PPM/MSO News
PPM/MSO News
• Tessa Complete Health Care (Oakbrook Terrace, IL) has acquired the DBA Progressive Chiropractic Clinic (Portland, OR). The company has merged the practice into its existing Mountainview, OR, clinic and Alfred Peter, clinic director of DBA Progressive, will be principal director at Mountainview. Terms were not disclosed. Tessa provides physician practice management to multispecialty clinics that focus on conservative, noninvasive rehabilitative care.
• PhyMatrix (West Palm Beach, FL) posted revenues for 3Q98 ended Oct. 31 of $83 million, compared to revenues of $91.5 million for 3Q97. PhyMatrix also posted a net loss for 3Q98 of $9.1 million, 27 cents per share, compared to net income of $5.4 million, 18 cents per share, for 3Q97. In August, PhyMatrix announced plans to divest itself of its physician practice management business and will restructure itself to focus on clinical research, pharmacy management services, and network provider service.
• Shareholders of IntegraMed America (Purchase, NY) approved a 1-for-4 reverse stock split. The company specializes in fertility and assisted reproductive technology services. It manages a nationwide network of nine reproductive science centers with 21 locations in nine states and the District of Columbia.
• PHP Healthcare (city, ST) reported last week that it has completed the previously announced sale of its 70% interest in Virginia Chartered Health Plan (VACHP) to UHS Managed Care for more than $5.7 million. UHS is an affiliate of Medical College of Virginia Hospitals Authority and was previously the owner of 30% of VACHP. Based on final negotiations of the sale, proceeds of $5.8 million will be placed in an escrow account and distributed as ordered by the U.S. Bankruptcy Court in Wilmington, DE, the company said. As reported, PHP and certain of its subsidiaries, including Pinnacle and PHP NJMSO, on Nov. 19 filed voluntary petitions for protection under Chapter 11. On Nov. 23, its Pinnacle and PHP NJMSO converted their Chapter 11 cases to Chapter 7 liquidation.
• Apache Medical Systems (McLean, VA) has selected Ernst & Young as the company’s new auditors, replacing Arthur Andersen. Ernst & Young’s particular expertise in the fields of healthcare and information technology was a critical factor in the company’s decision, Apache officials said.
• Birman Managed Care’s (Cookeville, TN) operating subsidiaries, Birman & Associates and Hughes & Associates, have recently signed separate agreements with three new clients. In the first transaction, the Birman & Associates subsidiary has been retained to provide its Quality Management Program (QMP) to a medical center in southwestern Kansas. The one-year contract, the company’s first in Kansas, brings to 28 the number of hospitals across 12 states at which Birman & Associates’ QMP is administered. In the other transactions, Hughes & Associates has separately entered into two contracts to provide utilization review services for the operators of two major hospitality and gaming properties in the Southeast. One of the contracts represents the company’s first expansion into Louisiana.
• Primus Management (San Francisco) has hired David Nelson CFO for managed operations. In his new position, Nelson is responsible for providing financial management services to client hospitals, overseeing the day-to-day management of hospitals finances, and providing consultative value-added services to the client hospitals’ CEOs and CFOs.
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