American Enterprise Solutions, Medical Industries to merge
A Healthcare InfoTech Staff Report
Internet healthcare network developer American Enterprise Solutions (AESI; Tampa) and Medical Industries of America, a provider of mobile medical services, are planning to merge in a $150 million stock-for-stock deal.
Under terms of the agreement announced earlier this week, American Enterprise shareholders will receive Medical Industries shares valued at $2.50 apiece. Medical Industries (Boynton Beach, FL) provides mobile cardiac catheterization services to hospitals and physician practices.
Michael Morrell, chairman and CEO of Medical Industries, will serve as chairman of the combined firm, which will adopt a new name after completion of the deal expected before the end of the first quarter. Charles Broes, CEO of American Enterprise Solutions, will serve as CEO of the new company. AESI Chairman Dr. Benedict Maniscalco, a cardiologist and one of the company’s founders, will serve as vice chairman of the new firm.
American Enterprise Solutions develops and operates multi-media Internet healthcare networks called community health information utilities (CHIUs), which allow the exchange of information among physicians, hospitals, patients, managed-care companies, insurers, employers, government agencies, and consumers.
Each CHIU provides clinical pathways and quality assurance applications, along with the systems necessary to improve the flow of patient data and increase the ability of healthcare providers to service their patients. "The integration of the entire healthcare delivery system through use of our technologies reduces healthcare costs and provides improved profits over existing healthcare models," Broes said.
Morrell said the merger with AESI "will allow Medical Industries of America to utilize the benefits of advanced Internet technologies to improve the quality of healthcare services while increasing profitability. " He said use of the Internet "will finally start to reduce the unnecessary costs in the healthcare system and provide opportunities for additional profit centers."
Combined revenues of the two firms will exceed $100 million.
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