Livingstone’s Healthcare sector team has advised Integrated Rehab Consultants, the nation’s leading provider of physiatry services to Skilled Nursing Facilities (“SNFs”), on its recent sale to an undisclosed buyer. Livingstone acted as exclusive financial adviser to IRC.
Founded in 2010 by Dr. Amish Patel, CEO, and Matt Ray, COO, the Company is headquartered in Chicago with operations across the United States. IRC’s highly skilled physiatrists are speciality physicians in physical medicine and rehabilitation that provide expertise to rehabilitation teams to assure quality outcomes while optimising resource utilisation. The company partners primarily with SNFs and increasingly with hospital systems, including Northwestern Medicine in the Chicago area, to improve post-acute outcomes.
Generating over 20% annual revenue growth over the last three years, IRC has grown into the largest physiatrist group in the country. The company currently serves its SNF customer base via 100+ licensed physicians in 20+ states. IRC’s proven track record of reducing length-of-stays and overall cost in the post-acute setting ideally positions the company for continued growth given the ongoing shift to value-based care.
The transaction will enable IRC to accelerate its growth plan to further penetrate existing geographies and expand into new ones, bringing physiatrists to new markets and SNF facilities, while leveraging the company’s favourable position within the ongoing value-based care shift.
“Livingstone executed a well-managed, efficient, and comprehensive process, successfully helping Matt and I accomplish our objectives as shareholders by finding the ideal partner to help IRC continue its exciting growth trajectory,” said Dr. Amish Patel, CEO of IRC.
“The ongoing shift to value-based care will reward providers focused on improving patient outcomes and saving costs via reducing length-of-stay,”said Jim Moskal, Partner at Livingstone. “IRC is well-positioned to capitalize on these trends given the Company’s proven ability to deliver these key value drivers to its national network of over 200 SNF facilities.”
The transactions marks 13th healthcare transaction to close in the last two years, including successful sell-side transactions involving Total Spectrum, Alliance Physical Therapy Management, P3 Dental, SYNERGY HomeCare, Agility Health, Kurtz Ambulance, and Homewatch CareGivers.
Polsinelli provided legal counsel and Crowe provided accounting services to the Company.