Three Dallas/Fort Worth healthcare organizations have formed a partnership to invest in primary-care physician group practices, and they've completed their first deal.
Three Oaks Partnership, a joint venture of Presbyterian Healthcare Services, St. Paul Medical Center and Harris Methodist Health System, invested $7.5 million for a minority equity interest in InovaHealth, said Tom Phayre, InovaHealth's chief executive officer. The equity percentage wasn't disclosed.
InovaHealth is a for-profit management services organization owned by physicians. Its 18 physicians provide services through capitated contracts with 12 HMOs in the area.
"We're interested in expanding our primary-care geography," said George Pearson, Presbyterian's vice president for medical staff affairs. He said the three organizations saw the partnership as a way to pool efforts and save costs. Each owns a one-third stake in the partnership, but they can opt out of deals they're not interested in financing, he said.
All three not-for-profits are general partners in the joint venture. The stake held by Harris Methodist, a Fort Worth system, is controlled by its for-profit subsidiary.