The operations of the acquired ASC have merged into Downtown Surgery Center, with three physician-partners and a hospital-partner of the acquired ASC becoming partners in Downtown Surgery Center.
These three physician-partners perform orthopedic, ophthalmology and general surgery procedures.
NovaMed also announced that three other local physicians have become partners in Downtown Surgery Center — one physician is an orthopedic surgeon and the other two are general surgeons.
As a result of these physician-partner additions, NovaMed now owns 62 percent of Downtown Surgery Center and seven physician-partners and the hospital partner own the remaining 38 percent.
NovaMed and orthopedic surgeon George White, MD, opened Downtown Surgery Center in 2009. The ASC has four ORs and one procedure room.
“This acquisition represents the execution of the strategy we have articulated of identifying underperforming ASCs in our existing markets with the plan of folding the operations into our own surgery center,” said Thomas S. Hall, chairman, president and CEO of NovaMed in a news release. “We believe this is a great opportunity to achieve growth and add value to our existing portfolio with a relatively low capital commitment and we plan to pursue more of these types of acquisitions. In addition, this transaction brings our second hospital partner to our portfolio which we continue to believe helps to strengthen our position in certain markets.”
Read the news release about the NovaMed acquisition.
