LOS ANGELES–(BUSINESS WIRE)–Prospect Medical Group’s recent acquisition of three Southern California-based independent physician associations (IPAs) offers a road map for other medical groups across the country that may be seeking to achieve a stable and secure future, especially during the unprecedented COVID-19 pandemic.
Prospect Medical Group completed its acquisition of CalCare IPA and Los Angeles Medical Center IPA, both of which serve Los Angeles County, and Vantage Medical Group, which serves Riverside, San Bernardino, and San Diego counties, on Aug. 1. The three IPAs, with more than 7,000 providers, have five health plan agreements with payers responsible for approximately 100,000 members, most of whom are managed Medicaid/Medi-Cal members. All the contracted plans approved the acquisition.
“With access to our capitation contracts and our continued commitment to invest in local health systems, independent primary care physicians, specialists and other healthcare providers who join the Prospect Medical Group network are assured a steady revenue stream at a time when many medical groups and physician practices are struggling to survive due to the pandemic,” said Mitchell Lew, MD, President, Prospect Medical Holdings. “This is an effective, long-term solution for providers, their employees and their families, as well as for the economic health of the communities where they live and work, particularly during these challenging times.”
Dr. Lew added, “Prospect is committed to supporting independent physicians and helping them succeed in managed care environments. By leveraging our existing infrastructure, we can also ensure consistent, high-performing operations and compliance for the IPAs we acquire. This focus on patient-centered medical management, quality and compliance has earned Prospect Medical Group the trust of health plans and regulators and allowed us to continue growing in states across the country.”
Prospect Medical Group and its subsidiaries were recently awarded Elite Status for the ninth year in a row based on the America’s Physician Groups (APG) Standards of Excellence Survey 2020. APG is the leading national association representing physicians practicing coordinated, capitated care.
Prospect Medical Group is managed by its affiliate, Prospect Medical Systems, a management services organization with 25 years of experience managing health plan-delegated downside risk for doctors and hospitals. Prospect now owns or manages 28 IPAs across six states, with approximately 600,000 members accessing a variety of insurance products.
“We have the experience and expertise required to quickly and seamlessly integrate the IPAs we acquire into our award-winning systems,” said Jim Brown, CEO, Prospect Medical Systems. “We are committed to utilizing our extensive resources to enhance and grow their business operations and engaging with our physicians to give them the stable, secure platform they need to perform their important work of providing compassionate, high-quality care to our members.”
About Prospect Medical Group
The Prospect Medical Group IPAs are managed by Prospect Medical Systems, which develops, implements and manages a full range of support services. Prospect Medical Holdings, Inc. is the parent company of Prospect Medical Systems.
Powered by WPeMatico