The Puget Sound Business Journal reports on The Everett Clinic acquisition of Totem Lake Family Medicine in Kirkland, WA.
The Everett Clinic plans to acquire Totem Lake Family Medicine as it pushes to expand its geographic footprint and the number of doctors treating patients.
The two health care practices entered into a definitive agreement on Tuesday for the acquisition, but financial details were not released. The deal is expected to close April 1.
Health care consolidation, mergers and affiliations have become commonplace throughout Washington and the nation as health care systems try to provide better care at lower costs. Since October, for example, EvergreenHealth Medical Center has acquired two clinics and formed an alliance with Overlake Medical Center.
The Everett Clinic last year was acquired by DaVita HealthCare Partners (NYSE: DVA) to allow the clinic to execute a hefty expansion plan, which included opening the clinic's first King County location in Shoreline last year.
By bringing in Totem Lake, Everett Clinic CEO Chris Knapp said the health care organization is working toward building the leading independent medical group in the Pacific Northwest.
"We’ve got a lot of respect for the big hospital systems and for Group Health and Kaiser," he explained about wanting to remain independent and not too large. "But, we really think giving choice and alternatives to patients helps create a healthier ecosystem."
Totem Lake, which will be the second location outside of Snohomish County for the Everett Clinic, is a medical group with six providers and one physicians assistant in Kirkland.
"We continue to move down the 405 and I-5 corridors," Knapp said. "This is all part of the long-term plan of having a broader reach in the Pacific Northwest and creating alternatives to the bigger health care systems."
Knapp said more acquisitions, mergers, affiliations or some form of partnerships can be expected, adding that the Everett Clinic is "actively looking."
Once the acquisition of Totem Lake goes through, Knapp said the Everett Clinic will have about 650 total providers, including physicians, physician assistants and nurses, among others.