VIE of ApolloMed has extended a line of credit of up to $18 million to Accountable IPA to fund the IPA's working capital needs. The ApolloMed VIE shall have the right, but not the obligation, to convert a portion or all of the principal amount into shares of Accountable IPA's capital stock. Concurrent with the initial funding, the Accountable IPA Board of Directors has been reconstituted to be comprised of two directors, including one director from NMM. "We are very pleased to announce this new transaction with Accountable IPA, which will add 160,000 patients to our population health management platform," stated Warren Hosseinion, M.D., Co-Chief Executive Officer of Apollo Medical Holdings. "Our integrated platform now has over 860,000 patients who are under value-based capitation arrangements with multiple health plans." "Accountable IPA shares our goal of supporting physicians in delivering exceptional patient care," stated Thomas Lam, M.D., Co-Chief Executive Officer of Apollo Medical Holdings. "Our advanced analytics platform will also be used to evaluate clinical and claims data to gain valuable, actionable insight on patients." "We are very excited to partner with Dr. Jayatilaka and his team to deliver differentiated care to Accountable IPA's patients," stated Kenneth Sim, M.D., Executive Chairman of Apollo Medical Holdings. "By bringing our distinctive MSO, clinical management and technology solutions to the table, we expect to improve the health of Acountable IPA's members." About Apollo Medical Holdings, Inc. (ApolloMed) ApolloMed is a leading physician-centric integrated population health management company working to provide coordinated, outcomes-based high-quality medical care for patients, particularly senior patients and patients with multiple chronic conditions, in a cost-effective manner. Led by a management team with over two decades of experience, ApolloMed is addressing the healthcare needs of its patients by leveraging its integrated health management and healthcare delivery platform that includes: Network Medical Management (MSO), Apollo Medical Management (MSO), ApolloMed Hospitalists, APA ACO (Next Generation ACO), ApolloMed ACO (MSSP Accountable Care Organization), Allied Physicians of California (IPA), Maverick Medical Group (IPA), Apollo Care Connect (Digital Population Health Management Platform) and ApolloMed Palliative Care Services (Hospice/Palliative Care and Home Health Care). ApolloMed strives to improve medical outcomes with high-quality, cost-efficient care. For more information, please visit www.apollomed.net. Forward Looking Statements FOR MORE INFORMATION, PLEASE CONTACT: Gary Augusta
View original content:http://www.prnewswire.com/news-releases/apollomed-announces-that-network-medical-management-has-entered-into-an-agreement-with-accountable-health-care-ipa-to-manage-160000-patients-300578794.html SOURCE Apollo Medical Holdings, Inc. |