Unity Health Acquires 21 Physician Practices
Judith Vandewater Of The Post-Dispatch, St Louis Post-Dispatch (MO)
Unity Health System has bought the 24 physician practices and assets that make up The Health Care Group of St. Louis. The physician corporation was started in 1994 under a financing agreement with the Prudential Health Care Plan Inc. in St. Louis.
Ian Montgomery, chief executive of the Health Care Group, said Prudential has invested about $25 million in the physician group and related real estate.
Prudential sold Unity its medical office buildings in Chesterfield, Crestwood and Hazelwood. Unity assumed the leases on Health Care Group's five other locations. transaction. Terms were not disclosed for either the practice purchase or the real estate transfer. Montgomery said Unity assumed all Prudential's investment in Health Care Group and will spend more money to expand the practice, which fills only about half of its office space. The group includes internists, family practitioners and pediatricians. It expects to add obstetricians and gynecologists within two months. Its staff of 200 includes nurse practitioners and physician assistants. The practice has about 70,000 patients. Montgomery said that patients insured by Prudential account for about 30 percent of the practice. The group accepts payment from 2,000 insurance plans. Montgomery said the group admits patients to almost all the area's hospitals and will continue to do so. …