Alabama ASC proposes physician buyout by Covenant Surgical Partners — 5 details

Gadsden-based Northeast Alabama Eye Surgery Center proposed an ownership change involving a buyout of the ASC physician owners' assets, according to a proposal letter dated Jan. 31. 

Five details:

1. If Alabama's State Health Planning and Development Agency approves the transaction, Northeast Alabama Eye Surgery Center will be owned by a new Delaware entity called Northeast Alabama Eye Surgery Center, LLC.

2. The LLC would acquire all of Northeast Alabama Eye Surgery Center's assets, which include certificate of need rights to operate an ophthalmology ASC with two operating rooms and one procedure room.

3. Nashville, Tenn.-based Covenant Surgical Partners would then acquire a majority stake in the LLC by purchasing interests from Northeast Alabama Eye Surgery Center's physician owners.

4. Tony Catanzaro, MD; Barry Dabbs, MD; Mark Hill, MD; and David Judge, MD, are involved in the transaction.

5. The ownership change would retroactively take effect March 31 for an undisclosed amount.

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