Complete Management, Inc. announces agreement to purchase a physician practice management company serving a total of 150 physicians and nine hospitals.NEW YORK--(BUSINESS WIRE)--Sept. 20, 1996--COMPLETE MANAGEMENT, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. : CMI (Computer-Managed Instruction) Using computers to organize and manage an instructional program for students. It helps create test materials, tracks the results and monitors student progress. ) announced that it has entered into an agreement to purchase a physician practice management company owned by a group of physicians. This company has a 30 year management contract for a 30 physician group to provide comprehensive management services and, in addition, provides transcription, billing, collection and temporary staffing services to a total of 50 medical practices that include 120 doctors and nine hospitals located in suburban areas north 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. as well as in the City itself. The closing of the purchase is expected to be completed within thirty days and is subject to various conditions, including delivery of audited financial statements. "This transaction is the most significant one that CMI has yet completed," noted Steven Rabinovici, Chairman and Chief Executive Officer of CMI. "We will now have a major presence in the area north of New York City up towards Albany, New York For other uses, see Albany. Albany is the capital of the State of New York and the county seat of Albany County. Albany lies 136 miles (219 km) north of New York City, and slightly to the south of the juncture of the Mohawk and Hudson Rivers. . This brings the total number of physicians to which CMI will provide full management services to 65, up from 16 at the end of 1995. In addition, CMI provides billing and collection services to about 700 doctors through its billing and collection company and will provide partial services to the 120 physicians served by the Company just acquired for a total of 820 physicians under partial management." "The existing business acquired in this transaction is expected to generate revenues to CMI of about $13 million in the next twelve months," said Mr. Rabinovici. CMI offers a broad range of management and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services for medical practice groups and hospitals in the greater New York City metropolitan area. CONTACT: Steve Rabinovici Chairman and Chief Executive Officer (212) 868-1188 or Arthur Goldberg 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. (212) 868-1188 or Keith Lippert Lippert/Heilshorn & Associates (212) 838-3777 |
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