Blackstone Team Health Ipo

Blackstone team health ipo

TeamHealth is a physician practice in the U.S. founded in 1979 and based in Knoxville, Tennessee, pursuing medical outsourcing.[1] Originally a provider of emergency department services, it is outsourcing physicians in emergency medicine, hospital medicine, anesthesiology, critical care, obstetrics, orthopedic surgery, general surgery, ambulatory care, post-acute care and medical call center solutions to acute and post-acute facilities nationwide.[2] After numerous acquisitions in the 2010´s it has become the largest market share in U.S.

Blackstone team health ipo

physician outsourcing.

History[edit]

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TeamHealth was founded in Knoxville in 1979 by Dr.

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Lynn Massingale.[3][4] The company began when Dr. Massingale, then an emergency medicine physician at the University of Tennessee Medical Center, earned the staffing contract in the emergency department at the medical center.[5] Over the years, other physicians, Dr.

Randall Dabbs, Dr. John Staley, Dr. Gar LaSalle, Dr. James Rybak and Dr.

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Jim George, and their clinical groups joined TeamHealth and are now considered founders of the company.[5]

As of 2015, TeamHealth contracted more than 18,000 health professionals and handled about 10 million emergency room visits per year.[6]:8

In September 2019, the NYT revealed that Team Health was one of two companies behind a political action group called "Doctor Patient Unity".

The PAC had surfaced in July 2019 and spent more than $28 million in advertising opposing legislation to end out-of-network charges ("surprise medical bills" after emergency room visits). Because it did not disclose staff nor funders it has been referred to as a dark money group.[7]

Acquisitions[edit]

During the 1990s the company was acquired by Birmingham, Alabama based MedPartners, Inc.. In 1999, MedPartners sold the company to private equity firm Madison Dearborn Partners for $335 million, but retained a 7.3% stake in the company.

In 2005, the company made a $173 million IPO, but later withdrew after being acquired by private equity firm Blackstone Group in November 2005.[8] The Blackstone Group later took the company public in 2009, seeking an initial IPO of $100 million.[9]

In the 2010´s, TeamHealth expanded with a large number of acquisitions, including:

  • 2012: Delphi Healthcare Partners (Morrisville, North Carolina) [10]
  • 2014: Emergency Medicine Specialists,[11] Premier Physician Services, Inc.,[12] Certified Anesthesia Services (Washington, DC),[13] Florida Gulf-to-Bay Anesthesiology Associates,[14]PhysAssist Scribes, Inc.

    (Fort Worth, Texas)[15]

  • 2015: Ruby Crest Emergency Medicine,[16] Princeton Emergency Physicians,[17] Brookhaven Anesthesia Associates,[18] and in November 2015, IPC Healthcare Inc. for $1.6 billion making TeamHealth the largest provider of post-acute care in the United States.[19][20]
  • 2016: Children's Emergency Services,[21] Tri-City Emergency Medical Group,[22] Lake County Anesthesia Associates,[23] Anesthesia Associates of Cincinnati,[24] Grossmont Emergency Medical Group,[25] EmMed PC,[26] Florida Emergency Physicians[27] In October 2016, TeamHealth Holdings announced it had reached an agreement to be acquired by Blackstone Group, taking the company private again in a $6.1 billion deal.

    The deal closed during the first quarter of 2017[19]

  • 2017: Synergy Emergency Physicians[28]
  • 2018: X32 Healthcare,[29] Emergency Medicine Consultants and Mediserv Ltd. (Fort Worth, TX),[30] EmergiNet[31]

Awards & Recognition[edit]

  • Becker's Hospital Review "150 Great Places to Work in Healthcare" — 2015, 2016, 2017, 2018[32]
  • Fortune's "World's Most Admired Companies" — 2015, 2016, 2017[33]
  • Forbes "America's Most Trustworthy Companies" — 2014[34]
  • Co-founder and Chairman Lynn Massingale named 2018 Tennessee Health Care Hall of Fame Inductee[35]
  • Co-founder and Chairman Lynn Massingale named among the 50 Most Influential Physician Executive and Leaders by Modern Healthcare in 2016, 2017, 2018[36]

References[edit]

External links[edit]

  1. ^"10 Things to Know About TeamHealth".

    Becker's Hospital Review. 30 April 2014. Retrieved 28 April 2019.

  2. ^"TeamHealth Physician Services | Hospital Staffing & Careers".

    Blackstone team health ipo

    TeamHealth. Retrieved 2019-05-06.

  3. ^"TeamHealth Founders Video". Youtube. 15 May 2017. Retrieved 28 April 2019.
  4. ^"Team Health, Inc.: Private Company Information - Businessweek".

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    Bloomberg. Retrieved 11 November 2016.

  5. ^ abteamhealth (2017-05-15), TeamHealth Founders Video, retrieved 2019-05-06
  6. ^Zack Cooper, Fiona Scott Morton, and Nathan Shekita (July 2017).

    Surprise! Out-of-Network Billing for Emergency Care in the United States (Report). NATIONAL BUREAU OF ECONOMIC RESEARCH. p. 108.CS1 maint: multiple names: authors list (link)

  7. ^Abelson, Reed; Creswell, Julie; Sanger-Katz, Margot (2019-09-13). "Mystery Solved: Private-Equity-Backed Firms Are Behind Ad Blitz on 'Surprise Billing'".

