From Crain's Akron Business: The Canton company, which describes itself as 'the largest physician-owned and led acute care practice in the United States,' announced Tuesday, June 21, that it has named veteran health care executive Christopher R. Hummer to the chief executive role.
James Frary, who joined the physician-owned and led acute care practice in spring 2018, is leaving to serve as a board chair for a private equity-backed pharmaceutical services company. US Acute Care's board of directors promoted the company's chief clinical officer, Dr. Matt Patlovany, to president with leadership responsibilities while a CEO search is underway.
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Canton, Ohio-based US Acute Care Solutions, a provider of physician-owned emergency medicine, hospitalist and observation services, is buying out its minority capital partner with the help of a big preferred equity investment made by funds managed by affiliates of the giant Apollo Global Management Inc. (NYSE: APO) of New York.
US Acute Care said in a news release that its physician-owners agreed to buy out New York-based private equity firm Welsh, Carson, Anderson & Stowe, and that following the transaction, the company will be 90% owned by its physicians. Several health systems also will have minority stakes in the company, according to the release. Welsh Carson helped form US Acute care in 2015.