Alhambra-based Apollo Medical Holdings Inc., which helps physician-based medical groups operate more efficiently, announced that it had acquired nine primary care clinics from Las Vegas-based Valley Oaks Medical Group for an undisclosed sum.
The nine clinics are in the Las Vegas metro area, as well as in Houston and Fort Worth, Texas.
According to the announcement, which was made on Oct. 5, Apollo Medical will fund the purchase of the clinics from cash on hand. The deal is expected to close by the end of this year.
Apollo Medical Holdings, which began in the mid-1990s as National Medical Management before changing its name in 2017, specializes in arranging contracts with insurance companies for its customers, who are primarily independent physician associations (IPAs), or groups of physician practices.
Then it helps its IPA customers operate more efficiently so they can reap savings from those contracts.
To accomplish this, Apollo Medical uses a technology platform to manage claims, act as a gatekeeper for patient treatment, provide human resources and information technology services.
The company handles the bulk of interactions with healthcare insurers and attempts to ensure that patient treatment plans crafted by physicians within an IPA do not exceed the fixed contract amount with the insurer.
Last year, Apollo began a major foray outside its home base of Southern California with the purchase of a stake in a New York-based medical management company. This latest deal continues that trend, giving Apollo Medical significant footholds in Nevada and Texas.
