GLENDALE, Calif., Dec. 11, 2017 /PRNewswire/ — Apollo Medical Holdings, Inc. (“ApolloMed” or “the Company”) (NASDAQ: AMEH), an integrated population health management company, and Network Medical Management, Inc. (“NMM”), one of the largest Management Services Organizations (“MSOs”) in the United States, today announced the successful completion of their merger. The newly combined company, which will continue as Apollo Medical Holdings, brings together two leading, complementary healthcare organizations to form one of the nation’s largest population health management companies, and will coordinate the care and provide medical management for over 700,000 patients in Californiathrough a network of over 4000 contracted physicians and over 400 employees.
Additionally, ApolloMed’s shares of common stock were approved for listing on The Nasdaq Capital Market (“NASDAQ”). The Company’s common stock began trading on NASDAQ on December 8, 2017 under the ticker symbol “AMEH”. ApolloMed’s management team will ring the closing bell at the NASDAQ MarketSite in Times Square in New York City today at 4pm Eastern Time.
On an unaudited pro forma basis, the newly combined company would have had revenues of $125.7 million for the three months ended June 30, 2017 and would have had positive operating and net income.
The Company’s data-enabled clinical platform provides care for patients whether they are in the hospital, in a skilled nursing facility or at home, and also includes end-of-life care through its hospice/palliative care program and high-risk medical management program for patients with multiple chronic illnesses. Its MSO platform will be able to provide the full suite of solutions for physicians, independent physician associations (“IPAs”), medical groups, managed care organizations, hospitals and accountable care organizations (“ACOs”), including claims processing/adjudication, credentialing, contracting, and data collection, analysis and reporting. ApolloMed’s proprietary cloud and mobile-based population health management platform, Apollo Care Connect, includes evidence-based digital care plans for patients with chronic illnesses, a personal health assistant that allows patients to view their health data and to interact real-time with their physician and care managers, an inpatient dashboard, and a care management module, and has the ability to extract clinical and claims data from multiple EHR and claims systems.
ApolloMed will be led by Warren Hosseinion, M.D. and Thomas Lam, M.D. as Co-Chief Executive Officers, Kenneth Sim, M.D. as Executive Chairman, Gary Augusta as President, Mihir Shah as Chief Financial Officer, and Hing Ang as Chief Operating Officer. Adrian Vazquez, M.D. and Albert Young, M.D. will be Co-Chief Medical Officers.
The Board of Directors will consist of nine directors: five appointees (including three independent directors) from NMM and four appointees (including two independent directors) from ApolloMed. The NMM appointees are Thomas Lam, M.D., Kenneth Sim, M.D., Li Yu, Mitchell Kitayama and Michael Eng. The ApolloMed appointees are Warren Hosseinion, M.D., Gary Augusta, Dave Schmidt and Mark Fawcett.
“We are very pleased to announce the completion of our merger with Network Medical Management to create one of the leading population health management companies in the nation,” stated Warren Hosseinion, M.D., Co-Chief Executive Officer of Apollo Medical Holdings. “Our technology-enabled platform allows us to provide a comprehensive suite of solutions for physicians, hospitals, managed care organizations and accountable care organizations. We see tremendous growth opportunities ahead.”
“Our two organizations complement each other and we believe this will allow us to advance our integrated care delivery model,” stated Thomas Lam, M.D., Co-Chief Executive Officer of Apollo Medical Holdings. “We believe the combination of the resources of our two organizations is unique, and we are really excited about the future.”
“Both of our organizations have a history of providing high-quality, coordinated care that is cost effective and focused on outcomes,” stated Kenneth Sim, M.D., Executive Chairman of Apollo Medical Holdings. “Through this combination, we aim to become the industry leader in the transition of U.S. healthcare to value-based reimbursements.”
“We would like to thank our existing shareholders and welcome our new shareholders,” stated Gary Augusta, President of Apollo Medical Holdings. “This merger, along with our listing on NASDAQ, are important milestones as we continue to build shareholder value.”
BofA Merrill Lynch acted as exclusive financial advisor to ApolloMed. McDermott Will & Emery served as legal counsel to ApolloMed. Vantage Point Advisors acted as exclusive financial advisor to Network Medical Management and the Law Offices of Tin Kin Lee served as NMM’s legal counsel.
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 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