Apollo Medical Signs Orange County Hospital DealMonday, September 16, 2013
Apollo Medical Holdings Inc. has announced that it will provide doctors and case management services for four hospitals in Orange County.
The Glendale company, which manages doctor groups, will work with Integrated Healthcare Holdings Inc. to improve care and lower costs by sharing clinical data, managing high-risk cases and coordinating care among doctors. The program will be implemented at the 282-bed Western Medical Center in Santa Ana, 188-bed Western Medical Center in Anaheim, 178-bed Coastal Communities Hospital in Santa Ana and 114-bed Chapman Medical Center in Orange.
In a separate announcement, Apollo reported a loss of $1.53 million (-4 cents a share) for its second fiscal quarter ended July 31, compared to $3.2 million (-10 cents) for the same quarter a year ago. Revenue rose 57 percent to $2.6 million.
Apollo credited new hospital contracts as the driver of revenue growth.
“By consistently delivering best-in-class inpatient and outpatient services to residents of Los Angeles and Central California, ApolloMed hospitalists continue to achieve record revenue growth on a quarter-over-quarter basis,” Dr. Warren Hosseinion, chief executive, said in a statement.
Shares of Apollo closed up 5 cents or 13.5 percent to 42 cents a share in over-the-counter trading.