Apollo Medical Holdings Inc., a health care management firm based in Glendale, struck a deal with a newly founded Golden Shore Medical Group to manage 100,000 patients in California, the company announced Feb. 5.
ApolloMed said its management services organization, Network Medical Management Inc., entered into an agreement with the South Pasadena medical group to manage patients at 17 clinics in Los Angeles County and beyond.
Golden Shore was founded in early January by Dr. J. Mario Molina, the ousted chief executive and chairman of Molina Healthcare of Long Beach, when he acquired the nearly 40-year-old network of community health care clinics for needy residents launched by his late father, Dr. C. David Molina.
Network Medical Management will now manage all the patients of Golden Shore Medical, including those at clinics in the Inland Empire and Sacramento.
In December, Apollo Medical Holdings closed a year-long merger with Network Medical Management of Alhambra to form one of the nation’s largest population health management companies, with more than 700,000 patients across the state.
Since then, it has added more than 300,000 new patients.
Its market performance, however, has been mixed. By the close of the week that ended Jan. 31, its stock price had closed down 14.3 percent to $18.25. But at the market’s close on Feb. 5, it had climbed to $19.70 for a daily gain of more than 9 percent. ApolloMed’s market cap was $711.3 million.
– Dana Bartholomew
