ALHAMBRA, Calif., Jan. 29, 2024 /PRNewswire/ -- Apollo Medical Holdings, Inc.("ApolloMed," and together with its subsidiaries and affiliated entities, the "Company") (NASDAQ: AMEH), a leading provider-centric, technology-powered healthcare company enabling providers to deliver accessible, high-quality, and high-value care to all, today announced a strategic long-term partnership with BASS Medical Group, one of the largest multi-specialty medical groups in the Greater San Francisco Bay Area .
The partnership will bolster BASS Medical Group's value-based care and operational infrastructure, enabling them to successfully participate in total cost of care arrangements and build more effective care models integrating primary care and multi-specialty care. Together, the two organizations will aim to bring high-quality care via value-based arrangements to patients of all insurance types, including Medicare, Medicaid, ACA Marketplace, and Commercial. BASS Medical Group plans to transition its existing value-based arrangements to this new partnership, and ApolloMed will serve as BASS Medical Group's exclusive partner for all new value-based arrangements.
In order to operationalize this partnership, ApolloMed plans to deploy its value-based care platform and care enablement solutions to BASS Medical Group's over 400 providers and almost 200 locations across Northern California over the following several quarters. In addition, ApolloMed plans to partner with BASS Medical Group's extensive multi-specialty group in order to enter several new markets and serve local communities in Santa Clara and Alameda Counties, as well as expand its presence in San Mateo, San Francisco, and Stanislaus Counties.
Brandon Sim, President and CEO of ApolloMed, stated, "We are thrilled to join forces with BASS Medical Group given their outstanding reputation of providing high-quality care to patients. In BASS Medical Group, we believe we have found a like-minded partner in the way we empower providers, focus on the provider-patient relationship, and deliver high-quality, compassionate care, with a focus on aligning both primary and specialty care in value-based models. We are excited to partner with Inez and BASS Medical Group to improve patient care across Northern California and beyond, focusing on delivering higher quality healthcare with greater access at lower costs."
Inez Wondeh, CEO, of BASS Medical Group, added, "Our partnership with ApolloMed is not just about business alignment; it's about bringing our values and goals towards a common purpose - providing the highest quality of care for our patients. BASS Medical Group set out to find a sophisticated partner with a long track record of success in value-based care in order to take us to the next level, and we believe we have found perfect alignment in ApolloMed and its proprietary technology and operations platform. Both our organizations are physician-founded and remain grounded in enabling our providers to succeed while doing the right thing at the right time. Both ApolloMed and BASS Medical Group are committed to developing and implementing care models that ensure the best outcomes for current and future patients in the Bay Area. By joining forces, we are setting new standards in value-based care, ensuring that our health care delivery is not only efficient but rooted in the best interest of the communities we serve. We are excited about the future and the positive changes this partnership will bring to the Bay Area and beyond."
To further demonstrate its commitment to BASS Medical Group's success and growth, ApolloMed has provided BASS Medical Group with a $20 million senior secured promissory note which is intended to be used, in partnership with ApolloMed, to continue to grow their footprint and invest in high-quality, high-value, and accessible primary and multi-specialty care for communities across California .
About Apollo Medical Holdings, Inc.
ApolloMed is a leading provider-centric, technology-powered healthcare company enabling providers to deliver accessible, high-quality, and high-value care to all. Leveraging its proprietary end-to-end technology solutions, ApolloMed operates an integrated healthcare delivery platform that enables providers to successfully participate in value-based care arrangements, thus empowering them to deliver high quality care to patients in a cost-effective manner.
Headquartered in Alhambra, California, ApolloMed's subsidiaries and affiliates include management services organizations (MSOs), affiliated independent practice associations (IPAs), and entities participating in the Centers for Medicare & Medicaid Services Innovation Center (CMMI) innovation models. For more information, please visit www.apollomed.net.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company's ability to realize the intended synergies of the strategic agreement. Forward-looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain assumptions of the Company's management, and some or all of such expectations and assumptions may not materialize or may vary significantly from actual results. Actual results may also vary materially from forward-looking statements due to risks, uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission, including, without limitation, the risk factors discussed in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2022, and any subsequent quarterly reports on Form 10-Q. Any forward-looking statement made by the Company in this release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
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Investor Relations
Asher Dewhurst
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SOURCE Apollo Medical Holdings, Inc.
