Steward Health Care System To Make $7.5 Million Investment In First Choice Healthcare Solutions
By Space Coast Daily // February 25, 2018
Steward Health Care System largest private hospital operator in the United States
BREVARD COUNTY • MELBOURNE, FLORIDA – First Choice Healthcare Solutions, Inc. announced it is entering into a strategic partnership with Steward Health Care System, the largest private hospital operator in the United States.
Melbourne, Florida based First Choice Healthcare Solutions is a fully integrated, non-physician-owned, publicly traded healthcare delivery platform providing a full life cycle of care for patients through diagnosis, treatment and recovery.
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.
As part of the strategic partnership, Steward will make an investment into First Choice in the amount of $7.5 million for 5 million shares, allowing First Choice to continue to expand its business model and geographic footprint nationally.
The partnership allows First Choice the opportunity to expand its orthopaedic and spine care delivery platform into Steward’s 36 nationwide hospital network.
Currently, First Choice Medical Group of Brevard, a subsidiary of First Choice, utilizes two of Steward’s facilities in Florida. Together, First Choice and Steward have begun the process of evaluating the next Steward Hospital system where First Choice can implement its targeted delivery platform.
“We have been developing our strategic plan with Steward Health Care, the largest private hospital operator in the U.S. with nationwide reach, and it is with great honor to formally announce this strategic partnership and investment,” said Chris Romandetti, President and CEO of First Choice.
“Together, we will review the process to roll out our unique, proven, delivery platform among Steward’s 34 other Hospital facilities and evaluate which locations can benefit both companies in a synergistic way. Additionally, given Steward’s vast footprint and sheer volume of patients, there are significant, long-term benefits that will directly affect both of our companies positively.”
First Choice has a proven business model, delivering high-quality patient care, reducing overall healthcare costs, maintaining patient outcomes, and ranking above national averages.
“We are pleased to officially enter into a strategic partnership with First Choice after building a successful working relationship,” said Dr. Mike Callum, Executive Vice President for Physician Services 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 overall outcomes for our patients will improve, while simultaneously reducing overall healthcare costs across our network.”
As part of the strategic partnership, Steward will appoint two board members to First Choice’s board of directors.
“With Steward’s appointment of two additional directors, we are in the final steps to designate the remaining board members to meet the national exchanges’ requirement for up-listing,” said Romandetti.
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 1.5 million full risk covered lives through the company’s managed care and health insurance services. The total number of paneled lives within Steward’s integrated care network is projected to reach 3 million in 2018.
Steward’s unique healthcare 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 help to provide more than 12 million patient encounters per year. 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.
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 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.
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