Caremark International last week acquired Atlanta Medical Associates, a multispecialty physician group practice, for an undisclosed amount.
Under the deal, which both sides are calling a long-term affiliation agreement, Caremark will manage the business operations of Atlanta Medical and provide administration of patient services, information and finance, and other business functions of the practice.
The Atlanta-based group practice is made up of 42 physicians, 60 nurses and an additional 180 employees. It provides specialty care for 36,000 patients in four clinics in the Atlanta area.
In 1993, Atlanta Medical recorded revenues of $26.4 million.
"(Caremark's) focus on quality and cost-effectiveness and strength in managed-care delivery match our own vision for superior healthcare," said Walton Reeves, M.D., chairman of Atlanta Medical Associates.
This marks the fourth major physician group practice acquired by Northbrook, Ill.-based Caremark. In August, the company purchased the assets of Friendly Hills HealthCare Network, a La Habra, Calif.-based provider network of some 450 physicians. Financial terms of that deal weren't released.
In addition to Atlanta Medical and Friendly Hills, Caremark also manages the business operations of Kelsey-Seybold Clinic in Houston and the Oklahoma City Clinic.