Clarity Healthcorp Closes Credit Facility and Additional Capital to Fund Leading Regional Physician Practice Management Company.NEW YORK--(BUSINESS WIRE)--Aug. 10, 1998-- Focus Is Improving Operations For 10 Premier Ophthalmology ophthalmology (ŏf'thălmŏl`əjē), branch of medicine specializing in the anatomy, function and diseases of the eye. Ophthalmologists specialize in the medical and surgical treatment of eye disorders, vision measurements for Practices Acquired In Northeast Clarity HealthCorp, one of the largest physician practice management companies (PPMCs) in the northeast, announced today that it has signed a commitment letter for a $25 million senior debt credit facility with Creditanstalt, one of Austria's leading commercial banks. These funds will provide working capital to support Clarity's operating strategy and ongoing practice acquisition efforts. Clarity also announced that with this funding the company has completed simultaneous acquisition transactions and long-term management agreements with 10 leading ophthalmology practices, four prominent anesthesiologists (see attached list of physician names and practice locations), and five ambulatory surgery centers ambulatory surgery center A free-standing center that performs various types of surgery (ASCs), generating combined 1997 revenues of approximately $50 million in four states (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 , New Jersey, Connecticut and Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. ) in the northeast. "We believe that obtaining senior financing from Creditanstalt represents market confidence in our innovative operating strategy, experienced management team and high-caliber physician partners," said Kip kip 1 n. pl. kip See Table at currency. [Thai.] kip 2 n. 1. Perlstein, President and Chief Executive Officer of Clarity HealthCorp. "We are extremely pleased to have secured financing without the high cost of corporate venture capital and to have finalized See finalization. partnerships with such premier physicians while ensuring a 75 percent majority physician ownership of the company. These successes distinguish Clarity from our competition and provide us with the distinct advantage of maintaining strategic control over future growth and expansion." The terms of the agreement with Creditanstalt call for $25 million in credit, which supports continued early and aggressive growth of the company. Clarity is able to support this credit by demonstrating positive cash flow at the outset of this transaction. Currently, there are 32 physicians throughout the Clarity network. These physicians are affiliates of Clarity, not employees of the company, and retain ownership of their individual practices. As an aggregate, these leading eye care professionals performed over 13,000 cataract cataract, in medicine, opacity of the lens of the eye, which impairs vision. In the young, cataracts are generally congenital or hereditary; later they are usually the result of degenerative changes brought on by aging or systemic disease (diabetes). procedures in 1997, which is more than ten percent of the total annual cataract surgery Cataract Surgery Definition Cataract surgery is a procedure performed to remove a cloudy lens from the eye; usually an intraocular lens is implanted at the same time. Purpose The purpose of cataract surgery is to restore clear vision. volume within a 75-mile radius of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Clarity will continue its strategy of partnering with premier practices and aligning them with local ambulatory surgery centers (ASCs) in order to diversify revenue and attract other specialties. Clarity's expansion plans include other specialty groups that have a high volume of ASC ASC Ambulatory surgery center, see there procedures. "Clarity is committed to integrated surgical specialty surgical specialty A specialty of health care in which interventions constitute a significant component of Pt management Examples OB/GYN, ophthalmology, ENT, surgery–cardiothoracic, colorectal, general, neurologic, orthopedic, plastic, urology. care and to managing our ASCs so that patients and providers benefit from an efficient, patient-friendly surgical experience, while payers continue to benefit from the lower cost structure," added Mr. Perlstein. "In addition to our fully operational ASCs, we have already begun construction on two additional Clarity-partnered ASCs in New York and New Jersey as part of our targeted expansion effort. We are also increasing our number of eye care partnerships with additional ophthalmologists, optometrists, and vision care providers." "Clarity's operating strategy differs from other PPMCs in that we focus on contracting with successful physician practices and making sound, strategic commitments to practice operations and capital-intensive investments like technology and information systems to further enhance that success," added Mr. Perlstein. "Although Clarity will achieve economies of scale in areas such as purchasing and administration, we strongly believe that targeted, prudent investments are the key to enhanced patient care and maintaining a thriving regional network of leading providers." Clarity's geographic focus remains on the northeast, where opportunities for mutually-beneficial alliances with high-caliber physician practices are promising. "Strategic expansion of the Clarity network to achieve geographic density and create market prominence is paramount to Clarity's long-term success," said Jerome H. Levy, M.D., Co-chairman of the Clarity