Surgical Institute of Reading partnered with United Surgical Partners International and its affiliate Reading Surgery Center.
Here are five things to know:
1. Brown Gibbons Lang & Company served as the exclusive financial advisor to Surgical Institute of Reading in the transaction.
2. SIR is a physician-owned provider of inpatient and outpatient services in Reading, Pa.
3. The facility was opened in 2008 and includes orthopedics, ENT, gastroenterology, plastic and reconstructive surgery and general surgery.
4. SIR completed more than 4,500 surgical cases in the most recent fiscal year and has quality metrics consistently above the 90th percentile nationally.
5. The terms of the agreement were not disclosed.
6. McGuireWoods and Jones Day were legal counsel to USPI. McDermott Will & Emery was legal counsel to SIR. The Healthcare Group was legal counsel and financial advisor to Reading Surgery Center.
Reading Surgery Center is a three-operating room outpatient facility that sees 7,800 procedures annually in multiple specialties. It is a physician-owned center affiliated with USPI.
USPI currently owns and operates more than 200 short-stay facilities and serves more than 9,000 physicians each year. The company has strategic joint venture partnerships with more than 4,000 physicians and 50 health systems nationwide.