Counsel Corporation Acquires Operations of New Jersey Based MediQuest, Inc. Adds US $9 Million in Revenues.TORONTO--(BUSINESS WIRE)--Feb. 26, 1996--COUNSEL CORPORATION (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CXSNF TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CXS CXS Coherent X-Ray Scattering ) Allan Silber, Chairman of Counsel Corporation today announced that the Company has purchased the operating assets Operating Assets Another term for working capital. of MediQuest, Inc. a profitable privately held New Jersey - based Medicare Part B company. It will be operating these assets under the name MediDyne Corp. MediQuest is a leading supplier of enteral nutrition Enteral nutrition Nourishment given through a tube or stoma directly into the small intestine, thus bypassing the upper digestive tract. Mentioned in: Electrolyte Supplements, Enterostomy, Necrotizing Enterocolitis and urological and related supplies to 120 nursing homes with 18,500 patient beds in 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 and New Jersey. In addition, the Company provides in-service training and billing services. The Company has developed standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. procedures and reporting systems and has established forms for treatment authorization, reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. , inventory control and patient and account monitoring. MediQuest has been in business for seven years. Its founders, Gayle Uhlenburg and Stanley Tractenberg, have worked in the health care field, serving patients in nursing homes, for considerably longer. MediQuest principals and senior management team will remain with the Company. MediQuest is one of the three largest independent Medicare Part B companies in the New York/New Jersey area. Its revenues have steadily increased and are now US $9 million annually. Central to its solid growth is the fact that it utilizes nurses as account representatives. It has also developed a network of strategic alliances with other health care organizations that serve nursing homes. Allan Silber said, "Medicare Part B is the third health care services segment Counsel has targeted. The other two are home health care and institutional pharmacy. Our growth strategy is to select companies in segments that reduce health care costs. Also, the purchase of MediQuest accelerates our expansion into the provision of services for nursing homes, an area we have defined for growth. Providing for the needs of individuals in nursing homes and thus enabling nursing home operators to function more efficiently is an expanding segment of health care services in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . We intend to build on MediQuest's service and sales platform through introducing new services to nursing homes and their patients." Stanley Tractenberg said, "We are excited to join Counsel. Their strategies to expand in the Medicare Part B field will provide a much needed service to nursing home clients." Counsel Corporation has been active in the U.S. health care sector since 1983. In addition to its 41 percent interest in American HomePatient Inc., the third largest diversified home health care operation in the US, it owns 27 percent of Capstone Pharmacy Services, Inc. (NASDAQ:DOSE). Capstone is a leading provider of extended care institutional pharmacy services to nursing homes, correctional facilities and managed care organizations. It services clients throughout the United States. CONTACT: Morris Perlis, 416/866-3193 or Ivan Shaffer Senior President, 416/866-3187 |
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