American HomePatient acquires Parkview Homecare Pharmacy and infusion business of Happy Harry's Institutional Pharmacy.BRENTWOOD, Tenn.--(BUSINESS WIRE)--Nov. 6, 1996--American HomePatient, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AHOM), one of the nation's largest diversified providers of home health care services, today announced the joint acquisition of Parkview Homecare Pharmacy, the home infusion division of Parkview Health Services health services Managed care The benefits covered under a health contract and certain assets of Green Acres
Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues are approximately $4.5 million. In a separate transaction, American HomePatient also acquired the remaining home infusion business from Happy Harry's Happy Harry's, a Walgreens Pharmacy, is a division of the Walgreens Company which operates 76 locations in Delaware, Pennsylvania, Maryland and New Jersey. It was founded in 1962 by entrepreneur Harry Levin. Institutional Pharmacy based in Delaware. In September, the company had acquired Happy Harry's home medical equipment and respiratory business. Annualized revenues for this portion of the company are approximately $0.3 million. Edward K. Wissing, president and chief executive officer, believes that the addition of Parkview and Happy Harry's infusion business strengthens American HomePatient's market position in the Northeast, "We have an existing home health care center in Buffalo which provides respiratory and home medical equipment and we are able to provide home infusion from our Rochester center. However, now with Parkview, we will be able to provide the complete package of home care services to our patients in Buffalo from an infusion pharmacy with a strong local presence and clinical reputation. We are also very pleased to complete the Happy Harry's transaction with the acquisition of its infusion business and believe it will provide us with a platform for continued growth in the Delaware market." American HomePatient has acquired eight home health care companies in 1996 which provide home infusion services. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Wissing, buying infusion oriented companies was a strategic element of the 1996 acquisition plan. "We are pleased with the progress we've made so far in the execution of this plan. Infusion therapy is a good business for us and we believe our customers, particularly managed care, prefer us to be able to offer a full compliment of home care services. We plan to continue selectively to evaluate the addition of infusion companies to our mix." Since January, American HomePatient has acquired 33 home health care companies with 88 centers and annualized revenues of approximately $91 million. The company is one of the largest diversified providers of home health care services in the country with 292 centers in 32 states. Its primary product and service offerings include home respiratory services, home infusion therapy home infusion therapy The IV administration of therapeutics–analgesics, antibiotics, chemotherapy, parenteral nutrition–outside of a formal healthcare environment. See Hyperalimentation, Patient-controlled analgesics, TPN. , and home medical equipment and supplies. American HomePatient's common stock is traded in the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (National Market) under the symbol AHOM. CONTACT: American HomePatient, Brentwood Edward K. Wissing or Kathey Palmer, 615/221-8884 |
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