Coordinated HealthCare, Inc. Announces Acquisition of Hialeah Med Plus, Inc.NORTH MIAMI North Miami, city (1990 pop. 49,998), Dade co., SE Fla., a growing suburb of Miami, on Biscayne Bay; inc. 1926. It is mainly residential, but has considerable retail development. Manufactures include boats, wooden furniture, and aluminum products. , Fla.--(BUSINESS WIRE)--June 11, 1998--Coordinated HealthCare, Inc. (OTC/BB: CHCK CHCK Channel Check ) announced today that they have completed the acquisition of Hialeah Med Plus, Inc. The medical center provides both capitated and non-capitated services to members of various managed care organizations and traditional fee-for-service patients. Thomas J. Taule, Chairman & C.E.O. of CHCK stated, "We are extremely pleased with this acquisition and look forward to integrating this strategic acquisition into our wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Coordinated Physician Services. Hialeah Med Plus has generated approximately $343,000 in revenues over the past 12 months. Further, the center is expected to bring more than 400 commercial capitated lives and 390 Medicare lives. Coordinated HealthCare is working to fully integrate the Hialeah Med Plus acquisition and Aventura Wellness Center acquisition, (expected to close within the next two weeks), to achieve a cohesive and efficient health care facility. Future plans include the development of a comprehensive marketing campaign focussed on expanding membership." Taule continued by stating, "This acquisition satisfies the Health Care Financing Administration's (HCFA HCFA abbr. Health Care Financing Administration HCFA, n.pr See Health Care Financing Administration. ) guidelines for the pooling of 1,000 managed care, at risk patients in order to eliminate the premium increase for catastrophic health insurance." The purchase price of $343,000 for the center was financed with a 1/3 down payment, and the remaining balance by a 8.5% interest note, to balloon in August, 2000. Earnings and cash flow of the center sustain the ongoing operation and debt service of the acquisition. Coordinated HealthCare, Inc. is a physician practice management company that organizes and manages primary care physicians practices and liaisons networks that contract with Health Maintenance Organizations (HMOs) and other prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. health insurance plans that provide physician and related healthcare services to members who select a Coordinated certified See certification. primary care physician. CONTACT: C. Jones & Company Allen Jones Allen Jones is the name of:
303-470-8783 - phone 303-470-3312 - fax cjones@cjonescompany.com |
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