The company announced Nov. 4 that chief operating officer Brandon Sim has been elevated to the role of co-chief executive, replacing his father Kenneth Sim, who announced his retirement from day-to-day management of the company. The other co-chief executive, Thomas Lam, retains his post.
Apollo Medical uses a technology platform with analytics to empower independent physician group clients to deliver improved care for patients in a more cost-effective manner. The company also provides back-office administrative services for some of those physician group clients.
Lam called Brandon Sim’s promotion “a natural progression given his ongoing leadership in critical areas of our business that have driven phenomenal results for the company over the past couple of years.”
Lam credited Brandon Sim with building an engineering team that developed the company’s proprietary technology platform, “which has increased operational efficiencies for our contracted physicians and improved clinical outcomes for our members.” Lam called the technology platform the backbone of the company’s future growth strategy.
Brandon Sim said in the announcement that he plans to strengthen the company’s commitments to health care equity and assisting physicians in running their practices.
Kenneth Sim, meanwhile, will retain his post as executive chairman and a seat on the company’s board. The elder Sim had been chairman of predecessor company Network Medical Management since 2013; Network Medical Management merged with Apollo Medical in 2017.
Apollo Medical’s platform manages claims and acts as a gatekeeper for treatment of patients of independent physician associations, or IPAs, which in turn are consolidated groups of physician practices. The platform technology also provides human resources and information technology services as well as a host of other functions for IPAs. In total, Apollo Medical manages 12 physician groups comprised of more than 7,000 physicians providing care to more than 1.1 million patients.
Along with the Brandon Sim promotion announcement, Apollo Medical released its third-quarter earnings. Total revenue for the quarter was $227 million, up 26% from $180 million in the prior-year quarter. The company reported that third-quarter net income attributed to Apollo Medical Holdings was $34.3 million, up from $16.7 million for the third quarter of last year.