OrthoCarolina selling PT business
OrthoCarolina plans to sell its physical therapy business to a private equity-backed firm.
Charlotte-based OrthoCarolina, one of the nation’s largest independently owned orthopedic practices, is finalizing a deal to sell its physical therapy division to PT Solutions Physical Therapy, an Atlanta-based provider supported by PE.
The agreement is expected to be announced in the coming weeks.
CEO and orthopedic surgeon Leo Spector said the move would allow OrthoCarolina to hone its focus on patient treatment, orthopedic surgeries and outpatient surgery center expansion.
“We’re doing what a lot of businesses do — getting rid of things ancillary to our core so we can focus on our core business,” he told local news.
OrthoCarolina employs nearly 300 physical therapists across 24 locations, primarily in the Charlotte region, and more than 90% of them are expected to join PT Solutions.
PT Solutions operates more than 550 locations in 25 states and is backed by General Atlantic. According to Spector, the sale proceeds will help OrthoCarolina expand its network of ambulatory surgery centers (ASCs), an increasingly viable option after state Certificate of Need requirements were eased.
The group already operates Mallard Creek Surgical Center in Charlotte’s university area and acquired Matthews Surgery Center in late 2024.
Choice Care Surgery Center enters partnership with USPI
Choice Care Surgery Center (CCSC) in Midland, Texas, has entered into a joint venture with a regional hospital and United Surgical Partners International (USPI), one of the largest ASC networks in the nation.
The 15,700-square-foot CCSC offers services in cardiology, gynecology, endovascular surgery, gastroenterology, orthopedic surgery, hand and plastic surgery, and urology.
Physician Transaction Advisors (PTA), formerly ASCs Inc., facilitated the transaction, which CCSC said will provide crucial support for the facility’s growth initiatives and mission to deliver high-quality, affordable, and compassionate care.
“As an organization, we felt that we would best be able to realize our goals by partnering with an organization that would support our growth initiatives and provide us with the clinical, operational, and business support and acumen that we feel is imperative as we move forward,” Dr. Anand Cholia, group president of CCSC, said in a press release. “What resonated with us the most was our partner’s joint mission of providing quality, affordable, and compassionate care to patients.”
USPI, a subsidiary of Tenet Healthcare (NYSE: THC), operates more than 545 facilities across the country, including ambulatory surgery centers and surgical hospitals.
Prospect Medical Holdings to sell Crozer Health to not-for-profit consortium
Prospect Medical Holdings Inc. has announced plans to sell Crozer Health and all of its operating assets, including hospitals, ASCs, clinics and physician offices to a not-for-profit consortium of health care operators.
The transfer of ownership aims to ensure that residents of Delaware County, Pennsylvania, continue to receive uninterrupted care, Tony Esposito, CEO of Crozer Health, said in a press release.
“By selling Crozer Health to a group of experienced health care operators, the communities in and around Delaware County will continue to access and receive the critical health care services they require,” he said. “We appreciate the support of the Commonwealth of Pennsylvania, as well as all parties involved, to make this transition possible.”
According to Esposito, the company is working closely with the Commonwealth of Pennsylvania to achieve a seamless transition, while the new not-for-profit owners intend to maintain Crozer Health’s role in training physicians and supporting community health programs.
Orthopaedic Associates of Maine returns to independence, partners with Growth Orthopedics
Spectrum Orthopaedics, a leading provider of orthopedic care in the greater Casco Bay and Midcoast regions of Maine, has rebranded as Orthopaedic Associates of Maine and entered into a strategic partnership with the national management services organization Growth Orthopedics.
The change will allow the practice, which includes 14 physicians and over 40 providers across three locations, to remain independent.
“We are excited to announce the next chapter in our journey as we return to independent practice,” Kathryn Hanna, managing partner of Orthopaedic Associates of Maine, said in a press release. “By partnering with Growth Orthopedics, who is specifically focused on orthopedic practice, we can enhance our ability to grow, innovate, and provide the best possible outcomes for our patients.”
As part of the rebranding, Orthopaedic Associates of Maine will continue to operate its ambulatory surgery center in Portland as well as its other service sites in Brunswick and Windham, offering patients orthopedic and sports medicine services, imaging, and physical therapy.
