Pioneer Healthcare reported a 54% increase in net income to $705,700, or 49 cents per share, for its fiscal year ended June 30, compared with net income of $459,400, or 51 cents per share, in the year-ago period. Revenues rose 13% to $12.2 million. The drop in earnings per share was attributed to the company's initial public offering earlier this year, which added 59% more outstanding shares. The company's stock is traded over the counter. Peabody, Mass.-based Pioneer operates three substance-abuse treatment facilities and one psychiatric hospital in four states.
National Health Investors has provided a $6.5 million mortgage to Children's Comprehensive Services, a publicly traded company that operates residential and educational treatment programs for emotionally disturbed and developmentally delayed youth in California, Tennessee, Alabama and Louisiana. Both CCS and NHI are based in Murfreesboro, Tenn. NHI has investments in 226 healthcare facilities in 25 states.
Schein Pharmaceutical, a Florham Park, N.J.-based generic-drug company, and Miles, the U.S. subsidiary of Bayer, have formed a joint company to coordinate their international operations. In September, Pittsburgh-based Miles bought a 28.3% stake in Schein for $310 million.
Medaphis Corp., Atlanta, acquired the outstanding capital stock of Central Billing Service, which does business as Central Healthcare Services, and National Healthcare Technologies for $19.7 million plus potential performance-based payments of as much as $1.8 million. The purchase price of the two related companies in Baltimore includes cash and shares of Medaphis stock. The companies provide bad debt, Medicaid eligibility and electronic claims processing services primarily for hospitals. Medaphis also acquired Phoenix-based Marmac Management, a privately held provider of business management services for anesthesiologists, for $2.3 million.
Physician Corporation of America has signed a definitive agreement to acquire Southeast Health Plan, a Birmingham, Ala.-based HMO, for $34 million in cash. The plan has 19,000 commercial enrollees and 39,000 enrollees under self-insured plans. E. Stanley Kardatzke, M.D., PCA's chairman and chief executive officer, said the deal is attractive because the Alabama market has a low managed-care penetration, and the acquisition "also will enhance our pending bid for the CHAMPUS Region 3 and Region 4 contract." CHAMPUS is the Civilian Health and Medical Program of the Uniformed Services. PCA's health plans cover approximately 478,000 lives in Florida, Georgia and Texas.
Medical Innovations, a Houston-based home healthcare company, has signed agreements to develop home-care programs for four Columbia/HCA Healthcare Corp. hospitals in Texas and Nevada. The company, which entered the hospital-based home-care-management business earlier this year, now has nine contracts in that area. Medical Innovations also will coordinate existing home-care services for four other Columbia/HCA hospitals in the Houston area. The company's president and chief executive officer, Mark Fisher, said the contracts would have a positive impact on 1995 earnings, but he declined to provide specific estimates. In 1993 Medical Innovations reported net income of $845,690, or 7 cents per share, on revenues of $33.5 million.