Team Health Holdings Inc. (NYSE: TMH) agreed to buy Premier Physician Services, underscoring the continuing consolidation of doctor groups.
Based in Dayton, Ohio, Premier consists of more than 700 physicians and advanced practice clinicians that provide emergency, correctional care and occupational medicine services and staffing. The company says it provides care for more than one million patients annually. The transaction for undisclosed terms closed on October 21. Edgemont Capital Partners advised Premier on the sale.
Team Health's acquisition of Premier is the latest target for the Knoxville, Tennessee-based company. Since September, TeamHealth has grown through several deals, including the acquisition of Heartland Anesthesia Services PC, a Omaha, Nebraska-based provider of anesthesia management services.
The pace of M&A in the sector accelerated in 2014, as the rollout of the Affordable Care Act drives change in the U.S. health care system. For more coverage, watch ACA Accelerates Physician Group Consolidation, a video interview with Edgemont’s Jeff Swearingen (see below), who worked on the sale of Premier.
Other physician group deals have been announced throughout 2014. PC The Hospitalist Co. Inc. (Nasdaq: IPCM) acquired Eddin Medical Services, a post-acute practice in Daytona, Florida, and TriCounty Hospitalists, an acute care practice in Longwood, Florida, while Duke LifePoint Healthcare is buying Conemaugh Health System for approximately $500 million.
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Corrected October 23, 2014 at 10:10AM: 2821039635001