Board of Directors, Surgeon Director for New York Eye Surgery Associates, P.C., at the Ambulatory Surgery Center of Greater New York, as well as Attending Physician at Manhattan Eye, Ear and Throat. "We continue discussions with strategically positioned, successful physicians who can contribute to and benefit by an association with Clarity." "Maintaining a regional development strategy will help us avoid the pitfalls encountered by other PPMCs which have bought practices in scattered locales without regard to market density or value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. ," added Mr. Perlstein. Clarity HealthCorp consolidates key management functions of physician practices, enabling doctors to deliver superior medical care while reducing administrative burdens. Clarity providers have access to a wide range of practice management expertise designed to improve physicians' efficiency and clinical performance, as well as to administrative, financial and managed care resources. "As a doctor-owned, doctor-driven organization, we can provide patients with the best medical care possible while optimizing performance for Clarity physicians," said Richard J. Mackool, M.D., Co-chairman of the Clarity Board of Directors, Director of The Mackool Eye Institute, and Senior Attending Surgeon at New York Eye and Ear Infirmary The New York Eye and Ear Infirmary was founded on August 1, 1820 by Edward Delafield and John Kearney Rodgers, both graduates of the New York College of Physicians and Surgeons. . "Clarity's expertise in negotiating with the managed care industry allows our physicians to focus their precious time and resources on their patients and practice, versus time-consuming non-medical issues." Clarity HealthCorp was formed in 1996 to develop and operate physician practices and ambulatory surgery centers to achieve growth in revenue, market share and profitability through business development, revenue diversification and operational efficiencies. Clarity offers a wide range of vision care services, including primary eye care, secondary and tertiary vision care services, and optical dispensing. Creditanstalt is a major international bank with a presence in many of the world's leading financial centers, including one federally-licensed Branch and two Representative Offices in the U.S. Creditanstalt's Corporate Finance and U.S. operations focus on supporting middle market growth companies through credit and equity investments. CLARITY HEALTHCORP PHYSICIANS Jerome H. Levy, M.D., New York Eye Surgery Center, P.C., New York Richard J. Mackool, M.D., Richard Mackool, M.D., P.C., New York Paul S. Koch, M.D., Koch Eye Associates, Rhode Island Eric Donnenfeld, M.D., Ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1). oph·thal·mic adj. Of or relating to the eye; ocular. Ophthalmic Pertaining to the eye. Consultants of Long Island, New York Stanley Berke, M.D., Ophthalmic Consultants of Long Island New York Ronald Caronia, M.D., Ophthalmic Consultants of Long Island, New York Christopher Coad, M.D., Chelsea Eye Associates, New York Jeremy Chess, M.D., The Retina Group, New York Domenic A. Coppolino, O.D., Koch Eye Associates, Rhode Island Gerard D'Aversa, M.D., Ophthalmic Consultants of Long Island, New York Shelly Driesman, M.D., Ophthalmic Consultants of Greater Bridgeport Greater Bridgeport is the metropolitan area centered on the city of Bridgeport in the U.S. state of Connecticut. The area is located in Southwestern Connecticut and consists of the city of Bridgeport and five other adjacent towns – Easton, Fairfield, Monroe, Stratford, and , Connecticut Joseph A. Eviatar, M.D., Chelsea Eye Associates, New York Hal Allan Hall Farquhar, M.D., Northeast Eye, New York Russell Fumuso, M.D., Ophthalmic Consultants of Long Island, New York David Haft, M.D., The Retina Group, P.C., New York Bruce Kaufman, M.D., Bruce Kaufman, M.D., P.C., New York D. Patricia Koch, O.D., Koch Eye Associates, Rhode Island Leonid Lamper, M.D., Leonid Lamper, M.D., P.C., New Jersey Lionel Lemos, Jr., O.D., Koch Eye Associates, Rhode Island David Nelson David Nelson may refer to:
Connecticut Henry Perry Henry Perry (born 1875; died March 22, 1940) was a restaurateur who is considered the "father of Kansas City barbecue." Perry was born in Shelby County, Tennessee near Memphis and worked on steamboat restaurants on the Mississippi River and Missouri River before moving to , M.D., Ophthalmic Consultants of Long Island, New York Dr. Hadley Phillips, Phillips Eye Center, New Jersey Anthony M, Pisacano, M.D., New York Eye Surgery Center, New York Larry Rabinowitz, M.D., Anesthesiology anesthesiology (ăn'ĭsthē'zēŏl`əjē), branch of medicine concerned primarily with procedures for rendering patients insensitive to pain, and for supporting life systems under the strains of anesthesia and surgery. Consultants of Essex, P.A., New Jersey Stephen Rabinowitz, M.D., Ophthalmic Consultants of Greater Bridgeport, Connecticut “Bridgeport” redirects here. For other uses, see Bridgeport (disambiguation). Bridgeport is the most populous city in the U.S. state of Connecticut, and the fifth-largest city in New England. Stewart Rosenfeld, O.D., Koch Eye Associates, Rhode Island James Schlesinger, M.D., James Schlesinger, M.D., P.C., New Jersey Richard Sturm, M.D., Ophthalmic Consultants of Long Island, New York James P. Theroux, O.D., Koch Eye Associates, Rhode Island Richard Witlin, M.D., Richard Witlin, M.D., P.C., New Jersey CONTACT: Sterling Communications Pat Fiaschetti, 908/996-2379 |
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