Apollo Medical Holdings has acquired AKM Medical Group to expand its network of providers.
AKM, based in Los Angeles, includes 16 primary care physicians and 87 contracted specialists. The company will remain separate from Apollo Medical and will retain its name. Terms of the deal were not disclosed. "AKM needs to be part of a larger organization to provide greater access to services for our patients and physicians," says AKM's president Vasanth Kumar.
Apollo Medical, headquartered in Glendale, California, delivers health care services through an integrated delivery network. The acquisition allows the company to broaden its network and provide more services to patient. "We plan to seek additional acquisitions that meet our strategic objectives and to further increase our footprint in Los Angeles County," says Warren Hosseinion, Apollo Medical CEO.
Many physician groups have attracted buyer attention. In May, IPC the Hospitalist Company Inc. (Nasdaq: IPCM) bought Eastside Medical Consultants LLC. Also in May, Amsurg Corp. agreed to buy Sheridan Healthcare for $2.35 billion.
For more on physician group consolidation, see "ACA Reshuffles the Deck."