OAD Strikes the Right Note with Cadence deal
The Healthcare team at Livingstone has advised the shareholders of OAD Orthopaedics on its sale to Cadence Health, a not-for-profit health system operator serving more than one million patients across the Chicago area.
OAD is a leading orthopaedic medical practice and ambulatory surgical center located in Chicago’s western suburbs. OAD’s 23 physicians provide full-service orthopaedic and musculoskeletal care across a range of specialties including shoulder, hip, knee, spine and neck, hand and upper extremity, foot and ankle, physical medicine and rehabilitation, sports medicine, joint replacement, and work-related injuries.
“Our physicians are dedicated to providing a center of excellence for comprehensive orthopaedic care to all of our patients,” said Lenard LaBelle, M.D. and CEO of OAD. “In today’s changing healthcare environment, we chose Cadence Health as a strategic partner to increase our ability to provide efficient, quality care for our patients throughout all of our service areas, and to maintain strong employment opportunities for our staff.”
“We are committed to developing the region’s premier orthopaedic program. The acquisition of OAD is a significant milestone,” commented Michael Vivoda, CEO of Cadence Health. “The addition of OAD to Cadence expands and enhances our ability to meet the growing needs of the patients we serve.”
“Cost control incentives and imminent healthcare reimbursement changes have driven many hospital systems to seek acquisitions of specialty physician practices in order to deliver comprehensive care, improve patient outcomes, and prevent future revenue leakage,” added Livingstone Chicago’s Head of Healthcare, Jim Moskal.
“We are thrilled to help forge a powerful local union between OAD and Cadence Health,” said Partner at Livingstone Chicago, Steve Miles. “OAD’s outstanding reputation, comprehensive orthopaedic offering, and geographic focus made it an attractive acquisition target.”
The sale of OAD is Livingstone’s 22nd completed deal of 2012 and another milestone for the firm’s international Healthcare sector team.