DORAL, Fla.--(BUSINESS WIRE)--Hygea Holdings Corp (“Hygea”) announced today that on February 24th 2016 the Company and a consortium of US and international investment banks agreed to terms in which the consortium is providing $40 million in funding to Hygea, with an additional $100 million credit facility available for the acquisitions of medical group practices and independent provider networks. At the February 24th closing, Hygea used proceeds from the funding to acquire MedPlan, a major South Florida provider network.
“Hygea’s new facility provided us with resources to realize significant growth already in 2016. Hygea intends to continue to grow through acquisitions, which will keep the Company in the vanguard of primary care delivery,” said Hygea CEO and President Manuel Iglesias.
Gemini Health Care, the parent company of MedPlan and MedCare Medical Centers, will join the Hygea family with its 35,000 managed care members and 15 medical offices in Miami-Dade County, bringing the total Hygea locations to 30 medical offices in Miami-Dade, Broward, Palm Beach, Orange, Seminole, and Hillsborough counties, as well as in the greater Atlanta metropolitan area.
Mr. Iglesias added that “this acquisition makes us one of the largest individual primary care providers in the Southeast. Part of our mission is to offer a whole spectrum of insurance services, and this acquisition allows us to contract with multiple insurance companies, instead of being captive to one, so we can best serve our members.” Mr. Iglesias said services are provided to members and patients who are covered under commercial policies, Medicaid, Medicare, ACA, discount medical plans, or are self-pay.
Hygea offers extended office hours to patients and a fleet of buses to transport those in need.
About Hygea Holdings Corp
Hygea is a diversified healthcare holding company led by a team of nationally recognized industry leaders with backgrounds in insurance, finance, medicine, law and technology. The company owns physician practices, ancillary medical services, such as pharmacy, physical therapy, and diagnostics, as well as a 2,500-doctor independent physician association (IPA). Hygea prides itself as ‘the physician’s choice’ in group healthcare, as evidenced by the number of acquired physicians who then choose to invest in the firm. Hygea’s business model applies best practices at every stage of healthcare delivery to reduce inefficiencies and improve outcomes, providing seamless care to commercial, Medicare, and Medicaid patients. For more information, visit www.hygeaholdings.com.
Forward-looking statements Certain statements and information in this press release may be deemed to contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, and all statements, other than statements of historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as “believe”, “hope”, “may”, “anticipate”, “should”, “intend”, “plan”, “will”, “expect”, “estimate”, “project”, “positioned”, “strategy” and similar expressions, and are based on assumptions and assessments made by Hygea’s management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this press release are made as of the date hereof and are current only as of the date on which such statements were made. Hygea undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements will be described in Hygea’s Annual Report on Form 10K and its Quarterly Reports on Form 10-Q, including the sections entitled “Risk Factors”, as well as any current reports on Form 8-K, as filed with the Securities and Exchange Commission.