Writer: Joshua Andino
2 min read June 2023 — In the latest sign of healthcare industry consolidation, Florida-based Palm Medical Centers (PMC) has entered the Fort Worth market through two new acquisitions.
Under the terms of the deal, Texas Family Medicine, located at 6100 Harris Pkwy, and Fort Worth Primary Care, located at 800 8th Avenue Suite 626, are expected to change names in September upon joining the Palm Primary Care Texas brand.
“Palm Medical Centers has a proven track record of delivering high-quality, personalized primary care services with a focus on an elevated and streamlined patient experience,” said Fowad Choudhry, CEO of Palm Medical Centers in a press release.
Palm Texas, PMC’s new Texas brand, will be headquartered in Fort Worth, which will also serve the company’s base for additional expansion. The Senior Care provider aims to serve the growing senior population in the region. “The aging population in North Texas continues to increase at a blazingly rapid pace, and there is a need for additional high-quality physicians to provide our patients with a genuinely personalized patient experience,” said Dr. Brian Byrd, the founder of Texas Family Medicine. He added, ““Fowad has been a friend to physicians in Fort Worth for over 20 years. I am pleased to work with him again to bring other independent doctors together to help improve patient experience throughout our community,”
Texas Family Medicine was founded in 2001 by Byrd. Fort Worth Primary Care, the second of PMC’s acquisition, is led by Dr. Morvarid Rezaie, who has spent the last 15 years providing care for patients and currently practices at the clinic’s Fort Worth Medical District site.
PMC currently operates 32 primary care centers across Florida, where it serves over 50,000 Medicare Advantage and managed Medicaid patients under value-based contracts. In Texas, the company aims to grow its foothold from two primary care centers to a total of 10, carried out primarily through further acquisitions.
PMC’s acquisition of two independent practices is par for the course in the industry. Healthcare consolidation has been a longstanding trend across the country, driven by “significant regulatory changes, technological innovations, financial pressures and market dynamics,” notes a Deloitte analysis.
At the same time, the volume-to-value shift is driving providers and independent practitioners to consider the best way to stay competitive and in business – PMC describes itself as “a provider of value-based, capitated primary care services with a focus on high-quality clinical outcomes, cost-effective care, and a patient-centric experience.” In its analysis, Deloitte concludes that targeted acquisitions and aligning with potential partners will be a key part for healthcare organizations’ business strategy moving forward.
For his part, the expansion to Fort Worth marks a return home for Fowad, who added in the release. “I’m honored to be able to bring the Palm model to my hometown of Fort Worth, where I’ve spent over 20 years of my career advocating for Medicare beneficiaries and partnering with local physicians.”
