PPM/MSO News
PPM/MSO News
• IntegraMed America (Purchase, NY) is launching a new company that will distribute fertility medication among IntegraMed patients. IntegraMed Pharmaceutical Services (Carrollton, TX) is licensed to distribute products in states where IntegraMed’s network of Reproductive Science Centers reside. The new company has partnered with IVP Pharmaceutical Care (Carrollton, TX), giving it access to proven programs such as CycleTrack, Education Matters, and CycleKit.
• Tessa Complete Health Care reported its results for FY98, showing a 673% increase in revenues to $16.5 million, compared to $2.1 million in FY97. The increase is due to the acquisition of 37 clinics and their integration into Tessa’s network. Net income was $1 million, 8 cents per share, compared to FY97 net income of $186,200, 5 cents per share. During FY98, Tessa obtained a new $10 million line of credit from DynaCorp Financial Strategies, replacing its existing $3 million credit line. So far in 1999, the company has acquired assets of Coral Way Wellness Center (Miami), and it has signed a letter of intent to acquire the assets of management services agreements with Chicago occupational medical health clinics. Coral Way generated more than $500,000 in revenues in FY98, while the Chicago clinics generated $9 million.
• Christopher McFadden of First Union Capital Markets Group said in a Business Week report that a state investigation of Medicaid fraud by Pediatrix Medical Group (Fort Lauderdale, FL) has caused an "uncertain risk factor for investors." Pediatrix shares fell 36% on April 5 after the investigation was announced. "The stock will take care of itself," said CEO Roger Medel, who added that the company is cooperating with the investigation.
• PhyMatrix Corp. (West Palm Beach, FL) has launched new hospitalist services in a joint effort between IPC-The Hospitalist Company (Hollywood, CA) and Phymatrix’s Specialty Network Management group in Palm Beach Gardens, FL. Phymatrix has assembled 75 independent medical specialists to supply hospitalist services in Dade, Broward, and Palm Beach counties, as well as the greater-Tampa area.
• Primus Medical Care Network (Miami) is refocusing its strategy to include more high-tech services, including medical billing and collection. Primus acquired the assets of ManageMed (Deerfield Beach, FL) so that it can perform the back-office duties for medical groups. Its new subsidiary will also recruit and train personnel, as well as provide an Internet service where doctors can buy supplies and store data. The company is also brokering discounts on medical malpractice insurance and considering offering members company stock, profit sharing or dividends.
• MedPartners (Birmingham, AL) and a group of health plans have agreed with California to provide $50 million to sustain MedPartners Provider Network (Long Beach, CA). With the settlement, MedPartners will assume control again of its California subsidiary under bankruptcy court supervision. The company will provide a $25 million letter of credit as security for its obligations, while HMOs will provide a loan of $25 million. MedPartners plans to apply money from the sale of the network to the obligations of the network, meaning payment for patient care is ensured as the company leaves the physician practice management business.
Subscribe Now for Access
You have reached your article limit for the month. We hope you found our articles both enjoyable and insightful. For information on new subscriptions, product trials, alternative billing arrangements or group and site discounts please call 800-688-2421. We look forward to having you as a long-term member of the Relias Media community.