Novant Health is acquiring a 200-provider urgent care group from
Blue Cross and Blue Shield of South Carolina.
Winston-Salem, N.C.-based Novant entered into a definitive
agreement with Columbia-based BCBS of South Carolina July 19 to
purchase UCI Medical Affiliates, which includes its affiliates
Doctors Care and Progressive Physical Therapy.
Doctors Care, an urgent care network, was established in
Columbia, S.C. in 1981. It employs 1,100 healthcare
professionals, with nearly 200 providers focused on urgent care,
family care, occupational medicine and employee wellness.
“With nearly 200 providers and 75 locations in South Carolina,
Novant Health’s acquisition allows for the creation of a provider
network that extends our reach to more communities across the
state,” a Novant spokesperson said in a statement shared with
Becker’s Aug. 6. “We look forward to extending our nationally
recognized safety and quality program to these clinics and
providing an exceptional level of care for South Carolinians.”
The transaction is expected to close in the fourth quarter of
2024. Terms were not disclosed.
The deal comes on the heels of an M&A setback for Novant. In
June, the system called off its
planned $320 million acquisition of two North Carolina hospitals
from Community Health Systems after an appellate court granted
the Federal Trade Commission an emergency injunction blocking the
deal.
“The communities served by these facilities deserve better than
the fate they’ve been dealt by the FTC so we will look for other
ways to support patients and clinicians in these communities,”
Novant said in a statement to Becker’s in June upon announcing
its decision to call off the CHS acquisition.
The M&A market for healthcare companies continues to build on STRATEGIC opportunities. The strategic corporate buyers and private equity investors remain committed to acquiring strong businesses that are well prepared for a transaction. Across the continuum of care, these buyers and investors are looking for well established, profitable businesses and offering prime valuations and options for management.
Do you know the current market value of your business? We do! We are here to help you plan, prepare, explore and succeed in executing your strategic options.
Contact Paragon Ventures for more information.
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