Printer Friendly

HEALTHSOURCE ANNOUNCES CLOSING OF MERGER WITH SOUTH CAROLINA AFFILIATE

 CONCORD, N.H., March 31 /PRNewswire/ -- Healthsource, Inc. (NYSE: HS), a leading operator of health maintenance organizations (HMOs) and managed health care services, announced today that it has closed its previously announced agreement to acquire the remaining 70 percent interest in Physicians' Health Systems, Inc. (PHS), the holding company for Healthsource South Carolina, Inc. (HSC), following the approval of the Merger agreement by PHS shareholders.
 PHS shareholders will receive approximately 738,000 newly issued Healthsource shares. As part of the Merger, Healthsource will cash out existing PSH option arrangements at a cost of approximately $1.1 million.
 PHS is an HMO holding company jointly formed in 1986 by Healthsource and approximately 240 Charleston, S.C. physicians. Prior to the Merger, Healthsource owned 30 percent of the stock of PHS. PHS had fiscal 1992 revenues and net earnings of $33.1 million and $3.6 million, respectively. PHS had a net worth at Dec. 31, 1992 of $10.5 million.
 Healthsource South Carolina had 38,200 HMO members as of Feb. 28, 1993, (up 84 percent over February 1992 enrollment) and approximately $13.2 million in estimated revenues for the first quarter of 1993.
 Norman C. Payson, M.D., president and chief executive officer of Healthsource, Inc. said, "We are very pleased to have completed the Merger with our South Carolina partners. The plan has been a model for cost containment success since its founding by a group of very dedicated physicians. Looking ahead, we believe Healthsource South Carolina is extremely well-positioned to continue its rapid growth as a result of its excellence in providing quality and affordable health care and the continued expansion of its health care delivery system in the highly underpenetrated South Carolina market. We enthusiastically welcome our longstanding South Carolina physician partners joining us as shareholders in Healthsource, Inc."
 Healthsource, Inc. sponsors and manages HMOs in seven states in New England, the Southeast and the Midwest and owns EBPA, the largest third- party claims administrator in New England. Healthsource also provides utilization review services and preferred provider networks primarily to self-insured employer plans and Blue Cross and Blue Shield of Vermont.
 -0- 3/31/93
 /CONTACT: Thomas Congoran, chief financial officer, or Tracey Turner, shareholder relations, 603-225-5077, both of Healthsource; Kerry Thalheim, 212-661-8030, Kathy Brunson, 312-266-7800, both of The Financial Relations Board, Inc./
 (HS)


CO: Healthsource, Inc.; Physicians Health Systems, Inc. ST: Massachusetts, North Carolina IN: HEA SU: TNM

CH -- NE007 -- 1505 03/31/93 12:33 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 31, 1993
Words:411
Previous Article:BRAINERD INTERNATIONAL, INC. REPORTS RECORD EARNINGS FOR 1992
Next Article:COPLEY PHARMACEUTICAL FILES REGISTRATION STATEMENT FOR SECOND PUBLIC OFFERING
Topics:


Related Articles
HEALTHSOURCE CLOSES PURCHASE OF TENNESSEE FIRST HEALTH PLAN, INC.
HEALTHSOURCE SIGNS LETTER OF INTENT TO PURCHASE MARYLAND HMO
HEALTHSOURCE SIGNS LETTER OF INTENT TO PURCHASE MARYLAND HMO
HEALTHSOURCE SIGNS LETTER OF INTENT TO ACQUIRE MAINE HMO
HEALTHSOURCE SIGNS DEFINITIVE AGREEMENT TO ACQUIRE MAINE HMO
HEALTHSOURCE AFFILIATE CLOSES PURCHASE OF MAINE HMO
HEALTHSOURCE ANNOUNCES SIGNING OF DEFINITIVE AGREEMENT TO ACQUIRE REMAINING INTEREST IN SOUTH CAROLINA PLAN
HEALTHSOURCE ANNOUNCES INTENT TO ACQUIRE REMAINING INTEREST IN HEALTHSOURCE MAINE, INC.
HEALTHSOURCE ANNOUNCES SIGNING OF DEFINITIVE AGREEMENT TO ACQUIRE REMAINING INTEREST IN NORTH CAROLINA PLAN
PARENT COMPANY OF CAROLINA PHYSICIANS' HEALTH PLAN COMPLETES MERGER WITH NEW HAMPSHIRE-BASED HEALTHSOURCE

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters