LLR Partners and WellPoint have invested an undisclosed amount in Physicians Immediate Care, a Rockford, Ill.-based chain of 20 independently owned medical clinics in the Midwest. LLR is a middle market private equity firm; WellPoint [rovides insurance under the Blue Cross and Blue Shield brands in 13 states
LLR Partners, a middle market private equity firm with more than $1.4 billion under management, and WellPoint today announced a growth capital investment in Physicians Immediate Care LLC. Physicians Immediate Care LLC provides management services to 20 independently-owned medical clinics in Illinois, Nebraska, and Oklahoma operated under the trade name “Physicians Immediate Care.” These clinics offer urgent care, occupational medicine, physical therapy and employer services such as physicals and drug screening. The financing will be used to expand the network and enhance the patient care offering of the clinics managed by Physicians Immediate Care LLC.
A veteran of the healthcare services industry, Stanley B. Blaylock also invested in Physicians Immediate Care LLC and is joining the company as president and chief executive officer. Blaylock most recently was the president of Walgreens Health Services, the managed care and specialty services division of Walgreens. Prior to Walgreens, Blaylock was the president and CEO of Medmark, a leading national provider of specialty pharmacy services. Blaylock co-founded Medmark in 2003 and helped it become one of the most rapidly growing healthcare services companies in the U.S. before its sale to Walgreens in 2006.
Since 1987, Physicians Immediate Care clinics have served walk-in patients in need of non-emergency medical attention, helping alleviate accessibility and affordability issues by providing an emergency room (ER) alternative and option for patients who are unable to see their regular primary care doctor. Urgent care centers provide quality care and can cost patients significantly less than an ER.
“Rising costs, a shortage of primary care physicians and crowded ERs are driving consumers to seek more convenient, cost-effective care,” said Scott Perricelli, partner on the Healthcare Services investment team at LLR Partners. “The demand has escalated urgent care to a multi-billion dollar industry serving more than 150 million patient visits per year, but no single provider owns more than a small share. Under the proven leadership of Stan and his management team, Physicians Immediate Care LLC has the opportunity to enhance the position of Physicians Immediate Care clinics in this market by striving to deliver better, faster and more affordable healthcare.”
“I am excited about joining the company as we look to grow our footprint of clinics under management while maintaining the high quality of care and patient satisfaction delivered by Physicians Immediate Care’s committed providers,” said Stan Blaylock. “Dr. Koehler, a pioneer in the urgent care industry, has built the Physicians Immediate Care brand into an outstanding platform upon which we intend to expand rapidly. Our goal is to be part of the solution to healthcare’s persistent problems of cost, quality and access to care.”
“This investment aligns with WellPoint’s strategy to expand growth outside of our core insurance business and provide consumers with convenient, affordable access to health care – in this case, within a retail environment,” says Brett Moraski, vice president of transformation and head of HealthyCare Solutions for WellPoint.
Blaylock will join the Board of Directors at Physicians Immediate Care LLC, along with John Koehler, M.D., Founder and Chief Medical Officer of the Physicians Immediate Care clinics.
About Physicians Immediate Care
The Physicians Immediate Care brand was founded in 1987 to bring convenient and affordable care to communities in Illinois. Today, Physicians Immediate Care clinics offer urgent care and occupational medicine services at 20 locations in Illinois, Nebraska and Oklahoma. Most care centers are open 7 days a week, on average 10 to 12 hours a day, to treat illnesses and injuries without an appointment. Physicians Immediate Care clinics offer a wide range of services including digital x-rays, lab work, physicals, immunizations, fracture care and minor surgical procedures. For locations and services, visit www.physiciansimmediatecare.com .
About LLR Partners
LLR Partners provides capital to middle market growth companies with proven business models in a broad range of industries including healthcare, financial services, business services, information technology, consumer and education. With over $1.4 billion under management, LLR invests in transactions ranging from expansion and growth capital to recapitalizations and buyouts. For more information about LLR, please visit www.llrpartners.com .
About WellPoint, Inc.
At WellPoint, we believe there is an important connection between our members’ health and well-being–and the value we bring our customers and shareholders. So each day we work to improve the health of our members and their communities. And, we can make a real difference since we have approximately 34 million people in our branded health plans, and approximately 65 million people served through our subsidiaries. As an independent licensee of the Blue Cross and Blue Shield Association, WellPoint serves members as the Blue Cross licensee for California; the Blue Cross and Blue Shield licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (as the Blue Cross Blue Shield licensee in 10 New York City metropolitan and surrounding counties and as the Blue Cross or Blue Cross Blue Shield licensee in selected upstate counties only), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.), and Wisconsin. In a majority of these service areas, WellPoint’s plans do business as Anthem Blue Cross, Anthem Blue Cross and Blue Shield, Blue Cross and Blue Shield of Georgia and Empire Blue Cross Blue Shield, or Empire Blue Cross (in the New York service areas). WellPoint also serves customers across the country through our UniCare subsidiary and in certain California, Arizona and Nevada markets through our CareMore subsidiary. Our 1-800 CONTACTS, Inc. subsidiary offers customers online sales of contact lenses, eyeglasses and other ocular products. Additional information about WellPoint is available at www.wellpoint.com .