Physician Computer Network, a Mahwah, N.J.-based vendor of medical practice management software, has completed a public offering of 6.25 million shares of common stock at $4 a share. Net proceeds will be used to repay outstanding debt, finance future acquisitions and pay general corporate expenses, the company said.
With the completion of the offering, Atlanta-based Equifax purchased a five-year promissory note with a principal amount of $10 million. The note is convertible into PCN common stock at a premium above the offering price. Proceeds of the note may be used for acquisitions of other practice management software companies and for other corporate purposes, the firm said.
PCN has an exclusive agreement to market Equifax's electronic data interchange services, which gives PCN a cost-effective, all-payer EDI product for electronic claims submissions and other healthcare transactions, said Hank Green, the company's president and chief executive officer.
PCN publishes and licenses practice management software designed to link office-based physicians with hospitals, clinical laboratories, insurance carriers, managed-care providers, Blue Cross and Blue Shield plans, Medicare and Medicaid intermediaries and pharmaceutical companies. PCN's stock is traded on the NASDAQ system.