Novant Health Completes Purchase o...(35 million. MedQuest willoperate as a wh...),Health

Date:11/9/2007

35 million. MedQuest will operate as a wholly-owned, for-profit subsidiary of Novant Health, much like the PARTNERS HMO did in the 1990s. MedQuest's existing management team, which will participate in a portion of the compensation being paid to existing stockholders in the transaction (including the contingent portion), continues to lead the company and there will be no immediate changes for MedQuest employees or customers.

The leaders of the two organizations expect their merger to create several major synergies, including integrating radiology images and reports with other diagnostic information in patient records in communities where both MedQuest centers and Novant hospitals, physician practices and other services are located. The two companies believe that this integration will decrease duplicative testing and improve continuity of patient care. MedQuest and Novant will also realize economies of scale and savings with respect to complex and costly information technology software and hardware required for state-of-the-art diagnostic imaging centers.

"The savings we intend to achieve when we combine our resources will help us meet other challenges, such as providing care for the poor and uninsured, building new community hospitals, expanding our crowded emergency rooms and inpatient units, and creating even better access to ambulatory services," commented Wiles.

Novant Health is a not-for-profit integrated group of hospitals and physician clinics, ranked as one of our nation's ten best healthcare systems. Novant staff cares for patients and communities in North and South Carolina. Hospital affiliates include Presbyterian Hospital, Presbyterian Orthopaedic Hospital, Presbyterian Hospital Matthews and Presbyterian Hospital Huntersville in the Charlotte, NC area; Forsyth Medical Center and Medical Park Hospital in Winston-Salem, NC; Thomasville Medical Center in Thomasville, NC; and Brunswick Community Hospital in Supply, NC. The Novant Medical Gro
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SOURCE MQ Associates, Inc. Copyright©2007 PR Newswire. All rights reserved

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