DALLAS--(BUSINESS WIRE)--American CareSource Holdings (NASDAQ: ANCI), a leading national network of ancillary health care providers, announced today that it has entered into a definitive agreement to acquire substantially all the assets of CorrectMed of Atlanta, Ga., which includes urgent care centers in two prominent Atlanta suburbs. The definitive agreement is subject to certain customary closing conditions.
The proposed purchase includes centers in Locust Grove, a growing suburb south of Atlanta, and Decatur, a diverse and upscale community just east of Atlanta. A physician started CorrectMed in 2010. Since opening, the centers have developed a strong and loyal volume of patients seeking affordable, quality care.
The proposed acquisition marks American CareSource Holdings’ initial entry into the fast-growing $14.5 billion Urgent Care Centers market.
“By acquiring the assets of CorrectMed, American CareSource can leverage its longstanding expertise at delivering quality care to benefit residents of these two vibrant communities,” said Dr. Richard W. Turner, the company’s Chairman and CEO.
“We see opportunities to further develop strong ties in the communities and to create a strong market presence that will result in patient volume growth. The centers have strong clinical leadership that we believe will respond positively to new corporate support, helping to further establish the centers as high-quality, patient-centric providers of affordable health care.
“In addition to urgent care, American CareSource also intends to expand patient retention through the primary care portion of the business,” Turner said.
The transition announced by American CareSource is part of the major strategic move recently announced. Urgent care centers are one of the fastest-growing areas in American health care, a surge driven by the expansion of private health coverage and the corresponding shortage of primary care doctors.
According to the IBISWorld market research organization, the urgent care center market grew from $11.0 billion in 2008 to an estimated $14.5 billion in 2013. By 2018, industry revenue is projected to reach $18.8 billion.
About American CareSource Holdings, Inc.
American CareSource Holdings is the first national, publicly traded ancillary care network services company. The company offers a comprehensive national network of more than 4,800 ancillary service providers at more than 33,300 sites through its subsidiary, Ancillary Care Services. ACS provides ancillary health care services through its network that offers cost-effective adjunctive support that delivers urgent and primary care through a network of free-standing centers as well as its support of physician- and hospital-based services. These providers offer services in 31 categories, including laboratories, dialysis centers, free-standing diagnostic imaging centers, infusion centers, long-term acute care centers, home health services and non-hospital surgery centers, as well as durable medical equipment. The company’s ancillary network and management provide a complete outsourced solution for a wide variety of health care payors and plan sponsors, including self-insured employers, indemnity insurers, PPOs, HMOs, third-party administrators and both federal and local governments. For additional information, please visit www.anci-care.com.