PPM/MSO News
July 19, 1999 less than 1 minute read
PPM/MSO News
• A judge has denied a preliminary injunction to stop MedPartners’ sale of physician practice management assets of Mullikin Medical Group and Southern California Medical Corp. to KPC Acquisition Corp. The judge found that the "exclusive" letter of intent between MedPartners and MedManagement Acquisitions Corp., the company that sought the injunction, had expired. MedPartners said it received a letter from MAC stating its intention to submit an overbid for the assets, but MedPartners was skeptical that MAC could submit a legitimate offer, considering its difficulty with finalizing deal terms.
• Medical Manager Corp. (Tampa, FL) has posted its financial results for 2Q99 ended June 30. The company listed revenues at $44.4 million, a 28% rise compared to revenues of $34.6 million in 2Q98. Net earnings increased 25% to $5.8 million, 25 cents per share, compared to $4.7 million, 21 cents per share, in 2Q98. In other news, the company has acquired Wismer Martin, a subsidiary of Physician Computer Network. Medical Manager Corp. has entered into an exclusive arrangement to offer web-based physician portal services and clinical e-commerce transactions to PCN’s entire client base.
• Investor Joseph Cohen sold 29,500 common shares of Physicians Specialty Corp. (Atlanta) on July 1. His stake in the company is now 4.78%.
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