American Homepatient Acquires C-P Medical, Inc.; Four New Ohio Markets Increases Number of Centers in State to 14.
Edward K. Wissing, president and chief executive officer of American HomePatient, explained that building regional density in the states it serves is one of American HomePatient's key strategies for growth. "The ability to serve a greater percentage of the Ohio population increases the efficiencies of our company in the state and better positions us for the managed care environment that has become increasingly prevalent," Wissing stated. "With its excellent reputation for quality, C-P Medical was a perfect fit for American HomePatient," he continued.
Charles Robinson, former majority owner of C-P Medical, will serve in a consulting role to American HomePatient for a one-year period. He cites American HomePatient's commitment to quality as one of the key factors in his decision to choose the company. "American HomePatient has a national reputation as a high-quality provider of home medical equipment," he said. "Ensuring that our customers continue to receive the level of quality care they have come to expect from C-P Medical was certainly one of my utmost priorities in making this decision."
Rob Hirsh, another of C-P Medical's former owners, will be American HomePatient's general manager of infusion for the former C-P centers. "Home health care is the fastest growing sector of health care today and is viewed as a valuable cost-effective alternative to other methods of treatment. And with rapidly changing technology and increased patient and payer preference for home care, we believe home care will continue to grow," he said. "But in order to effectively compete in today's changing health care environment, we knew we needed to join forces with a larger company and American HomePatient was the best choice for us. Because of our new relationship with American HomePatient, with their national reputation for quality and service, we're now able to provide an even greater range of home care products and services in a more cost-effective manner."
In addition to infusion services, C-P Medical also provides respiratory therapies and home medical equipment through its centers located in Columbus, Dayton, Newark, Mansfield and Cincinnati, Ohio. Three other former owners, Mel Harty, Bill Hurley and Greg Kothman will also join American HomePatient. Harty will serve as general manager of respiratory/DME over Columbus, Mansfield and Newark while Hurley will serve in the same position over the Dayton and Cincinnati centers. Kothman joins the company as operations manager for Dayton and Cincinnati.
Since January, 1997, American HomePatient has acquired 21 companies with 54 centers and annualized revenues of approximately $64.3 million. The company has 333 centers in 35 states throughout the country. Its primary product and service offerings include respiratory services, infusion therapy, parenteral and enteral nutrition, and medical equipment and supplies for patients in the home. American HomePatient's common stock is traded in the Nasdaq Stock Market (National Market) under the symbol AHOM.
CONTACT: American Homepatient Inc., Brentwood
Edward K. Wissing or Kathey S. Palmer, 615/221-8884
|Printer friendly Cite/link Email Feedback|
|Date:||Sep 4, 1997|
|Previous Article:||EarthLink Network Secures $15 Million in Private Placement.|
|Next Article:||CUC International Inc. Reports Record Second Quarter Results.|