Steward Health Care Partners with Melbourne-Based First Choice Healthcare Solutions
By Space Coast Daily // February 13, 2018
Steward Health Care makes investment of $7.5 million
BREVARD COUNTY, FLORIDA – Steward Health Care announced it is entering into a strategic partnership with First Choice Healthcare Solutions, a fully integrated, non-physician owned, healthcare delivery platform providing a full life cycle of care for patients through diagnosis, treatment, and recovery.
Steward Health Care has three area hospitals including Rockledge Regional Medical Center, Melbourne Regional Medical Center and Sebastian River Medical Center.
This partnership will allow Melbourne, Florida-based First Choice Healthcare Solutions to expand its delivery system of orthopaedic and spine care, with the assistance of Steward and its resources.
Currently, First Choice Medical Group of Brevard, a subsidiary of FCHS, utilizes two of Steward’s Florida facilities.
Through such utilization, First Choice Healthcare Solutions has proven their ability to deliver high-quality patient care, while reducing costs and maintaining patient outcomes at rankings above the national averages.
This success is a leading factor in Steward’s desire to expand its partnership with First Choice. As such, Steward has entered into a Stock Purchase Agreement with First Choice Healthcare Solutions on February 6, whereby Steward will make an investment into First Choice of $7.5 million to purchase 5 million shares of First Choice Healthcare Solutions stock.
The transaction is expected to close on or before March 1, 2018. This investment will allow First Choice to continue expanding its business model and geographic footprint nationally.
Additionally, upon closing of the investment, Steward plans to designate two of the five individuals who shall serve on the post-closing Board of Directors of First Choice Healthcare Solutions.
“We are pleased to officially enter into a strategic partnership with FCHS after building a successful working relationship,” said Dr. Michael Callum, Executive Vice President of the Physician Services Group of Steward Health Care System.
“We look forward to assisting the company with their expansion plans as they implement their platform into our network. As a result of our partnership, we anticipate outcomes to improve, while simultaneously reducing healthcare costs across our network.”
About First Choice Healthcare Solutions
First Choice Healthcare Solutions is implementing a defined growth strategy aimed at expanding its network of non-physician-owned medical centers of excellence, which concentrate on treating patients in the following specialties: Orthopaedics, Spine Surgery, Interventional Pain Management, Physical Therapy and other ancillary and diagnostic services in key expansion markets throughout the Southeastern U.S.
Serving Florida’s Space Coast, the Company’s flagship integrated platform currently administers over 100,000 patient visits each year and is comprised of First Choice Medical Group, The B.A.C.K. Center and Crane Creek Surgery Center.
“First Choice is committed to meeting and exceeding the needs of our patients and their families,” said Chris Romandetti, President and CEO of First Choice.
“All of our employees, from the receptionists to the doctors, are considered a caregiver that puts the patient first. Our caregivers cooperate with one another through a common focus on the best interests and personal goals of each patient. Families and friends of each patient are also considered vital components of the care team.”
Romandetti said care is focused on each patient’s full continuum of care, providing a more ‘personalized’ approach to treatment. Moreover, care is customized to ensure that each patient’s needs, values and choices are always considered, which squarely aligns with First Choice’s goal of “transforming healthcare delivery, one patient at a time.”
Steward Health Care Largest Private Hospital Operator in the United States
Steward Health Care, the largest private hospital operator in the United States, is a physician-led health care services organization committed to providing the highest quality of care in the communities where patients live.
Headquartered in Boston, Massachusetts, Steward operates 36 community hospitals nationwide that employ approximately 37,000 people and regularly receive top awards for quality and safety.
The Steward network includes more than 26 urgent care centers, 42 preferred skilled nursing facilities, substantial behavioral health services, over 7,300 beds under management, and more than 1.1 million covered lives through the company’s managed care and health insurance services.
Steward’s unique health care service delivery model leverages technology, innovation, and care coordination to keep patients healthier. With a culture that prioritizes agility, resourcefulness, and continuous improvement, Steward is recognized as one of the nation’s leading accountable care organizations.
The Steward Health Care Network includes thousands of physicians who care for approximately 2 million patients annually. Steward Medical Group, the company’s employed physician group, provides more than 1 million patient encounters per year. The Steward Hospital Group operates hospitals in Arizona, Arkansas, Colorado, Florida, Louisiana, Massachusetts, Ohio, Pennsylvania, Texas, and Utah.
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