Medaphis Corp., Atlanta, announced the latest in a series of acquisitions aimed at expanding its billing and accounts receivable management business for hospitals and physicians. Its $4.8 million purchase of the outstanding capital stock of Consolidated Medical Services, a privately held Miami-based company, is the third such deal this year. During 1993, Consolidated Medical Services had revenues of $3.8 million. This year Medaphis has invested about $16 million in three companies with revenues totaling $15 million.
General Medical Corp. said it will buy F.D. Titus & Sons, a medical-supply distributor based in City of Industry, Calif. Terms of the transaction weren't disclosed. Richmond, Va.-based General Medical is the nation's third-largest hospital-supply distributor, recording annual revenues of about $1 billion. F.D. Titus, a privately held company, works mainly with physicians' offices and other alternate-site facilities. Its revenues weren't disclosed. The companies expect the merger to be completed this summer. F.D. Titus operates three distribution centers in California and Arizona; General Medical operates 45 centers nationwide. Earlier this year, the company opened a new center in Aurora, Colo.
Pacific Rehabilitation and Sports Medicine, Vancouver, Wash., has raised $12.3 million in an initial public offering of common stock. The company sold 2.2 million shares at $6 per share. The stock is traded over the counter. Pacific Rehabilitation provides outpatient rehabilitation services at 24 clinics in six states. The company plans to use $6 million of the proceeds and 231,000 shares of stock to acquire Physical Therapy Care, Baltimore.
National Health Investors is providing a $5.5 million mortgage loan for a 120-bed nursing home in Florida operated by Integrated Health Services, a nursing and subacute-care chain headquartered in Owings Mills, Md. The nursing home is owned by Dunns Creek, a limited partnership whose general partner is Century Health Care Investors of Jacksonville (Fla). NHI has investments in 184 facilities in 25 states.
Fitch Investors Service, in an attempt to provide investors with timely information on $4.6 billion of healthcare bonds, is offering access to credit information through Bloomberg, an on-line financial and news service. The service became fully operational this month. New York-based Fitch said it's the first service of its kind provided by a credit-rating agency. More than 125 Fitch-rated credits, including hospitals, nursing homes and continuing-care retirement communities, are covered. The service is free to Bloomberg subscribers. Healthcare providers with bonds carrying a Fitch rating are required by legal provision in their bond documents to disclose certain information either monthly or quarterly, depending on credit quality.