Sound Physicians, a Tacoma, Wash.-based provider of hospitalist and post-acute physician care, announced Thursday it will now serve 80 percent more hospitals through the acquisition of Brentwood, Tenn.-based Cogent Healthcare.
Cogent Healthcare employs 650 specialists who provide hospitalist and intensive care to more than 80 hospitals nationwide. Combined with Sound Physicians, the companies will serve more than 180 hospitals with 1,750 providers. Together, the companies will focus on acute care and integrated patient care, spanning from inpatient treatment to transitional and post-acute care.
Sound Physicians, which brings in roughly $500 million in annual revenue, was acquired earlier this year by German dialysis giant Fresenius Medical Care, according to Reuters. FMC aims to establish a $5 billion care coordination business in the next five years, in order to double group sales to $28 billion. The German company predicts the Cogent transaction will quickly grow group earnings in the first year or two, even accounting for integration costs, according to the Reuters report.
The Cogent transaction is expected to close by the end of the year. Financial details were not disclosed.
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