-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 t1+oN8rlK8w4wlSe8l8lhQ==

<SEC-DOCUMENT>0001181431-10-024690.txt : 20100505
<SEC-HEADER>0001181431-10-024690.hdr.sgml : 20100505
<ACCEPTANCE-DATETIME>20100505203541
ACCESSION NUMBER:		0001181431-10-024690
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100503
FILED AS OF DATE:		20100505
DATE AS OF CHANGE:		20100505

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Federico Francesco
		CENTRAL INDEX KEY:			0001443144

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33930
		FILM NUMBER:		10803658

	MAIL ADDRESS:	
		STREET 1:		C/O IPC THE HOSPITALIST COMPANY, INC.
		STREET 2:		4605 LANKERSHIM BLVD., STE 617
		CITY:			NORTH HOLLYWOOD
		STATE:			CA
		ZIP:			90012

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IPC The Hospitalist Company, Inc.
		CENTRAL INDEX KEY:			0001410471
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090]
		IRS NUMBER:				954562058
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		4605 LANKERSHIM BLVD., SUITE 617
		CITY:			NORTH HOLLYWOOD
		STATE:			CA
		ZIP:			91602
		BUSINESS PHONE:		818-766-3502

	MAIL ADDRESS:	
		STREET 1:		4605 LANKERSHIM BLVD., SUITE 617
		CITY:			NORTH HOLLYWOOD
		STATE:			CA
		ZIP:			91602
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd274561.xml
<DESCRIPTION>FORM 4 - FEDERICO 5.3.2010
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-05-03</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001410471</issuerCik>
        <issuerName>IPC The Hospitalist Company, Inc.</issuerName>
        <issuerTradingSymbol>IPCM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001443144</rptOwnerCik>
            <rptOwnerName>Federico Francesco</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O IPC THE HOSPITALIST COMPANY, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>4605 LANKERSHIM BLVD., STE 617</rptOwnerStreet2>
            <rptOwnerCity>NORTH HOLLYWOOD</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>91602</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-05-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3837</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>16.29</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3837</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-05-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3837</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>30.76</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right-to-Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>16.29</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2010-05-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3837</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2019-01-02</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3837</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Options were granted on January 2, 2009. All options vests ratably over the subsequent 12 months.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Fernando Sarria, Attorney-in-Fact</signatureName>
        <signatureDate>2010-05-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----