LLR Partners and WellPoint today announced a growth capital investment in Physicians Immediate Care, a provider of management services to independently-owned medical clinics. The financing will be used to expand the company’s network and enhance the patient care offering of the clinics managed by Physicians Immediate Care.
Stanley Blaylock, a veteran of the healthcare services industry, also invested in Physicians Immediate Care and is joining the company as president and chief executive officer. Mr. Blaylock most recently was the president of Walgreens Health Services, the managed care and specialty services division of Walgreens. Prior to Walgreens, Mr. Blaylock was the president and CEO of Medmark, a national provider of specialty pharmacy services. He 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. “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 Mr. Blaylock.
Physicians Immediate Care 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 a range of services including digital x-rays, lab work, physicals, immunizations, fracture care and minor surgical procedures. The company was founded in 1987 and is based in Chicago, IL (www.physiciansimmediatecare.com).
“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 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.”
LLR Partners makes both minority and control investments in middle market growth companies. Industries of interest include healthcare; financial and business services; information technology; and education. LLR is currently investing out of its $800 million third fund, LLR III. The firm has over $1.4 billion of assets under management and is located in Philadelphia, PA (www.llrpartners.com).
WellPoint is an independent licensee of the Blue Cross and Blue Shield Association and serves its members as the Blue Cross licensee for California; the Blue Cross and Blue Shield licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia, and Wisconsin. In addition to Blue Cross, the company also operates under the Anthem name. WellPoint is base in Indianapolis, IN (www.wellpoint.com).