Well-known urgent care providers FastMed Urgent Care and NextCare Holdings have announced plans to merge. The proposed transaction would yield one of the largest urgent care provider systems in the country, with a combined 251 clinics in 10 states.
WHY IT MATTERS
The organizations said the deal would expand easy access to "high-quality, affordable healthcare." Currently, FastMed owns and operates 110 clinics in North Carolina, Arizona and Texas offering both acute and preventive healthcare services as well as workers' comp and other occupational health services at all of its clinics. Family medicine, sports medicine, and telemedicine services are offered at certain locations. The system has treated nearly six million patients since its opening in 2005.
NextCare Holdings operates 141 urgent care facilities in Arizona, Colorado, Kansas, Missouri, New Mexico, North Carolina, Oklahoma, Texas, Virginia and Wyoming. Therefore the newly-combined company would tout a broader footprint than FastMed on its own.
WHAT ELSE YOU NEED TO KNOW
Urgent Care Holdings of America, FastMed Urgent Care's parent company, will acquire 100 percent of NextCare Holdings, Inc. Barclays is acting as the financial advisor to FastMed for this transaction. J.P. Morgan Securities is acting as the financial advisor to NextCare for this transaction. The deal is expected to close sometime in the next 60 days, pending regulatory approval.
Consumers are opting for urgent care facilities more and more because these clinics often offer shorter wait times for care, services without an appointment and lower prices.
ON THE RECORD
"We are excited about combining with NextCare because it will enable us to bring our unique model of high-quality, convenient, affordable and compassionate care to millions more consumers," said Web Golinkin, FastMed's CEO. "The two companies have many complementary strengths, and we look forward to utilizing them for the benefit of our patients and the communities we serve."
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