Hygea Holdings Corp Secures $140 Million for Growth, Acquistions

Managed Care Weekly Digest

By a News Reporter-Staff News Editor at Managed Care Weekly Digest -- Hygea Holdings Corp ("Hygea") announced that on February 24th 2016 the Company and a consortium of US and international investment banks agreed to terms in which the consortium is providing $40 million in funding to Hygea, with an additional $100 million credit facility available for the acquisitions of medical group practices and independent provider networks. At the February 24th closing, Hygea used proceeds from the funding to acquire MedPlan, a major South Florida provider network (see also Hygea Holdings Corp.).

"Hygea's new facility provided us with resources to realize significant growth already in 2016. Hygea intends to continue to grow through acquisitions, which will keep the Company in the vanguard of primary care delivery," said Hygea CEO and President Manuel Iglesias.

Gemini Health Care, the parent company of MedPlan and MedCare Medical Centers, will join the Hygea family with its 35,000 managed care members and 15 medical offices in Miami-Dade County, bringing the total Hygea locations to 30 medical offices in Miami-Dade, Broward, Palm Beach, Orange, Seminole, and Hillsborough counties, as well as in the greater Atlanta metropolitan area.

Mr. Iglesias added that "this acquisition makes us one of the largest individual primary care providers in the Southeast. Part of our mission is to offer a whole spectrum of insurance services, and this acquisition allows us to contract with multiple insurance companies, instead of being captive to one, so we can best serve our members." Mr. Iglesias said services are provided to members and patients who are covered under commercial policies, Medicaid, Medicare, ACA, discount medical plans, or are self-pay.

Hygea offers extended office hours to patients and a fleet of buses to transport those in need. About Hygea Holdings Corp Hygea is a diversified healthcare holding company led by a team of nationally recognized industry leaders with backgrounds in insurance, finance, medicine, law and technology. The company owns physician practices, ancillary medical services, such as pharmacy, physical therapy, and diagnostics, as well as a 2,500-doctor independent physician association (IPA). Hygea prides itself as 'the physician's choice' in group healthcare, as evidenced by the number of acquired physicians who then choose to invest in the firm. Hygea's business model applies best practices at every stage of healthcare delivery to reduce inefficiencies and improve outcomes, providing seamless care to commercial, Medicare, and Medicaid patients. For more information, visit www.hygeaholdings.com.