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Tenet Healthcare (NYSE: THC) and FastMed Urgent Care announced today that they have entered into a definitive agreement under which FastMed will purchase Tenet’s urgent care platform, which is operated under the CareSpot and MedPost brands and managed by Tenet’s United Surgical Partners International (USPI) subsidiary.
FastMed is one of the nation’s largest independent urgent care providers with 104 locations in North Carolina, Arizona and Texas. The transaction will add 87 CareSpot and MedPost centers, increasing patient access to FastMed’s healthcare services in Arizona and Texas, while enabling the company to expand into Florida and California where most of the acquired centers are located.
Tenet’s urgent care centers are well-established with a reputation for high-quality medical care. They will complement FastMed’s portfolio, which is distinguished by its commitment to superior patient service and adherence to the highest clinical standards. FastMed is the only independent urgent care operator in the three states that it currently operates in that has earned The Joint Commission’s Gold Seal of Approval® for quality, safety and infection control in ambulatory healthcare.
Ron Rittenmeyer, Executive Chairman and CEO of Tenet Healthcare, said, "We have tremendous respect for FastMed and are pleased that our facilities will become part of this strong and growing urgent care business, while also enabling Tenet and USPI to sharpen our focus on the continued growth and expansion of ambulatory surgical services. We are confident our urgent care centers will continue to thrive under FastMed’s leadership."
"We are excited to expand the reach of our services through the acquisition of CareSpot and MedPost’s highly regarded urgent care centers, and bring our unique model of high-quality, convenient, affordable and compassionate care to more communities in our existing states, as well as in new ones," said Web Golinkin, CEO of FastMed.
The transaction is expected to be completed in the first quarter of 2021, subject to regulatory approvals and customary closing conditions. Allen Mooney Barnes Investment Banking Group ("AMB") served as FastMed’s financial advisor for this transaction and DLA Piper LLP (US) provided legal counsel.
About Tenet Healthcare
Tenet Healthcare Corporation (NYSE: THC) is a diversified healthcare services company headquartered in Dallas with 110,000 employees. Through an expansive care network that includes United Surgical Partners International, we operate 65 hospitals and approximately 520 other healthcare facilities, including surgical hospitals, ambulatory surgery centers, urgent care and imaging centers and other care sites and clinics. We also operate Conifer Health Solutions, which provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers and other customers. Across the Tenet enterprise, we are united by our mission to deliver quality, compassionate care in the communities we serve. For more information, please visit www.tenethealth.com.
FastMed Urgent Care owns and operates more than 100 clinics in North Carolina, Arizona and Texas that provide a broad range of acute/episodic and preventive healthcare services 365 days a year. FastMed also provides workers’ compensation and other occupational health services at all its clinics, and family and sports medicine services at select locations. FastMed has successfully treated more than six million patients and is the only independent urgent care operator in North Carolina, Arizona and Texas to be awarded The Joint Commission’s Gold Seal of Approval® for quality, safety and infection control in ambulatory healthcare. For more information about locations, services, hours of operation, insurance and prices, visit www.fastmed.com.
This release contains "forward-looking statements" - that is, statements that relate to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "assume," "believe," "budget," "estimate," "forecast," "intend," "plan," "predict," "project," "seek," "see," "target," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain, especially with regards to developments related to COVID-19, and are subject to numerous risks and uncertainties, many of which are outside of our control. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include, but are not limited to, the impact of the COVID-19 pandemic and the other factors disclosed under "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2019, and subsequent Form 10-Q filings and other filings with the Securities and Exchange Commission.
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