PPM/MSO News
PPM/MSO News
• Birman Managed Care’s (Cookeville, TN) Birman Consulting Group subsidiary has been awarded a new contract with a hospital in Kansas and has begun an expanded consulting service with an existing client in the same region. Together, the contracts are valued at a little more than $200,000 for one year. The new client contract has a stipulated one-year extension for $140,000, Birman said. Both Kansas hospitals have contracted to use Birman’s Quality Management Program. One is for an inpatient hospital setting, which represents the distinctive services Birman provides at now 19 hospitals in 11 states. The other is for the QMP to be applied in an outpatient clinic. The new hospital contract is for one year, with a built-in extension for a second year.
• Complete Management (CMI; New York) has filed a voluntary petition for reorganization with the United States Bankruptcy Court for the Southern District of New York under Chapter 11 of the U.S. Bankruptcy Code. In March, the company said, it defaulted on its 8% convertible subordinated debentures due Aug. 15, 2003, and its 8% convertible subordinated debentures due Dec. 13, 2003. Since then, CMI has worked with an informal committee of debenture holders to finalize a term sheet for a plan of reorganization. The term sheet between the company and the debenture holders committee was signed on Oct. 8, the company said. The term sheet proposes an exchange of debt for equity in a reorganized CMI.
• Tessa Complete Health Care (Oakbrook Terrace, IL) has signed an administrative services agreement with Medical Options, a company with which Tessa previously announced plans to merge. Under the terms of the agreement, Tessa will immediately begin handling the day to day operations of the six clinics in Medical Options’ portfolio. In addition, Medical Options will pay Tessa a monthly fee for providing support services, including payroll processing, administrative support, service and supplies insurance and benefits, marketing, billing, and collections.
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