Sterling Healthcare Group has signed a letter of intent to acquire Emergency Physicians, a Jacksonville, Fla.-based medical management company, for $1.2 million in cash and 450,000 shares of common stock.
With the proposed acquisition, which is expected to be completed early next year, Sterling, based in Coral Gables, Fla., will provide emergency services to 70 hospitals in 14 states with more than 600 physicians under contract.
Emergency Physicians contracts with seven hospitals and three correctional institutions in Florida. In fiscal 1994, ended June 30, Emergency Physicians earned $560,000 on net operating revenue of $14.2 million.
