November 14, 2018

Hartford HealthCare to acquire cardiology group for $1.3M

HBJ File Photo
HBJ File Photo

Hartford HealthCare has agreed to purchase Middlesex Cardiology Associates and its three locations for $1.3 million, according to a recent state filing.

HHC filed an application with the state on Sept. 21 to acquire the nine-physician group and its support staff of 48 people at locations in Middletown, Old Saybrook and Marlborough. The deal requires approval from the Office of Health Strategy.

When the application is deemed completed in the next two-to-three weeks, HHC said it expects the acquisition to be approved within 60 days, according to Barbara A. Durby, the healthcare provider's director of strategic planning.

As part of the deal, the cardiology group's current leadership would continue overseeing its Middlesex County operations.

The combined groups said they plan to create a "destination center of excellence in cardiovascular disease."

"Overall, the intent of this proposal is to further advance high-quality, cost-effective diagnostic and therapeutic cardiovascular services, and to make these services accessible to all patients, through the integration of MCA (Middlesex Cardiology Associates)," an executive summary of the acquisition said.

Small physician groups have struggled economically in recent years due to technological advances, strict reporting mandates, higher costs for retaining and recruiting physicians, among other challenges. Indeed, consolidation in the healthcare industry has been significant especially with larger hospitals buying smaller practices.

In 2017, Middlesex Cardiology recorded 41,590 patient visits.

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