During the three months ended March 31, 2017, the Company sold investments in mutual funds and debt securities for net proceeds of $4,025 and recognized a pre-tax gain of $229, or $140 after-tax, which was previously recorded in other comprehensive income. During the three months ended March 31, 2017, the Company recorded gross pre-tax unrealized gains of $2,113, or $1,559 after tax, in other comprehensive income associated with changes in the fair value of these investments. As of March 31, 2017 and December 31, 2016, the available-for-sale investments included $5,585 and $3,701 of gross pre-tax unrealized gains, respectively. The cost of the certificates of deposit, commercial paper and money market funds at March 31, 2017 and December 31, 2016 approximates their fair value. The Company has evaluated subsequent events through the date these condensed consolidated financial statements were issued and has included all necessary adjustments and disclosures. Prior year balances and amounts have been reclassified to conform to the current year presentation. The condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
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The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the operating results for the full year. The most significant estimates and assumptions underlying these financial statements and accompanying notes generally involve revenue recognition and accounts receivable, contingencies, impairments of goodwill and other long-lived assets, fair value estimates, accounting for income taxes, variable compensation accruals, consolidation of variable interest entities, purchase accounting valuation estimates, long-term incentive program compensation and medical liability claims. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. All significant intercompany accounts and transactions have been eliminated. In the opinion of management, all adjustments necessary for a fair presentation of the results of operations are reflected in these consolidated interim financial statements. Strong administrative support creates stability for DMG physicians, empowering them to help drive the group forward.The condensed consolidated interim financial statements included in this report are prepared by the Company without audit. DMG promotes strong collaboration among its medical staff and solicits helpful feedback from patients. Through secure access of an electronic health record and our patient portal, M圜hart, our physicians and patients stay closely connected on the care that forms the bigger picture of each patient’s health.
DMG is led by experienced physicians who continually seek innovations through a model of QEA: Quality, Efficiency and Access.Managing such a proactive model of medicine allows DMG to provide quality care, construct the most advanced facilities and implement the latest technology. Today, DMG has grown into one of the largest and most successful independent multi-specialty physician groups in Illinois.This success is largely based on the informed direction it receives through a physician-governed board.
DuPage Medical Group (DMG) was formed in 1999 when three healthcare groups serving the western suburbs of Chicago since the 1960s joined together.
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