Banc One Capital Holdings Corp., Columbus, Ohio, and its subsidiary, Banc One Capital Corp., have created a $100 million fund to provide debt capital to housing and healthcare projects. The new fund, called Banc One Capital Partners IV, will make investments for clients that use Banc One's mortgage and investment banking services. The fund will provide subordinated mortgage debt, bridge loans, subordinated credit enhancements and other types of funding.
Phamis, a Seattle-based developer of healthcare information systems, reported record earnings and revenues for the fourth quarter and calendar year 1994. The company went public last December amid rising sales and revenues, which reversed losses posted a year earlier. Fourth-quarter earnings totaled $790,000, or 18 cents a share, compared with a loss of $640,000, or 17 cents a share, in the year-ago quarter. Revenues rose 78% to $9.4 million. For the year, net income rose to $2.4 million, or 56 cents a share, compared with a loss of $2.4 million, or 64 cents a share, the previous year. Revenues rose 79% to $34.5 million.
Physicians Healthcare Plans, a Tampa, Fla.-based HMO, has signed a letter of intent for a $30 million equity investment by Welsh, Carson, Anderson & Stowe, a private venture capital firm. The HMO serves 40,000 enrollees in southwestern and central Florida. James B. Hoover, a general partner with New York-based Welsh, Carson, said PHP "is an outstanding platform from which to build a substantial broad-based managed-care company." He sees opportunity in Florida's Medicaid market, which is large and relatively untapped. Formed in 1993, the HMO serves seven counties. Total revenues for 1995 are projected to reach $81 million, up from $31 million last year.
Health Management Systems, a New York-based healthcare information manager supplying payment processing services, has agreed to merge with Health Care microsystems, a Torrance, Calif.-based vendor of computerized decision-support products and services including budgeting, cost accounting, managed-care contract management and clinical pathways development. HMS said it would issue 1.02 million shares of common stock in exchange for all the stock of HCm. The exchange was set for this month, following HCm's year-end audit report. Last wee, the price of HMS stock on the NASDAQ exchange was about $34 a share.
Medaphis Corp. agreed to acquire Automation Atwork and its affiliates for 4 million shares of Medaphis common stock. Based on the stock's closing price on Jan. 30, the announcement date, the deal is worth $193 million. The Atlanta-based provider of business management services also announced it will take a $18.7 million charge during the first quarter to write off restructuring costs related to the company's re-engineering project. San Jose, Calif.-based Automation Atwork markets scheduling and management systems to hospitals and healthcare systems.
Blue Cross and Blue Shield United of Wisconsin and its for-profit managed-care subsidiary, United Wisconsin Services, have completed an offering of 1.2 million shares of common stock, raising just over $48 million. United Wisconsin plans to use the proceeds for future acquisitions and expansion of the company, a spokesman said.