Pharos Capital's Complete Health Acquires Birmingham Internal Medicine Associates

Primary Care Platform Promotes and Expands Value-Based Care Model

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Dec 11, 2019, 07:00 ET

DALLAS and NASHVILLE, Tenn., Dec. 11, 2019 /PRNewswire/ -- Pharos Capital Group, LLC ("Pharos"), a private equity firm based in Dallas and Nashville, announced that its primary care group platform, Complete Health, has acquired Birmingham Internal Medicine Associates ("BIMA"), a provider of specialized and expanded primary care services in Birmingham, Alabama. Terms of the transaction were not disclosed.

"As the initial contact point for patients, primary care will increasingly function as the gatekeeper for care coordination and will be the driver of healthcare cost reduction," said Anna Kovalkova, Partner at Pharos. "Through Complete Health, we are excited to offer a quality-focused and value-oriented healthcare approach, which we believe will transform sustainable care in the U.S."

Founded in 1997, BIMA is a provider of specialized and expanded primary care services, including diagnostic imaging, chronic-care management, weight loss management, wellness, virtual office visits and risk assessments for seniors. Founder Dr. John Farley, M.D. and his partners, Drs. Tammy Leong, M.D., Neil Meadows, M.D. and Jason Smith, M.D., will continue leading the practice with the existing team and staff. Dr. Farley has also been named President of the Alabama Markets for Complete Health.

Dr. Farley said, "Complete Health and Pharos are aligned with our belief that the more we can understand and address our patients' overall needs in one place, through one integrated provider, the more we can focus on getting them proper care that will lead to better outcomes and overall healthier lifestyles. We are proud to become a Complete Health practice."

Jeff Preuss, Complete Health CEO, commented, "Complete Health's value-based care concept employs a holistic approach that asks, 'How can we keep our patients healthy?' This innovative care model seeks to coordinate comprehensive care, focusing on wellness, and has already been successfully deployed in Florida. We look forward to exporting this progressive and exciting model to Alabama and beyond."

In 2018, Complete Health was established via its acquisition of Ormond Medical Arts ("OMA"), a primary care clinic in Daytona, FL. Founded in 1973 by Dr. James Shoemaker, DO, OMA is a physician-centric, professionally managed, primary care group delivering exceptional quality care, support service and outcomes. Focusing on prevention, OMA offers onsite diagnostic tests including labs, x-rays and ultrasounds as well as a robust clinical research offering.

Dr. Shoemaker added, "At a time when Americans spend approximately $250 billion on primary care physicians, we believe that spending should result in better overall health. Our goal is to offer preventive care and quality outcomes, patient service excellence, and reduce the physician administrative burden – all while lowering the total cost of care."

Complete Health is the eleventh platform portfolio investment from Pharos III and III-A, healthcare-focused private equity sister funds. Other recent Pharos investments include Charter Health Care Group, a provider of post-acute care services; Behavior Care Specialists, a provider of autism spectrum disorder services and an addition to Pharos's Family Treatment Network platform; and Verdi Oncology, an oncology practice and clinical research management company.

About Complete Health
Complete Health is a physician-centric, professionally managed, technology enabled primary care group delivering exceptional quality, support service and outcomes. The Company focuses on providing comprehensive care, primarily to Medicare beneficiaries, which results in keeping people healthy and lowering the total cost to the system. Complete Health's vision is to build a premier regional network of at-risk primary care practices across the Southeast. For more information about Complete Health visit www.completehealth.com.

About Pharos Capital Group
Based in Dallas and Nashville, Pharos Capital Group (www.pharosfunds.com) is an SEC Registered Investment Advisor. Since inception, Pharos has invested in 54 companies and currently has over $825 million of private equity assets under management. Pharos typically invests $25-$50 million in rapidly growing middle market companies seeking later stage funding for internal growth, acquisitions, leveraged buyouts, management buyouts, or recapitalizations predominantly across healthcare sectors.

For business development opportunities with Pharos Capital Group, please contact Adam Persiani at 214-740-7003 or [email protected].