Tononto-based Medivolve established Medivolve Management Services in Puerto Rico to serve as a management services organization. In late April the MSO entered into a management service and licensing agreement with a California medical corporation that is qualified to practice medicine in California. In early May, the Physician Network acquired another California professional medical corporation, which is a fully licensed healthcare provider operating out of Brea, California that is duly credentialed with multiple insurance payors.
The payor credentials are necessary to facilitate the reimbursement for services rendered through the telehealth platform and the Physician Network which is managed by the MSO. The $400,000 purchase price (payable by way of an initial cash payment of $200,000, with two additional tranches of $100,000 due on the 6- and 12-month anniversaries of the acquisition closing) was funded by way of a loan from Collection Sites to the Physician Network. Read more.
