Compass Acquires Equity Interest in Bay Area Physicians Surgery Center near Tampa
RALEIGH, NC (May 1, 2013) Raleigh-based Compass Surgical Partners, a firm that invests in, manages and develops ambulatory surgery centers (ASCs), has acquired an equity interest in a second Tampa-area ASC — Bay Area Physicians Surgery Center in Brandon, FL. The partnership is effective as of May 1, 2013.
Compass has been providing management services for Bay Area Physicians Surgery Center since early 2012 and assisting in a significant financial turnaround. During the prior year, the center obtained its accreditation from the Accreditation Association for Ambulatory Health Care (AAAHC), secured an insurance contract with a key payer in the market, restructured its long-term debt and resyndicated its physician partnership.
"We are proud to be partners with the physicians at Bay Area Physicians Surgery Center. The center is now completely recapitalized, has been recognized for its clinical performance and standards for high-quality health care through its AAAHC accreditation status, and is generating positive cash flow from operations," says Sean Rambo, Compass founder and Chief Operating Officer. "We are honored to partner alongside the physicians, and we look forward to being an active part of the future success of the ASC."
Bay Area Physicians Surgery Center is a multi-specialty ASC with three operating rooms and three procedure rooms. The center's specialties include urology, orthopedics, ENT, gastroenterology and pain management. This is the second Tampa-area ASC that Compass has invested in. In April 2013, the company purchased an equity interest in Safety Harbor Surgery Center in Clearwater, FL.