American HomePatient acquires PrimaCare Health Resources of Rochester.BRENTWOOD, Tenn.--(BUSINESS WIRE)--Jan. 27, 1997-- Acquisition adds $9.0 million in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues Edward K. Wissing, president and chief executive officer of American HomePatient (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AHOM) today announced the acquisition of PrimaCare Health Resources of Rochester Inc., a diversified home health care provider with locations in Rochester and Geneva Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. , N.Y. Annualized revenues for the acquisition are approximately $9.0 million. PrimaCare is the leading provider of non-nursing home health care services in the Rochester area, serving approximately 5,400 patients from its two centers. It has a broad product mix, offering home infusion therapy home infusion therapy The IV administration of therapeutics–analgesics, antibiotics, chemotherapy, parenteral nutrition–outside of a formal healthcare environment. See Hyperalimentation, Patient-controlled analgesics, TPN. , respiratory services, home medical equipment and rehabilitation equipment and supplies to patients throughout the upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. area. Key executive personnel from PrimaCare of Rochester, including its former president, Jim Karls, and clinical director, Beth Mullen, will remain with American HomePatient. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Wissing, PrimaCare is a valuable addition to American HomePatient's efforts to expand into upstate New York. "Eighteen months ago, we had no businesses in Pennsylvania and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Today we have 49 total operating centers in these two states alone. The PrimaCare acquisition specifically provides us a well-positioned, broad-based home health care company which will enable us to gain a stronger foothold into this region of the country. "Additionally, PrimaCare has built its business and reputation on providing cost-effective, quality care to managed care organizations and has flourished in one of the most competitive managed care markets in the country. We look forward to working with the PrimaCare management team to further expand their model throughout the state." PrimaCare's Jim Karls, who founded the company in 1989, believes that American HomePatient was the best strategic partner for his company. "We were looking to align with a company with a national presence, a strong commitment to quality service to patients and customers, and a desire to expand into other markets throughout New York. American HomePatient was the perfect strategic match for us." American HomePatient is one of the largest diversified home health care companies in the country with 298 centers in 32 states. Its primary product and service offerings include home respiratory service, home infusion therapy and home medical equipment and supplies. American HomePatient's common stock is traded on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (National Market) under the symbol AHOM. CONTACT: American HomePatient, Brentwood Edward K. Wissing or Kathey Palmer, 615/221-8884 |
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