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Concentra
Concentra Inc., is a national health care establishment centered around occupational health. It was founded in 1979 in Amarillo, Texas, and the headquarters of the corporation is in Addison, Texas. It runs 547 occupational health centres and 151 onsite health clinics at employer worksites across over 40 states. According to the Bureau of Labor Statistics, Concentra treats one out of every seven occupational injuries in the United States.[when?][citation needed] It is currently a publicly traded company with over 80% of the shares owned by Select Medical.
While Concentra is currently the product of a number of mergers, the original company was OccuSystems Inc., founded in Amarillo, Texas by Dr. Richard Rhem in 1979. After completing his residency and moving to Buffalo, Wyoming to practice family medicine for three years, he opened a practice in the underserved Amarillo, which he thought presented an opportunity. According to Rehm, he adopted a philosophy of rather than "trying to maximize the dollar volume per patient," instead "trying to minimize the dollar volume per patient." This benefited employers, who got employees back to work quickly, and allowed him to profit by taking a large caseload.
The early company got beneficial exposure from an association with a television health program syndicated on ABC in several states. By 1990, after a series of new clinics and acquisitions, the company operated four clinics, and Rhem decided to try to expand out of a fear of being overrun by larger, consolidating companies. Rehm hired a CEO, who acquired $35 million in seed money from venture capitalists Welsh, Carson, Anderson & Stowe and the Sprout Group, and the company began to buy up other clinics. By 1992, only two years later, it owned about 50 in seven states. The company continued expanding and acquiring investments, and by 1997 operated about 110 centers in 16 states.
In 1997, the company merged with Boston-based CRA Managed Care, a cost containment and case-management company of similar size which also operated about 100 locations. It now did business as Concentra Managed Care,[clarification needed] a publicly listed firm,[citation needed] under the parent company Concentra Inc.. This gave it operations in 49 states, D.C., and Canada, and allowed it to operate as a "one-stop shop" for worker's compensation services. The company subsequently acquired TotalMed, an online medical transcription company; First Notice Systems Inc., an outsourced call reporting company; and Preferred Payment Systems, a bill review company. The acquisition of First Notice Systems was important for the business because making sure that injuries were reported with 24 hours reduced medical costs and got workers back to work more quickly.
The company agreed to be taken private again in 1999 by Welsh, Carson, Anderson & Stowe, who owned the company through the purpose-made entity Yankee Acquisition Corporation. Having continued expansion, by the end of that year the company operated 233 medical centers. In November 2001 the company acquired National Healthcare Resources Inc., a consulting company to the automobile insurance and workers compensation industries. In 2002 it also acquired EM3 Inc., a provider of web content management products; and OccMed Services, which developed a web-based integrated prevention and injury management product.
Following a series of sale deals in 2006 and 2007, Concentra restricted its focus on occupational health, medical center growth, and wellness and preventive care.[citation needed]
The firm began an urgent care program in 2007.
In December 2010, Humana announced its acquisition of Concentra for approximately $790 million. Welsh, Carson, Anderson & Stowe, a New York City–based private equity firm, had previously owned a majority of Concentra's equity since 1999. Humana made this acquisition as part of an attempt to expand into primary care practices and medical services organizations. According to Humana, in the years preceding 2015 it chose to focus more on primary care than on Concentra's work on occupational injuries. In a press release, Humana stated that "Concentra's operations did not ultimately align with Humana's strategy as well as we had originally anticipated."
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Concentra
Concentra Inc., is a national health care establishment centered around occupational health. It was founded in 1979 in Amarillo, Texas, and the headquarters of the corporation is in Addison, Texas. It runs 547 occupational health centres and 151 onsite health clinics at employer worksites across over 40 states. According to the Bureau of Labor Statistics, Concentra treats one out of every seven occupational injuries in the United States.[when?][citation needed] It is currently a publicly traded company with over 80% of the shares owned by Select Medical.
While Concentra is currently the product of a number of mergers, the original company was OccuSystems Inc., founded in Amarillo, Texas by Dr. Richard Rhem in 1979. After completing his residency and moving to Buffalo, Wyoming to practice family medicine for three years, he opened a practice in the underserved Amarillo, which he thought presented an opportunity. According to Rehm, he adopted a philosophy of rather than "trying to maximize the dollar volume per patient," instead "trying to minimize the dollar volume per patient." This benefited employers, who got employees back to work quickly, and allowed him to profit by taking a large caseload.
The early company got beneficial exposure from an association with a television health program syndicated on ABC in several states. By 1990, after a series of new clinics and acquisitions, the company operated four clinics, and Rhem decided to try to expand out of a fear of being overrun by larger, consolidating companies. Rehm hired a CEO, who acquired $35 million in seed money from venture capitalists Welsh, Carson, Anderson & Stowe and the Sprout Group, and the company began to buy up other clinics. By 1992, only two years later, it owned about 50 in seven states. The company continued expanding and acquiring investments, and by 1997 operated about 110 centers in 16 states.
In 1997, the company merged with Boston-based CRA Managed Care, a cost containment and case-management company of similar size which also operated about 100 locations. It now did business as Concentra Managed Care,[clarification needed] a publicly listed firm,[citation needed] under the parent company Concentra Inc.. This gave it operations in 49 states, D.C., and Canada, and allowed it to operate as a "one-stop shop" for worker's compensation services. The company subsequently acquired TotalMed, an online medical transcription company; First Notice Systems Inc., an outsourced call reporting company; and Preferred Payment Systems, a bill review company. The acquisition of First Notice Systems was important for the business because making sure that injuries were reported with 24 hours reduced medical costs and got workers back to work more quickly.
The company agreed to be taken private again in 1999 by Welsh, Carson, Anderson & Stowe, who owned the company through the purpose-made entity Yankee Acquisition Corporation. Having continued expansion, by the end of that year the company operated 233 medical centers. In November 2001 the company acquired National Healthcare Resources Inc., a consulting company to the automobile insurance and workers compensation industries. In 2002 it also acquired EM3 Inc., a provider of web content management products; and OccMed Services, which developed a web-based integrated prevention and injury management product.
Following a series of sale deals in 2006 and 2007, Concentra restricted its focus on occupational health, medical center growth, and wellness and preventive care.[citation needed]
The firm began an urgent care program in 2007.
In December 2010, Humana announced its acquisition of Concentra for approximately $790 million. Welsh, Carson, Anderson & Stowe, a New York City–based private equity firm, had previously owned a majority of Concentra's equity since 1999. Humana made this acquisition as part of an attempt to expand into primary care practices and medical services organizations. According to Humana, in the years preceding 2015 it chose to focus more on primary care than on Concentra's work on occupational injuries. In a press release, Humana stated that "Concentra's operations did not ultimately align with Humana's strategy as well as we had originally anticipated."