Coastal Healthcare Group enters into exclusive negotiations with Austin Regional Clinic.DURHAM Durham, town and district, England Durham, town (1991 pop. 38,105) and district, county seat of Durham, NE England, on the sides of a hill nearly encircled by the Wear River. The town's small factories produce organs and carpets. , N.C.--(BUSINESS WIRE)--March 3, 1995--Coastal Healthcare Group, Inc. (NYSE NYSE See: New York Stock Exchange :DR) announced today that it has entered into exclusive negotiations to acquire certain assets of the Austin Regional Clinic, P.A. (ARC), based in Austin, Texas. Austin Regional Clinic is a 112 physician medical group with 14 patient care centers located in the greater Austin area. Of the 112 physicians, 76 are primary care physicians while nine of the 14 centers are dedicated to primary care. "The Austin Regional Clinic is a premier medical group and represents an excellent platform to develop physician-directed integrated delivery networks in Texas," stated Steven M. Scott, M.D., Coastal President and Chief Executive Officer. "ARC, which has been in the vanguard Vanguard Any of three unmanned U.S. experimental satellites. Vanguard I (1958), the second U.S. satellite placed in orbit around Earth (after Explorer 1), was a tiny 3.25-lb (1.47-kg) sphere with two radio transmitters. of managed care for 15 years, provides physician services to more than 125,000 individuals, of which approximately 60% are prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. managed care lives, with the remaining 40%
being fee-for-service fee-for-ser·viceadj. Charging a fee for each service performed. . This compendium com·pen·di·um n. pl. com·pen·di·ums or com·pen·di·a 1. A short, complete summary; an abstract. 2. A list or collection of various items. translates into market share of which approximately 30% of all HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, members in the service area and roughly 13% of the total population of greater Austin are Austin Regional Clinic patients." "Coastal is a rapidly growing health care company with exceptional financial strength and a proven track record of working with physician organizations," commented Norman H. Chenven, M.D., ARC's Chairman and Founder. "Patients, employers and the government are demanding higher quality care and more accountability from providers of medical care. Our partnership with Coastal will accelerate our ability to respond to this challenge." Closing of a transaction is subject to certain conditions including the negotiation and execution of a definitive agreement acceptable to the parties and the receipt of certain regulatory approvals. Terms were not disclosed. Coastal Healthcare Group, Inc., - The Physician Company, is the largest publicly traded physician management company in the U.S. and provides a broad range of health care and administrative services to physicians, hospitals, employers, managed care programs and other health care providers. CONTACT: Coastal Healthcare Group, Inc., Durham Kenneth S. Dennard, 919/383-0355 |
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