Companies In The News
June 19, 2000
Companies In The News
Coram agrees to sell prescription unit
Coram Healthcare (Denver) said it agreed to sell its Coram Prescription Services division to newly formed affiliates of GTCR Golder Rauner and CPS Management for $41.3 million.
The company said the sale is expected to generate about $37.3 million in cash after expenses, reported the Wall Street Journal. The proceeds will be used to reduce corporate debt, which was about $296.6 million at April 30. The sale is expected to close this summer.
InterGis launches program for home care industry
InterGis (Torrington, CT) has launched its new Visual Control Room system for the home care industry. The company said Visual Control Room increases productivity, controls costs, and enhances customer service with scheduling, dispatching, and routing automation technology.
By consolidating operational tasks, Visual Control Room can reduce manual dispatch and scheduling time by 75% or more, InterGis said.
Invacare selects BroadVision for Web site
Invacare (Elyria, OH) has selected BroadVision and its One-to-One Enterprise 5.0 package for implementation on its Web site at www.invacare.com. The BroadVision program will allow Invacare to offer its visitors to the Web site a personalized, one-to-one experience through dynamic, customized Web pages. The package will support Invacare's on-line product catalog, in addition to other Web-based content. It will also provide a "shopping cart" function and platform for conducting business-to-business transactions with Invacare's HME provider-customers, the company said.
The BroadVision package is currently being installed at Invacare's distributed products group, Suburban Ostomy (Holliston, MA). Completed implementation, with the new site up and running, is scheduled for August. BroadVision next will be rolled out on the main Invacare Web site with an implementation date of December. All other divisions of Invacare will be completed by the end of 2000, Invacare said.
McKesson to provide consulting services
McKesson HBOC’s (Atlanta) information technology business has signed a five-year agreement with PricewaterhouseCoopers to provide consulting services that will help healthcare organizations increase the benefit they get from information systems. The agreement includes the areas of revenue cycle management and decision support, McKesson said.
NHHC sees increase in 3Q00 revenues
National Home Healthcare Corp. (Scarsdale, NY) reported 3Q00 ended April 30 revenues of $15.2 million, an increase of 58% over 3Q99 revenues of $9.6 million. The company posted a net income for the quarter of $777,000, 15 cents per share, compared to a 3Q99 net income of $420,000, 8 cents per share.
Simione moves to Nasdaq’s SmallCap
Simione Central Holdings (Atlanta) has been transferred by Nasdaq, effective as of June 7, from the Nasdaq National Market to the Nasdaq SmallCap Market.
Simione also said that to address Nasdaq’s concerns regarding the voting rights of Simione’s series B preferred stock held by Mestek, it has amended the series B preferred stock to reduce Mestek’s voting rights. In exchange for the reduction of Mestek’s voting rights, Simione has issued a warrant to Mestek to purchase 490,396 Simione shares at an exercise price of $3.21 per share.
Simione said that in 1Q00, Nasdaq determined that Simione should be delisted from the National Market, due to the MCS merger and Simione’s inability after the merger to satisfy the initial listing criteria. Simione appealed the decision, and Nasdaq held a hearing on the appeal March 3. Nasdaq then issued a written decision, on June 2, to remove Simione from the National Market. The continued listing on the SmallCap market was conditioned upon Simione’s submission of a standard SmallCap listing application package and Nasdaq’s receipt, on or before June 13, of documents related to the warrant issued to Mestek and the proposed investment by John Reed, a Simione executive, of up to $7 million in the company, Simione said.
Span-America signs agreement with Beverly
Span-America Medical Systems (Greenville, SC) has been awarded a two-year, sole source, seating devices contract by Beverly Enterprises.
Under terms of the agreement, Span-America's line of seating products will become the products of choice at more than 600 Beverly-operated facilities around the nation, including nursing and rehabilitation centers, assisted living facilities, outpatient therapy clinics, and home care and hospice agencies.
"We're excited to be chosen by Beverly after a rigorous proposal process," said Clyde Shew, vice president of medical sales and marketing for Span-America. "We look forward to working together to help provide excellent patient care."
The agreement went into effect June 1, and will extend through May 31, 2002.
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