IBX TO ACQUIRE PHYSICAL THERAPY CENTERS
iBX Group Inc, Deerfield Beach, Fla, has signed a letter of intent to acquire the physical therapy, rehabilitation, and institutional pharmacy businesses of Cybercare Inc, Boynton Beach, Fla. Under the terms of the agreement, iBX would pay Cybercare $7 million for 42 outpatient centers, which generated a total of $15.7 million in revenue for 2001. Cybercare’s closed-system pharmacy currently serves 89 facilities, including assisted living facilities. Approximately 95% of its revenue comes from unit dose medication distribution, disposable medical supplies, and a new product line—growth hormone therapy. iBX Group develops and deploys cost-effective methods for integrating financial, administrative, and information services for the health care industry.
GOOD SHEPHERD BECOMES PARTNER IN HEALTH NETWORK LABORATORIES
Good Shepherd Home, Allentown, Pa, the parent company of Good Shepherd Rehab Hospital, has become an equity partner in Health Network Laboratories (HNL), Allentown, joining Lehigh Valley Hospital and LVH Muhlenberg as equity owners. Good Shepherd serves more than 23,000 people in northeastern Pennsylvania each year, offering specialized programs for stroke, orthopedics, brain injury, spinal cord injury, pediatric developmental disorders, burns, amputations, and spina bifida.
PTPN SIGNS COLORADO CONTRACT
PTPN, Calabasas, Calif, announced that it has signed a contract with CIGNA HealthCare of Colorado to provide outpatient rehabilitation services for its PPO enrollees for group health coverage. The contract covers physical, occupational, and speech therapy for 60,000 members in the CIGNA HealthCare of Colorado PPO plan. Colorado marks the sixth state in which PTPN has a contract with CIGNA. PTPN has more than 1,000 provider offices in the United States, including physical, occupational, and speech therapists. It contracts with major managed care organizations, including insurers, workers’ compensation companies, and other medical groups.
US PHYSICAL THERAPY REPORTS SECOND QUARTER RESULTS
US Physical Therapy, Houston, has reported its results for the second quarter, which ended on June 30, 2002. For the quarter, net income rose 30.7% to $2,336,000, up from $1,787,000 in the same period for 2001. Revenues increased 21.1% to $24,051,000, and clinic operating costs were 66.3% of net revenues, compared to 67.1% in 2001. For the first 6 months of 2002 compared to the first 6 months of 2001, net income rose 33.7% to $4,412,000 for 2002, while revenues rose 19.3% to $46,301,000. Clinic operating costs were 67% of net revenues compared to 67.9% in 2001.
MEDINEX SIGNS MARKETING AGREEMENT
Medinex Systems Inc, Celebration, Fla, a health care solutions company, has formed a strategic marketing alliance with Phoenix Physicians Services (PPS), Phoenix, a health care consulting and recruitment services company. Under the terms of the agreement, PPS will market Medinex’ health care technology solutions to medical providers in the United States. PPS’ services include practice analysis, software and hardware implementation, coding and compliance, and accounts receivable.
HEALTHSOUTH FORMS NEW PUBLIC COMPANY
HealthSouth, Birmingham, Ala, has announced that its board of directors has approved a plan to effect a tax-free separation of its surgery center division into a new publicly traded company that would be the largest independent operator of freestanding outpatient surgery centers in the United States. If the proposed plan is implemented, the company’s operations will include 1,427 outpatient rehabilitation centers and 118 inpatient rehabilitation facilities, in addition to four medical centers and 136 outpatient diagnostic centers. The new company would operate 209 freestanding outpatient surgery centers in 37 states, and would be called Surgical Care Affiliates.
DEPENDABLE NURSES JOINS OTHER DIVISIONS
Dependable Nurses Inc, Tucson, Ariz, has moved to a new location in Tucson, at 1120 S Swan Road. The move now puts all three Tucson health care divisions of Dependable Health Services in the same location. The new 23,838-sq-ft facility includes a showroom for medical and rehabilitation equipment, as well as offices. Dependable Nurses, formed in 1992, operates professional staffing registries in Tucson and Phoenix for health care professionals. It serves as a contractor for nursing services for hospitals, nursing homes, clinics, and correctional facilities throughout Arizona.
