Worcester Business Journal

wbjournal.com | May 1, 2017 | Worcester Business Journal 7 2017 F O R M E R LY C T B U S I N E S S E X P O CTBUSINESSSUMMIT.COM JUNE 8, 2017 CONNECTICUT CONVENTION CENTER 9:00 AM - 5:00 PM Contact SUMMITBOOTHS@HARTFORDBUSINESS.COM or 860-236-9998 x 131 to reserve your booth EVENT & TRAVEL PARTNERS For general registration please visit CTBusinessSummit.com OUR SPONSORS SHOW KEYNOTES SHOW CONTENT SUMMIT EVENTS Join over 150 exhibitors at the largest B2B event in New England! POSITION YOUR COMPANY ON THE SHOW FLOOR FOR MAXIMUM FOCUS AND EXPOSURE! REGISTERSTRATION FOR ATTENDEES IS NOW OPEN ONLINE! Plan your day to connect with other executives, learn about new products, expand your customer base, meet new prospects, generate leads and network all day long! LIMITED SEATING AVAILABLE FOR KEYNOTES AND OTHER SUMMIT THEATRE EVENTS, REGISTER TODAY! • 9AM RIBBON CUTTING • 300 DAYS/300 JOBS MEDIA EVENT MORNING KEYNOTE SPEAKERS AFTERNOON KEYNOTE SPEAKER C T DEEP'S GREENCIRCLE AWARDS COMMISSIONERS RECEPTION COMMISSIONERS RECEPTION COMMISSIONERS RECEPTION COMMISSIONERS RECEPTION CNBC SENIOR ANALYST RON INSANA TRUMP-O-NOMICS How Washington will affect Wall Street and Main Street in the years ahead JUNE 8, 2017 • SUMMIT THEATER • 9:45 - 10:45 AM JUNE 8, 2017 • SUMMIT THEATER • 2:15 - 3:00 PM ED ZUMBA & The Future Is Here Now: See How Virtual Reality Is Going To Change Your Business and Your Life! UI/UX Developer LINK TO VR CEO, LINK TO VR BILL COLE 9:15, 11:00, 1:30, and 3:00 16 EXECUTIVE 30 MINUTE POWER TALKS Learning Centers: Leadership, Engagement, Innovation, & Game Changers TRAVANGANZA networking 2017 BROUGHT TO YOU BY After May 9 vote, Reliant could be sold Reliant profits Reliant's financials were inconsistent in the years leading up to Tarek Elsaway taking over as president and CEO in January. 0 $100 $200 $300 $400 $500 $600 0 $3 $6 $9 $12 $15 REVENUE (in millions) NET INCOME (in millions) '10 '11 '12 '13 '14 '10 '11 '12 '13 '14 -$615,000 Source: Guidestar, 990 tax form P H O T O / N A T H A N F I S K E T he largest independent physi- cian practice in Central Massachusetts – Reliant Medical Group in Worcester – will decide May 9 whether to be acquired by a division of $185-billion healthcare conglomerate UnitedHealth Group, said sources familiar with the situation. Reliant doctors have been telling peo- ple in the healthcare community the company with 2,500 employees and $677.5 million in annual revenue will soon be part of a much larger organiza- tion. One anonymous source said Reliant doctors are saying the company to purchase Reliant will be OptumHealth, a Minnesota-based divi- sion of national insurer and health management firm UnitedHealth Group. "Reliant regularly explores strategic partnerships that have the potential to enhance the services we provide to our patients," Reliant spokesman Michael Masseur wrote in an email after being asked about the acquisition. The Reliant board of trustees is scheduled to meet on May 9 to vote on the acquisition proposal, according to a company spokeswoman. Optum did not respond to requests for comment. Financial turnaround One of the the top 10 largest Central Massachusetts employers, Reliant Medical Group acquired Southboro Medical Group in 2015, making the organization the region's largest inde- pendent physician practice. Reliant was previously part of the Atrius Health Network in Auburndale from 2011 to 2014, but broke off that arrangement to merge with Southboro. Reliant employs more than 500 pro- viders, and cares for more than 320,000 patients. It has $146.6 million in assets, according to its 990 filing with the Internal Revenue Service. Reliant ended 2015 with an operat- ing loss of $9.7 million, but in 2016, under the direction of new CEO Tarek Elsawy, Reliant turned around and aimed to end the year with a $15.5-million operating surplus. Reliant has deep roots in Worcester. It was formerly known as Fallon Clinic, under the same organization as insurer Fallon Health, but Reliant formed a separate nonprofit after splitting from Fallon in 2011. Fallon Clinic was founded in 1929, making Reliant the region's first group medi- cal practice, according to its website. A corporate synergy In 2016, Reliant had $677.5 million in revenue. Optum had $1.3 billion in revenue in the first quarter 2017. Optum is a technology and a phar- maceutical benefits firm, but the UnitedHealth division has begun buy- ing clinics and doctors' offices to part- ner with UnitedHealth's insurance divi- sion, as policymakers are pushing for providers and insurers to form accountable care organizations to curb medical costs. Staff Writer Laura Finaldi contributed to this report. BY EMILY MICUCCI Worcester Business Journal Staff Writer Tarek Elsawy took over as Reliant's leader in January 2016, coming from the Cleveland Clinic in Ohio. W

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