CRH also announces that it has entered into an exclusive agreement to develop and manage a monitored anesthesia care (“MAC”, or “Deep Sedation”) program with Puget Sound Gastroenterology (“PSG”), located in Washington State. Under the terms of the agreement, CRH has the option to acquire 51% of the newly created MAC business at a future date.
Kissimmee Transaction Highlights:
- Total annual estimated revenue of US$2.2 million
- EBITDA and cash flow accretive
- Services one ambulatory surgical center (“ASC”) and is CRH’s third acquisition in Florida
- Structured as joint venture with CRH retaining a 60% interest
PSG Transaction Highlights:
- PSG is a premier group of gastroenterologists with four ASCs in the greater Seattle area
- CRH to develop and manage an MAC program for PSG
- CRH retains an option to purchase 51% of the new anesthesia business at a future date, no sooner than 12 months
CRH estimates that approximately half of the endoscopic procedures administered in ASCs are performed without MAC, the standard of care for anesthesia for endoscopic procedures. CRH’s MAC Development Program represents a significant new opportunity to expand the Company’s anesthesia services business by employing its expertise to assist gastroenterology practices to transition to monitored anesthesia for better patient care.
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