The Copeland Cos., an East Brunswick, N.J.-based provider of retirement planning services, announced an affiliation with Management Compensation Group, a Minneapolis-based healthcare executive compensation consulting firm. The relationship is part of Copeland's move to offer a full range of retirement planning products and services. Copeland serves 1,000 healthcare organizations nationwide.
Medaphis Corp.'s "improving business and financial profile" prompted Standard & Poor's Corp. to upgrade the Atlanta-based company's debt ratings. Medaphis' B- rating on $63 million of subordinated debt was lifted to B+. Its implied senior rating was raised to BB from B+. The ratings are offset by the company's aggressive acquisition policy and the likelihood of increased competition in the accounts receivable management business, the New York rating agency said. Medaphis' string of acquisitions includes the recent $8 million cash purchase of Montgomery Ala.-based Medical Management, which provides private billing and accounts receivable services to anesthesiologists. Separately, Medaphis said it has obtained a $250 million senior credit facility with a syndicate of seven banks. The new facility replaces an exiting $150 million facility and will be used to refinance debt on the old line of credit.
Standard & Poor's Corp. lowered Dana-Farber Cancer Institute's bond rating to A from A+, affecting $35.8 million of debt. The Boston cancer center's downgrade reflects additional debt, increasing dependence on fund raising and uncertainties about the level of federal funding that will be available in the future, Standard & Poor's said. The New York bond-rating agency also raised its rating on Philadelphia's Temple University Hospital to A- from BBB+, affecting $166.2 million of debt, because of the teaching hospital's improved financial performance and strong market presence.
John Alden Life Insurance Co., Miami, has signed an agreement with Community Care Network of San Diego, a Value Health subsidiary, to market Value HealthPlan of California, a proposed new HMO. The move signals Avon, Conn.-based Value Health's entry into the HMO market. The company provides specialty managed-care benefit programs and healthcare information services. John Alden will market the new HMO to employers with fewer than 100 employees in California. A second carrier, Northwestern National Life Insurance Co., will market the HMO to larger groups. CCN develops and operates integrated managed-care systems for group health and workers' compensation payers in 37 states.
FoxMeyer Corp., a Carrollton, Texas-based medical distributor, loaned $1 million to Davstar Industries and agreed to buy $4 million in Davstar preferred stock. Under the agreement, FoxMeyer also will provide additional distribution of the company's goods. Costa Mesa, Calif.-based Davstar manufactures disposable urology products for hospitals and other providers. It reported net sales of $4 million for the year ended June 30, 1994.