Apollo Medical Holdings, Inc., announced an agreement to partner with IntraCare, an operator of a value-based primary care provider network and primary care clinics located predominantly in Texas with a growing presence in Oklahoma.
Headquartered in the Dallas-Fort Worth metropolitan area of Texas, IntraCare is aligned with over 425 providers managing the care of over 40,000 members. Like ApolloMed, IntraCare is on a mission to build a thriving healthcare ecosystem that promotes successful, independent physicians, strengthens the patient-physician relationship, and improves patient satisfaction and healthcare outcomes through quality, compassionate coordinated care.
ApolloMed’s partnership with IntraCare is poised to accelerate access to high-quality, value-based care for seniors in three areas. First, ApolloMed’s ACO will partner with IntraCare’s primary care providers as part of the ACO REACH program, an attribution-based risk-bearing model designed to advance health equity and bring the benefits of accountable care to Medicare beneficiaries in underserved communities. In addition, ApolloMed will deploy its value-based care platform as the exclusive care enablement partner for IntraCare providers participating in the ACO REACH program. Finally, to further IntraCare’s mission and growth, ApolloMed will lend IntraCare a $25 million senior secured convertible promissory note maturing in 2028. Guggenheim Securities, LLC acted as financial advisor to IntraCare in connection with the transactions.
Brandon Sim, Co-CEO of ApolloMed, stated, “We have admired IntraCare’s demonstrated track record of successfully empowering local independent primary care practices in Texas and Oklahoma, a strategy which is aligned with and complementary to our success in our core markets. With this partnership, we are excited to build upon IntraCare’s momentum and partner with their providers in our ACO, continuing to scale our Care Partners business. We also look forward to bringing our Care Enablement platform to these providers and will work closely with IntraCare’s leadership team in continuing to expand upon their historical success while exploring additional avenues for collaboration down the road.”
Anwar Kazi, CEO of IntraCare, added, “We are thrilled to be partnering with ApolloMed, a company that is aligned with IntraCare in its mission of empowering providers in the successful delivery of value-based care. We believe that joining forces with ApolloMed will enable us to accelerate the growth of our business as we look to continue expanding our affiliate network and owned clinic footprint within our existing geographic presence in Texas and Oklahoma.”
SOURCE: PRNewswire