Advanced Health and Madison Medical extend practice management contract and complete joint venture with MRI.TARRYTOWN Tarrytown (târ`ētoun), village (1990 pop. 10,739), Westchester co., SE N.Y., a residential suburb of New York City, on the E bank of the Hudson opposite Nyack; settled in the 17th cent. by the Dutch, inc. 1870. , N.Y.--(BUSINESS WIRE)--June 25, 1997-- --Revised Agreement Strengthens Practice Management Contract-- Advanced Health Corporation (Nasdaq: ADVH), a leader in managing physician practices and networks, and Madison Medical, The Private Practice Group of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , LLP LLP - Lower Layer Protocol , have agreed to extend the term of their practice management contract by 10 years. Separately, Advanced Health announced a joint venture between Madison Medical and Medical Resources Inc. ("MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. "). Terms of the agreements were not disclosed. The extended term with Madison Medical will allow Advanced Health to enhance their revenue stream from this management contract. Madison Medical is one of Advanced HealthUs initial practice contracts and is an example of the successful application of the companyUs business model and management services. Revenue growth for the group has increased significantly in the last year, and the size of the group has more than doubled since its affiliation with Advanced Health. The joint venture with MRI calls for them to establish and manage a radiology radiology, branch of medicine specializing in the use of X rays, gamma rays, radioactive isotopes, and other forms of radiation in the diagnosis and treatment of disease. facility on-site at Madison Medical. This agreement will allow Madison Medical physicians to offer extended radiology services to their patients. Advanced Health successfully negotiated this contract on behalf of Madison Medical. "Madison Medical is a very important contract for us," said Alan Masarek, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and Chief Financial Officer of Advanced Health. "Their success has contributed to our success, and the new terms See suggestions for new terms. of this contract, we believe, will provide enhanced revenue opportunities for the practice and for Advanced Health. The joint venture with MRI will be a benefit to these physicians and their patients. We are very proud of the results that we have achieved for Madison Medical and for Advanced Health, and we hope to build on the momentum." "Our relationship with Advanced Health has been positive for the growth of our group," said Michael S. Bruno, MD, Managing Partner of Madison Medical. "We look forward to continuing this partnership, further growing our group while providing the highest quality care to our patients." Advanced Health Corporation is a leading physician practice management company that vertically integrates practice and network management services with clinical information systems. Unlike other physician practice management companies, Advanced Health partners with - instead of purchases - physician group practices, thereby maintaining physiciansU independence and providing the optimal incentives to achieve practice success. ADVH provides physician practice and network management and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" through its Advanced Health Management subsidiary and currently serves over 1,800 physicians. ADVH provides clinical information systems through its Advanced Health Med-E-Systems' subsidiary; these systems provide physicians with patient-specific clinical and health plan information at the point of care to improve the quality and reduce the costs of health care. -0- Editor's Notes Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : This release is available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http://www.advhealth.com and at http://www.noonanrusso.com . CONTACT: Victoria Feder Advanced Health Corporation (914) 524-4204 e-mail: vfeder@advhealth.com or Noonan/Russo Communications, Inc. (212) 696-4455 Jennifer Angell (investors), ext. 240 Michele Helm (media), ext. 225 e-mail: news@noonanrusso.com |
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