Des Moines-based Integrated TeleHealth Partners (ITP) has been acquired by Psychiatric Medical Care.
ITP offers outpatient telepsychiatry services in community mental health clinics as well as 24/7 emergency telepsychiatry consultation services in hospital emergency rooms.
“We had certainly heard great things about them [Psychiatric Medical Care] and thought it made a lot of sense for us to proactively reach out to them and just start the discussion,” said Doug Wilson, President of ITP. “As we talked, we quickly identified that there was a lot of synergy and a lot of opportunities between the two companies.”
Nashiville-based Psychiatric Medical Care is a leading behavioral healthcare management company that has operations in 20 states and manages both inpatient psychiatry units and intensive outpatient psychiatry programs in hospitals.
“The area of psychiatry that they focus on is in an area that we’ve really had a footprint in so while both companies are improving access and improving the quality of mental healthcare, they were working with a population that we didn’t have services around,” said Wilson. “And vice-versa, they were being approached by a number of their hospital customers inquiring about providing the types of services that we currently provide. So it just made a lot of sense to come together and join up and work together on providing those services as one entity versus working parallel.”
Wilson says that the acquisition will not affect ITP’s employees or the overall vision of the company.
“For us what it means is really an opportunity to accelerate our growth and really help expand access to psychiatric care and mental health services,” said Wilson. “Nothing is going to change or is changing for our staff or team. We’re going to be growing and adding more staff and adding more employees and resources at a much faster and more efficient rate than what have been able to do in the past.”
LWBJ, a Des Moines-based CPA, business advisory and M&A firm, served as exclusive advisor to ITP on the transaction.
“LWBJ Investment Banking is pleased to have been the exclusive advisor to ITP on the transaction,” said JD Geneser, a Senior Partner at LWBJ. “Our engagement included readying the company for sale, identifying the potential parties, and negotiating and structuring of the transaction.”
“LWBJ and JD were a big part of the process,” said Wilson. “Working with them was a very important factor in helping us navigate through the process of the transaction.”