PHYSICIAN MANAGEMENT: MEDPARTNERS TO ACQUIRE SUMMIT MEDICAL
MedPartners/Mullikin Inc., of Birmingham, AL, yesterdayThis is part of the California Healthline Daily Edition, a summary of health policy coverage from major news organizations. Sign up for an email subscription.
announced plans to acquire the Summit Medical Group, P.A., for an
undisclosed amount of stock, BLOOMBERG BUSINESS NEWS/NEW YORK
TIMES reports. Summit, the "largest multispecialty physician
group in New Jersey and the New York City area," and "one of the
first physician-directed managed-care organizations in the United
States," is part of a series of acquisitions of physician groups
that MedPartners-Mullikin has completed since May.
THE BUSINESS END: MedPartners, "the largest manager of
doctors groups in the United States," said the transaction is
expected to be completed in September. MedPartners had revenue
of $725.7 million in 1995; Summit has annual revenues of $47
OTHER MOVES: FPA Medical Management Inc., based in San
Diego, said yesterday that it had purchased two physician groups
and 30 health care centers located in Arizona, California and
Florida from Foundation Health Corp. for $220 million in cash,
stock and debt. The WALL STREET JOURNAL reports that the
purchase is the largest to date for FPA (7/2). The ARIZONA DAILY
STAR reports that the transaction involves the 18 Thomas-Davis
Medical Centers in the Tucson and Phoenix areas. It is the
second time in less than two years that the Thomas-Davis Medical
Centers, which "comprise the oldest and largest private-practice
group in the state," have been sold (7/2).