Chase Manhattan Bank has begun to issue payments to a managed-care network of Nevada dentists as part of a new electronic payment system. Chase says it's one of the first electronic payment applications in the managed dental care industry. Chase developed the system with Atlanta-based Electronic Claims and Funding, a healthcare claims processor serving the dental industry. After Nevada Pacific Dental, a managed-care program covering 70,000 enrollees, sends its payment instructions, Chase transmits money through an automated clearinghouse and deposits the funds into each dentist's account. Electronic Claims then sends a verification of payment to each dentist's computer.
Universal Health Services reported a 26% increase in net income to $8.2 million, or 57 cents per share, compared with net income of $6.5 million, or 46 cents per share, in the year-ago period. Revenues grew 2.5% to $192.2 million. For the six-month period, net income increased 22% to $18.4 million, or $1.29 per share, compared with earnings of $15.1 million, or $1.06 per share, in the year-ago period. Revenues rose 1% to $386.6 million. King of Prussia, Pa.-based Universal operates 13 acute-care and 13 psychiatric hospitals.
Cardinal Health has completed its acquisition of Humiston-Keeling, a Calumet City, Ill.-based drug distributor. Terms of the acquisition weren't disclosed. Cardinal, based in Dublin, Ohio, distributes about $7 billion in drugs each year to hospitals and other healthcare facilities. The company now has about 40 distribution centers. Humiston-Keeling does about $330 million in business each year. A large portion of that is with hospitals.