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IPC The Hospitalist Company Signs Definitive Agreement to Acquire South Florida Practice

02.14.2012

North Hollywood, Calif., February 14, 2012 IPC The Hospitalist Company, Inc. (Nasdaq: IPCM), a leading national physician group practice company, announced today that it has signed a definitive agreement to acquire the acute care practice of Inpatient Clinical Solutions, Inc. (ICS), headquartered in Coral Springs, Florida. The acquisition represents IPC’s continued expansion in South Florida, where the Company already has an established presence. IPC expects to add approximately 80,000 patient visits on an annualized basis from this acquisition. Subject to completion of due diligence and other customary closing conditions, the acquisition is expected to close in the first quarter of 2012, subject to remaining ICS shareholder approvals.
 
Adam Singer, M.D., chairman and CEO of IPC, said, “Entering into an agreement to acquire the acute care practice of ICS is a significant opportunity for us to build our presence with both health plans and hospital institutions in South Florida, enabling us to further leverage our clinical and support resources for the betterment of patients. ICS has built a strong team of quality-focused hospitalists. With added resources from IPC we believe that this group will be well positioned to offer an even higher level of service, quality, and capabilities. 
 
ICS executives Ozzie Bloom and Hina Sharma, M.D. will assist in the transition and integration of the practice. Commenting on the acquisition, Ms. Bloom stated, “After a thorough process investigating our strategic alternatives we have decided that joining forces with IPC is in the best interests of our managed care clients, our hospital clients, our providers, our shareholders, and our patients. IPC’s resources and capabilities in areas such as recruiting, leadership development, and performance management will serve to further enhance the reputation for efficient, high quality care which ICS enjoys in Miami-Dade, Broward and Palm Beach counties.”
 
About IPC The Hospitalist Company, Inc.
 
IPC The Hospitalist Company, Inc. (Nasdaq: IPCM) is a leading physician group practice company focused on the delivery of hospitalist medicine and related facility-based services. IPC’s physicians and affiliated providers practice in hospitals or other inpatient facilities, including acute, sub-acute and long-term care settings. The Company offers its providers the comprehensive training, information technology, and management support systems necessary to improve the quality and reduce the cost of patient care in the facilities it serves. For more information, visit the IPC website at www.hospitalist.com.
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