REDW LLC is merging in the Edelman Company, an accounting firm in Phoenix that specializes in servicing physicians and medical practices.
The move is part of Albuquerque-based REDW’s strategic plan to broaden its client base to service more health care providers and physicians. By bringing in managing director and owner Richard Edelman and his team, the acquisition will give REDW more expertise in services such as leasing medical facilities, allocating group income among doctors, designing and administering pension plans, advising on physician compensation agreements, recruiting physicians and devising hospital contracts, and providing business valuation and wealth management. In April, REDW expanded its retirement plan administration business by merging in another Phoenix-based firm, RCG Plan Administration (see RED combines with plan administration firm).
“The acquisition of Rich’s specialized business deepens our understanding of the physicians’ relationship with the various hospital systems operating in the market, knowledge of the factors that are driving consolidation in the physician arena, as well as knowledge of health insurance carriers operating in the area and their contracting policies,” said Sandy Abalos, principal-in-charge of REDW’s Phoenix office, in a statement. “We couldn’t be more excited!”
REDW ranked 6th on Accounting Today’s 2016 Regional Leaders list of the Top Firms in the Southwest, with $27.89 million in annual revenue.
Edelman will become REDW’s director of healthcare services, tasked with building the firm’s health care practice.
“My intent was to find a firm that offered just the right combination of expertise, talent, resources, client focus, and culture,” Edelman said in a statement. “I found that in REDW, a firm that has long been respected throughout the Southwest. Ultimately, though, it is all about my clients. I wanted to merge in to a firm I trust will meet their needs and service expectations now and in the future.”
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