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• Physicians Resource Group (Dallas) plans to sell a majority of its eye doctor practices in order to satisfy a $100 million debt to its corporate bondholders. The bondholders, led by Resurgence Asset Management, agreed to accept $25 million less than they are owed if Physicians can raise $100 million by Sept. 30, reported the Dallas Morning News. The company owns or manages 120 eye doctor practices and 40 surgery centers, but does not know how many would be divested or how many employees would lose their jobs.
• IntegraMed America (Purchase, NY) has found through a study that, on average, clinical pregnancy rates per cycle initiated for women of all age groups improved 51.8% across the network from 1995 to 1998. The company attributes the improvement to its Assisted Reproductive Technology, and other new technology, at its network of Reproductive Science Centers. The centers saw a significant growth in revenue from 1997 to 1998, said IntegraMed President/CEO Gerardo Canet.
• The bankruptcy of MedPartners Provider Network (MPN; Long Beach, CA) has left several hospitals and doctors owed million of dollars. At least four Orange County, CA, hospitals and a large cardiology medical group are owed $10 million. State regulators forced MPN into bankruptcy March 11 because it appeared the company did not have enough cash to pay claims. After last year’s bankruptcy of FPA Medical Management (San Diego), doctors were stuck with $60 million in unpaid claims. Now, they worry the same thing will happen with MPN, reported the Orange County Register. MedPartners (Birmingham, AL) has said it reduced its term loans by about 49% to $307 million. It has also reached agreement with its bank creditors to amend the terms of its credit agreement to remove any negative impact from the bankruptcy filing of MPN. On March 19, it completed the sale of the assets of the physician practice management business that provides services to Cardiovascular Specialists of Tennessee. Intecardia (Memphis, TN) acquired the business for $17 million in cash proceeds.
• Birman Managed Care (Cookeville, TN) said last week its operating subsidiary, Birman & Associates, has signed two contracts with new hospital clients, one in New Jersey and one in Texas. One agreement is a two-year agreement and the other is structured as a one-year contract with a renewal provision for an additional year. In the first year, the contracts have an aggregate value in excess of $500,000, which, with renewal, will amount to more than $1 million over two years. Under these agreements, Birman & Associates will be implementing its Quality Management Program, which seeks to enhance patient care at hospitals and healthcare facilities.