PPM/MSO News
PPM/MSO News
• Phymatrix Corp. (Providence, RI) and its subsidiary, Clinical Studies (CSL), have formed an agreement with North Shore Hematology Oncology Associates and Hematology Oncology Associates of Long Island, NY. Both group practices will belong to CSL’s Oncology Research Network, expanding the company’s geographical reach and enhancing the research base at the practices. The Oncology Research Network links oncology physician practices with CSL’s clinical research processes. The company has also announced that it is changing its name to Innovative Clinical Solutions, effective today. The stock symbol for the company will also change from PHMX to ICSL on Nasdaq.
• Talbert Medical Group (Fountain Valley, CA) has agreed to acquire certain assets of MedPartners (Birmingham, AL) and its affiliates, which make up the medical practices and management of Talbert Medical Group. The group’s 120 physicians will manage all business activities, making Talbert one of the largest independent groups in the state. The transaction is subject to bankruptcy court approval.
• MedPartners (Birmingham, AL) plans to sell its California physician practice management assets relating to Mullikin Medical Group and Southern California Medical Corp. (SCMC) to KPC Acquisition Corp. (Riverside, CA). Financial terms were not disclosed, but the transaction should close by July 31 and is subject to bankruptcy court approval. The Mullikin and SCMC agreement is the largest of MedPartners’ California PPM operations, including 65 clinics, 500 physicians, and 511,000 enrollees in Los Angeles and Orange counties. All clinic and many administrative employees are included in the transaction. MedManagement Acquisitions Corp. (MAC) has sought a temporary restraining order to disrupt the sale of the assets of Mullikin and SCMC, but MedPartners said the lawsuit is without merit because its letter of intent with MAC expired on May 14.
• Tessa Complete Health Care (Oakbrook Terrace, IL) is preparing an application for listing on the American Stock Exchange in an effort to give the company more visibility and the shareholders more efficient trading. The company previously announced preliminary results for FY98 ended Dec. 31 with expected revenues of $16.5 million due to the acquisition of 37 clinics. Tessa expects to report audited financial results sometime this month.
• Physicans’ Specialty Corp. (Atlanta) signed a definitive merger agreement with a new company formed by TA Associates (Boston). Under the terms, each outstanding share of Physicians’ common stock, other than shares held by management and certain physicians, will be converted into the right to receive $10.50 per share. Certain indebtedness of the company will be refinanced. Shares held by senior management members and affiliated physicians will be converted into shares of the surviving corporation.
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