Physician Transaction Advisors Guides Spectrum Orthopaedics in Strategic Partnership
PORTLAND, ME — Physician Transaction Advisors announced that its client, Spectrum Orthopaedics, a leading provider of orthopedic care in Maine, has entered into a strategic partnership with national management services organization Growth Orthopedics and will rebrand, along with its affiliated ambulatory surgery center, as Orthopaedic Associates of Maine. The new partnership will allow the physicians to continue to provide expert care within their local community while remaining independent in the challenging healthcare environment.
“We are excited to announce the next chapter in our journey as we return to independent practice as Orthopaedic Associates of Maine,” said Kathryn Hanna, MD, Managing Partner of Orthopaedic Associates of Maine. “This decision marks a pivotal moment for our physicians and patients alike, as it reflects our commitment to providing personalized, high-quality orthopedic care in our community. By partnering with Growth Orthopedics, who is specifically focused on orthopedic practices, we can enhance our ability to grow, innovate, and provide the best possible outcomes for our patients. This change empowers us to focus on what matters most — our patients’ health, our team’s development, and the future of orthopedic care in Maine.”
While the name has changed, the mission of the practice—comprising 14 physicians, 40+ providers, and more than 175 support staff—remains focused on delivering high-quality, value-driven patient care, as well as growth through investment in their private practice and surgery center. From sports medicine and hand care to physical therapy and orthopedic surgery, the physicians at Orthopaedic Associates of Maine have earned the trust of the community.
“Our focus on enabling the physician-owners of Orthoapaedic Associates of Maine to fully evaluate all their strategic partnership options ensured they could confidently select the right partner for their group”, states Jim Freund, Managing Partner of Physician Transaction Advisors (formerly ASCs Inc.) who represented the physician owners throughout the process. “In addition, our team negotiated the best financial and non-financial terms on their behalf and supported them through the extensive due diligence process. The result is a true win-win for both of these exceptional organizations.”
This partnership continues to align with Growth Orthopedics’ mission of growing and investing in local healthcare. Through its capital and resources, Growth Orthopedics and subsequently Orthopaedic Associates of Maine will expand while maintaining the highest levels of patient care.
“Growth Orthopedics is dedicated to empowering private practices to preserve their independence while creating opportunities for growth in an increasingly competitive healthcare environment. The best delivery of healthcare is in the local marketplace” said Pete McCann, CEO of Growth Orthopedics. “Healthcare is inherently local, and our commitment to keeping it local ensures that both patients and practices continue to thrive. We are proud to welcome Orthopaedic Associates of Maine, along with its exceptional physicians and staff, to our team. Our partnership will continue to ensure healthcare is delivered locally within the Midcoast community of Maine. Together with our partner-practices, we will continue to set the standard for excellence in and expand orthopedic care to more patients.”
Spectrum Healthcare Partners, Growth Orthopedics, and Orthopaedic Associates of Maine have worked closely to ensure that the transition will be as seamless as possible for patients. Patients will continue to receive high-quality orthopaedic care from the same physicians, providers, and support teams as they do today. The surgery center in Portland as well as the practice locations in Brunswick, Portland, and Windham will all be part of this transition. The historic partnerships with local hospitals and the community remain unchanged. Spectrum Healthcare Partners has been a strong provider of healthcare in the state of Maine for decades. Spectrum’s support and assistance in the re-launch is a testament to the commitment they have for the Maine community.
ABOUT ORTHOPAEDIC ASSOCIATES OF MAINE
Orthopaedic Associates of Maine employ 14 physicians inclusive of sub-specialty trained orthopedic surgeons, primary care sports medicine physicians, and a physiatrist. The practice offers orthopedic services within 3 locations, all of which house a full suite of ancillary services, including imaging and physical therapy, as well as an ambulatory surgery center. The practice provides care throughout southern Maine with an immediate drawing area of approximately 500,000+ in the surrounding counties and an additional 1M+ in the satellite catchment areas. For more information, please visit www.orthoassociates.com.
ABOUT GROWTH ORTHOPEDICS
Growth Orthopedics is a managed service organization that partners with independent orthopedic offices while ensuring their individual autonomy. Growth Ortho’s mission is to be the partner of choice for best-in-class orthopedic groups throughout the United States by delivering a “Patient and Physician First” focus that ensures the long-term success and health of the groups that join the Growth Orthopedics platform. For additional information visit www.growthortho.com.
ABOUT PHYSICIAN TRANSACTION ADVISORS (formerly ASCs Inc.)
For physician-owners, selling an interest in their practice and/or surgery center and forming a new strategic partnership is typically a once-in-a-lifetime event. Without the expertise, knowledge, and experience that comes from successfully managing over 300 of these time-consuming and complex transactions it would simply not be reasonable to expect an optimal result. To learn more about our risk-free process, which enables clients to fully evaluate their partnership options, make the most informed decisions, and get the absolute best financial and non-financial results, please visit www.healthcarepta.com.
