PHAMIS, a Seattle-based information systems firm, has filed a registration statement to sell 2.6 million shares of stock at $11 to $13 per share in an initial public offering. Of the total shares, 1.4 million will be sold by the company, and 1.2 million will be sold by current stockholders. PHAMIS develops and markets PHAMIS-Lastword, an integrated system that builds an on-line lifetime medical record. The system currently is used by 78 hospitals and 400 clinics. For the nine months ended Sept. 30, PHAMIS reported net income of $1.6 million on revenues of $25.1 million.
Ramsay Health Care, a New Orleans-based psychiatric hospital chain, reported a 3% drop in profits to $588,000, or 6 cents per share, for the first quarter ended Sept. 30, compared with $608,000, or 6 cents per share, in the year-ago period. Revenues rose 12% to $35.8 million. The 15-hospital chain is in the process of spinning off its managed-care division, which accounted for $3.2 million in first-quarter revenues.
Moody's Investors Service's review of South Carolina healthcare bond ratings resulted in one upgrade affecting $13.8 million of debt and four confirmations affecting $111 million of debt. The Baa debt rating of Carolinas Hospital System, a three-hospital system in Florence, was raised to Baa1, reflecting the obligated group's excellent debt coverage and favorable cash position. Hospitals in the state have experienced only modest managed-care pressures, but that's changing, New York-based Moody's said. The credit-rating agency expects competition to heat up as providers reposition in anticipation of greater managed-care penetration.
Nationwide Health Properties has acquired five long-term-care facilities in four states for $19 million from Sun Healthcare Group and two separate partnerships. The facilities, which have a total of 606 beds, are being leased to and operated by Albuquerque, N.M.-based Sun Healthcare. In addition, the Newport Beach, Calif.-based real estate investment trust provided $6 million in mortgage financing to four long-term-care facilities in Washington state. Those facilities, which have a total of 379 beds, will be operated by a private company in Washington. NHP has investments in 177 facilities in 29 states.