IPC The Hospitalist, Steward Health Care System Announce Service Partnership Deals with Massachusetts Hospital System

IPC The Hospitalist Company, Inc.

, a leading national hospitalist physician practice company, announced today that it has signed definitive agreements with Steward Health Care System LLC (Steward) and its wholly-owned medical group Steward Medical Group, Inc. (SMG) for the provision of acute care hospitalist services. This transaction represents a significant expansion of IPC's existing partnership with Steward, where IPC currently holds one facility contract.  It also represents a significant expansion for IPC's Massachusetts operation, which has serviced and will continue to service numerous acute and post-acute facilities.   Upon the closing of the transaction, IPC will assume responsibility for the operation and management of hospitalist services at nine Steward acute care hospitals.  IPC will acquire the existing hospitalist operations of SMG. Separately, Steward and nine of its affiliated hospitals will enter into long-term exclusive service agreements with IPC, where IPC will assume responsibility for hospitalist staffing, clinical leadership, and performance management. This partnership will include the following Steward hospitals: Carney Hospital, Good Samaritan Medical Center, Merrimack Valley Hospital, Morton Hospital, Nashoba Valley Medical Center, New England Sinai Hospital, Norwood Hospital, Quincy Medical Center, and St. Elizabeth's Medical Center. Additionally, IPC and the hospitalist teams will continue to provide teaching program support at Carney Hospital and St. Elizabeth's Medical Center. Steward and IPC will also collaborate on a number of facility-specific and system-wide initiatives to further enhance the quality, safety, and efficiency of hospitalist services in the Steward system. Subject to completion of due diligence and other customary closing conditions, the transaction is scheduled to close in September 2013.