IPC The Hospitalist Closes Acquisition Of Park Avenue

(RTTNews) - IPC The Hospitalist Co. Inc. (IPCM), a hospitalist physician practice company, said Thursday it has completed the earlier announced agreements to acquire the assets of four affiliated entities under the name Park Avenue.

IPC said its combined incremental volume from the deal is estimated at about 375,000 patient encounters on an annualized basis.

Park Avenue's operations are based in White Plains, New York. The four affiliated entities IPC acquired include: Park Avenue Health Care Management LLC, Park Avenue Medical Associates PC, Park Avenue Medical Associates LLC, and Geriatric Services PC.

IPC said the deal represents a new market for the company in the New York metropolitan area, as well as an expansion of IPC's existing operations in Connecticut and Massachusetts.

Commenting on the transaction, IPC Chief Executive Adam Singer said, "Acquiring a practice of the size and quality of Park Avenue is a milestone for our company. This represents a new level of commitment to leadership in patient care in the post-acute setting..."