COLUMBIA, SC -- Oct 24, 2000 -- SleepMed incorporated has acquired the sleep businesses of Physician Health Corporation (PHC) including National Sleep Dynamics (NSD), HomeCare for Sleep Disorders (HSD) and Central Georgia Sleep Disorder Center (CGSDC). With annual revenues of $4 million, 45 employees, and 21 service locations in Georgia, these companies will perform nearly 5,000 sleep studies this year and provide sleep therapy services for many of these patients.
Scott A. Sauerman founded NSD in 1991 and HSD in 1996. Headquartered in Woodstock, Georgia, NSD and HSD operate three freestanding laboratories and 11 hospital-based sites. Sauerman sold both companies to PHC in October 1997 and has continued to manage the businesses as Chief Operating Officer since then. Prior to founding NSD and HSD, Sauerman, a Registered Polysomnographic Technologist and Registered Respiratory Therapist, co-founded and operated a respiratory services company. "We are very pleased to be part of the SleepMed family and we're looking forward to capitalizing on the synergies that this combination offers," said Sauerman.
CGCSD was founded by Charles C. Wells, Jr., MD, a board certified sleep specialist and neurologist. His main sleep lab is located in Macon Georgia and is accredited by the American Academy of Sleep Medicine. Dr. Wells sold his business to PHC in February 2000 and has since continued to direct the services of three freestanding and four hospital-based labs and serve as Medical Director of NSD and HSD in central Georgia. Wells commented, "I am enthused about our new association with SleepMed and its dedication to excellence in the field of sleep medicine."
The three companies will adopt the SleepMed name and will comprise a new SleepMed Region. Dr. Wells will serve as Medical Director and will work with Dr. Richard K. Bogan, SleepMed's Co-Founder, Chairman and Chief Medical Officer, on matters relating to medical direction, quality assurance and accreditation. Sauerman will serve as Regional General Manager and report to SleepMed's David J. Lewis, Executive Vice President and Chief Operating Officer.
"We are delighted to welcome these companies and their employees to SleepMed," stated Jerry K. Myers, SleepMed's President and Chief Executive Officer. "Scott Sauerman and Dr. Wells are experienced leaders in sleep services and sleep medicine and, with the help of their employees, they have done a wonderful job of building three strong enterprises that are dedicated to improving the quality of life of the patients they serve.
HSD and its predecessor company have over a decade of experience in providing CPAP services. SleepMed intends to draw on this experience and we have asked Sauerman to play a leadership role in accelerating the deployment of treatment services throughout SleepMed."
As the nation's leading sleep services and neurodiagnostic monitoring company, SleepMed performs 25,000 sleep studies and 17,000 patient days of ambulatory EEG monitoring each year at over 85 locations in 20 states. SleepMed's mission is to establish the first national brand in sleep services and maintain its strong leadership position in ambulatory EEG monitoring.
The Company's proprietary DigiTrace monitoring system is the gold standard in ambulatory EEG. This technology platform has also been clinically validated for unattended full PSG studies in patients' homes. The DigiTrace system is currently being used in a national clinical study by a major pharmaceutical firm to determine the effects of a pain drug on sleep architecture.
