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AMN Healthcare completes $195m in acquisitions

AMN Healthcare Services has completed two acquisitions: MedPartners, a national mid-revenue cycle firm, and two related brands in healthcare leadership solutions; and executive search firm Phillips DiPisa and Leaders For Today. The acquisitions total $195 million, according to AMN.

The overall transaction is structured to allow AMN to realise tax benefits having an estimated net present value of about $25 million. The acquisitions were funded through the company’s revolving credit facility.

“As the leading healthcare workforce provider, we understand the growing need for healthcare facilities to optimize revenue to provide a more effective, quality patient care experience,” said Susan Salka, president and CEO of AMN Healthcare. “With the acquisition of MedPartners, we can deliver a full range of mid-revenue cycle solutions that include case management, clinical documentation improvement, medical coding and registry services to our clients and healthcare professionals.”

Phillips DiPisa and Leaders For Today, based in the Boston area, offer a range of leadership staffing and permanent placement solutions for the healthcare industry. Phillips DiPisa is an executive search firm with offices in Atlanta, Chicago, Los Angeles and Philadelphia. Leaders For Today provides interim and permanent leadership workforce solutions. Both businesses have a particularly strong presence and market share in the important Northeast region. The purchase price was $30 million, with potential for an additional $7 million based on future financial performance. The combined firms generated revenues of about $23 million last year. The acquisition is expected to be immediately accretive to AMN’s earnings per share.

“Healthcare organizations are looking for strong, experienced leaders to guide them through this period of unprecedented change,” added Salka. “The addition of Phillips DiPisa and Leaders For Today will expand our leadership placement services for the C-suite, meeting a critical need for healthcare executive teams and their boards as they navigate consolidation and develop ways to optimize their workforce and deliver high-quality care.”

Dan Phillips, founder and partner of Phillips DiPisa, commented, “Our purpose has always been to partner with healthcare organizations in finding the best leaders for their business.

“We are thrilled to bring our expertise in executive-level searches to AMN Healthcare, where together we can deliver even greater value to our clients and the ever-evolving healthcare community.”

MedPartners, based in Tampa, provides solutions that help maximise healthcare facilities’ revenue integrity, improve patient care management and support care-quality reporting requirements. MedPartners generated 2017 revenue of about $125 million with an adjusted EBITDA margin of 16 percent. The MedPartners acquisition is expected to be immediately accretive to AMN’s earnings per share.

“We are proud of the work we have done to move the healthcare industry forward, delivering the highest quality services to our clients and opportunities to our candidates,” said Marci Wilhelm, president and co-founder of MedPartners. “We are looking forward to bringing our capabilities to AMN Healthcare and expanding the reach of our innovative solutions.”

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