Coastal Physician Group completes sale of North Carolina-based preferred provider organization.DURHAM, N.C.--(BUSINESS WIRE)--Nov. 25, 1996-- MedCost merges with a joint venture between North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. Baptist Hospital and Carolinas HealthCare System Carolinas Healthcare System is a hospital network located throughout North and South Carolina. About 90% of the hospitals affiliated with the system are located within a 75 mile radius of Carolinas Medical Center in Charlotte, NC. Coastal Physician Group, Inc. (NYSE NYSE See: New York Stock Exchange : DR) announced the completion of the previously announced merger of MedCost Inc., one of the Company's managed care entities, into a joint venture between North Carolina Baptist Hospital and Carolinas HealthCare System. Coastal realized approximately $14 million in cash proceeds from the transaction, which was used to reduce bank indebtedness. This is the second transaction consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. in conjunction with Coastal's divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). program, which was designed to strengthen the Company's financial posture by paying down debt and increase management's focus on Coastal's businesses. Coastal Physician Group, Inc. is a diversified physician management company providing a broad range of health care and administrative services to physicians, hospitals, employers, managed care programs and other health care providers. CONTACT: Coastal Physician Group, Inc. Robert P. Borchert, 919/383-0355 |
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