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    The New York Times. ISSN 0362-4331. Retrieved 2019-10-25.Abelson, Reed; Creswell, Julie; Sanger-Katz, Margot (2019-09-13). "Mystery Solved: Private-Equity-Backed Firms Are Behind Ad Blitz on 'Surprise Billing'". The New York Times. ISSN 0362-4331.

    Blackstone Seeks $100 Million For Team Health I.P.O.

    Retrieved 2019-10-25.

  8. ^Gelsi, Steve (21 December 2005). "Team Health withdraws IPO after Blackstone acquisition - MarketWatch". Retrieved 10 November 2016.
  9. ^"Blackstone Seeks $100 Million For Team Health I.P.O.

    - The New York Times". 7 October 2009. Retrieved 11 November 2016.

  10. ^"TeamHealth Acquires Delphi Healthcare Partners".

    UPDATE 2-Blackstone's Team Health up after weak IPO pricing

    PRNewsWire. 14 August 2012. Retrieved 28 April 2015.

  11. ^"TeamHealth Expands Michigan Presence". PRNewsWire.

    Ipo grading agencies in india

    Retrieved 28 April 2015.

  12. ^"TeamHealth Acquires Premier Physician Services". PRNewsWire. Retrieved 28 April 2015.
  13. ^"TeamHealth acquires Washington, D.C.

    firm". Knoxville News-Sentinel. Retrieved 28 April 2015.

  14. ^"MTS Health Investors, LLC Completes Sale of Florida Gulf-to-Bay Anesthesiology Associates". BusinessWire. Retrieved 28 April 2015.
  15. ^"TeamHealth Acquires PhysAssist Scribes, Inc". MarketWatch. Retrieved 28 April 2015.
  16. ^"TeamHealth Acquires Ruby Crest Emergency Medicine".

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    PRNewsWire. Retrieved 28 April 2015.

  17. ^TeamHealth. "TeamHealth Expands New Jersey Presence; Acquires Princeton Emergency Physicians". www.prnewswire.com. Retrieved 2019-05-06.
  18. ^"TeamHealth Acquires Brookhaven Anesthesia, Expands New York Presence".
  19. ^ ab"Blackstone Group Buys TeamHealth in $6.1 Billion Deal".

    31 October 2016. Retrieved 10 November 2016.

  20. ^"TeamHealth Announces $1.6 Billion Acquisition of IPC Healthcare".

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    www.the-hospitalist.org. Retrieved 2019-05-06.

  21. ^"TeamHealth Acquires Children's Emergency Services".

    Cision PR Newswire.

    Team Health withdraws IPO after Blackstone acquisition

    4 April 2016. Retrieved 28 April 2019.

  22. ^"TeamHealth acquires Tri-City Emergency Medical Group operations". Healthcare Finance News. Retrieved 2019-05-06.
  23. ^TeamHealth. "TeamHealth to Provide Integrated Services for Central Florida Health, Acquires Operations of Lake County Anesthesia Associates".

    Blackstone Portfolio Operations: Equity Healthcare

    www.prnewswire.com. Retrieved 2019-05-06.

  24. ^TeamHealth. "TeamHealth Acquires Anesthesia Associates of Cincinnati and Pain Management Associates". www.prnewswire.com. Retrieved 2019-05-06.
  25. ^"TeamHealth acquires the operations of Grossmont Emergency Medical Group".

    Blackstone team health ipo

    www.beckershospitalreview.com. Retrieved 2019-05-06.

  26. ^"TeamHealth acquires provider operations of EmMed, PC". www.beckershospitalreview.com. Retrieved 2019-05-06.
  27. ^"TeamHealth to acquire Florida Emergency Physicians". www.beckershospitalreview.com.

    Blackstone-Backed Team Health Files for IPO

    Retrieved 2019-05-06.

  28. ^"TeamHealth acquires Synergy Emergency Physicians' clinical operations". www.beckershospitalreview.com. Retrieved 2019-05-06.
  29. ^TeamHealth. "TeamHealth Acquires X32 Healthcare and Appoints Jody Crane, MD, MBA, Chief Clinical Officer for Emergency Medicine".

    Blackstone team health ipo

    www.prnewswire.com. Retrieved 2019-05-06.

  30. ^TeamHealth. "TeamHealth Acquires Emergency Medicine Consultants".

    Site Navigation

    www.prnewswire.com. Retrieved 2019-05-06.

  31. ^TeamHealth. "TeamHealth Acquires the Operations of EmergiNet". www.prnewswire.com. Retrieved 2019-05-06.
  32. ^"150 top places to work in healthcare | 2018". www.beckershospitalreview.com.

    Retrieved 2019-05-06.

  33. ^"TeamHealth named to Fortune's 'World's Most Admired Companies' for 3rd consecutive year". www.beckershospitalreview.com.

    Blackstone team health ipo

    Retrieved 2019-05-06.

  34. ^Dill, Kathryn. "America's 100 Most Trustworthy Companies". Forbes. Retrieved 2019-05-06.
  35. ^TeamHealth. "TeamHealth Co-Founder, Dr. Lynn Massingale, Named as a 2018 Tennessee Health Care Hall of Fame Inductee".

    www.prnewswire.com. Retrieved 2019-05-06.

  36. ^TeamHealth. "Dr. Lynn Massingale Named to Modern Healthcare's List of "50 Most Influential Physician Executives and Leaders" for the third consecutive year".

    www.prnewswire.com. Retrieved 2019-05-06.