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HEALTHCARE | Medical Facilities & Services / Medical Practitioners
medachealth.com

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Stage

Acquired | Acquired

Valuation

$0000 

About Medac Health Services

Medac Health Services operates four urgent care facilities in the Wilmington, North Carolina, area. All locations are staffed by board-certified physicians, physician assistants, or family nurse practitioners.

Medac Health Services Headquarter Location

4402 Shipyard Blvd

Wilmington, North Carolina, 28403,

United States

910-791-0075

Latest Medac Health Services News

American CareSource Reports 87% Growth in First Quarter Urgent Care Revenue

May 10, 2016

American CareSource Reports 87% Growth in First Quarter Urgent Care Revenue 0 (You can enter multiple email addresses separated by commas) Message : *Required fields ATLANTA, May 10, 2016 (GLOBE NEWSWIRE) -- American CareSource Holdings, Inc. (NASDAQ:GNOW), an urgent and primary care company operating under the tradenames GoNow Doctors and Medac, today announced financial results for the quarter ended March 31, 2016. Urgent and primary care segment revenue was $5.0 million for the first quarter, an increase of 87% from $2.67 million for the first quarter of 2015. The Company’s operating loss decreased by 51% to $1.6 million for the three months ended March 31, 2016 from $3.2 million for the three months ended March 31, 2015. Center-level, adjusted EBITDA was $326,000, an increase of $776,000 from $(450,000) for the first quarter of 2015. A reconciliation of all non-GAAP financial measures can be found at the end of this release. The Company’s first quarter revenue growth was driven by operational improvements implemented by the Company’s new executive management team and by the full-quarter inclusion of the results of Medac Health Services, PA. The Company purchased substantially all the assets of Medac in December 2015. The executive management changes made in the first quarter were as follows: On January 8, 2016, Adam S. Winger, the Company’s VP of Acquisitions and General Counsel, was appointed to serve as President and Chief Executive Officer. Also on January 8, 2016, James A. Honn, the Company’s Chief Information Officer, was appointed to the additional position of Chief Operating Officer. On March 4, 2016, Robert Frye, the Company’s Controller and Principal Accounting Officer, was appointed to the additional position of Interim Chief Financial Officer. “We are pleased to report a successful first quarter of 2016,” said Adam Winger, President and Chief Executive Officer of GoNow. “In addition to producing positive center-level EBITDA, we continue to implement measures to improve our revenue cycle and reduce expenses.”  Among the measures taken in the first quarter, the Company executed a reduction in force, closed an underperforming facility, and moved and subleased its corporate office space. Furthermore, on April 1, GoNow exited the Virginia market by selling its two clinics located in Gainesville and Fair Lakes, Virginia. “Although we expect the full impact of these efforts to be reflected in our second quarter financial results, we are proud to report significant revenue growth while achieving a 46% reduction in quarterly, year-over-year corporate overhead,” said Mr. Winger. GoNow also entered into a strategic development arrangement with Birmingham-based commercial real estate firm, Harbert Realty Services. Under the arrangement, Harbert may build and develop up to 10 new GoNow Doctors facilities throughout Alabama, Georgia, North Carolina and Florida over the next 12 months. If we move forward with the arrangement, Harbert will pay all costs to acquire the land and construct the facilities according to our plans and specifications in exchange for GoNow’s entry into a long-term lease. “We are excited about our progress, and we believe the pathway is now clear for significant year-over-year growth in our urgent and primary care business.” Internet Posting of Information The Company routinely posts information that may be important to investors in the “Investor Relations” section of its website at www.gonowdoctors.com . The Company encourages investors and potential investors to consult its website regularly for important information about the Company. About American CareSource Holdings, Inc. American CareSource Holdings, Inc. owns and manages a chain of 11 urgent and primary care centers operating under the tradenames Medac and GoNow Doctors and owns an ancillary services network that provides ancillary healthcare services through its nationwide provider network. GoNow's stock currently trades on the NASDAQ Capital Market under the ticker "GNOW. " Forward-Looking Statements This press release contains "forward-looking statements," including statements related to our 2016 outlook and expectations related to cost savings. Forward-looking statements may be identified by their use of terms such as "anticipate", "believe", "anticipate", "confident", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "target", "will" and other similar terms. These statements are subject to significant risks and uncertainties, actual results and future events could differ materially from those projected, and we caution stockholders not to place undue reliance on the forward-looking statements contained in this press release. Risks and uncertainties exist related to the Company and its business due to a number of factors, including the statements under "Risk Factors" contained in our periodic reports filed with the SEC. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We intend these forward-looking statements to speak only as of the date of this press release and undertake no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in our expectations, except as required by law.  

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