Everett Clinic, CEO, Rick Cooper contributed to The Puget Sound Business Journal's, "Everett Clinic to merge with Colorado health care company, begin massive expansion"
A Puget Sound-area physician group is merging with a massive health care company to support its expansion plans.
The Everett Clinic announced Monday that it will merge with Denver-based DaVita HealthCare Partners (NYSE: DVA) in order to execute the clinic's substantial five-year expansion that will involve opening new locations in Snohomish County as well as an expansion to King County. The move will also double its number of providers from 500 to 1,000.
Financial details of the pending merger were not disclosed, but Everett Clinic CEO Rick Cooper said he expects the transaction to close possibly in January.
Cooper said that the Everett Clinic had approached more than a dozen health care companies to explore possibilities, and settled on DaVita partly because of its status as a large, Fortune 500 company and its commitment to high-quality health care.
HealthCare Partners, part of DaVita HealthCare Partners, manages and operates medical groups and physician networks in Arizona, California, Nevada, New Mexico, Florida and Colorado.
"This is a fairly ambitious plan ... and it would have taken us much longer to be able to grow (without merging)," Cooper said. "We intend to grow, and grow aggressively."
The company plans to open about five new clinics by 2020. That will involve both constructing new buildings and renovating existing buildings.
Cooper also said there won't be any downsizing at the Everett Clinic as a result of the merger, and that the company will retain all its management and staff.
More patients, thanks to the Affordable Care Act, as well as speedy growth in Snohomish County are driving the clinic's growth.
Cooper said that the Everett Clinic isn't under any kind of financial duress that led to the merger, but it is one more example of consolidation in the health care industry. In the Puget Sound region and nationally, more health care providers are consolidating and partnering in the wake of health reform.
The Everett Clinic operates 20 care sites in Snohomish County, treating more than 315,000 patients, and employs about 2,200 people, including more than 500 specialty and primary care providers. It serves patients through traditional doctor’s offices, urgent care, lab services, imaging, hearing and vision centers, behavioral health, and cancer treatment.