Cardiovascular Ventures, which develops outpatient cardiac diagnostic centers, purchased a 13-physician multispecialty medical practice in Port St. Lucie, Fla. Terms weren't disclosed. The New Orleans-based company said the acquisition marks its expansion into physician practice management. Cardiovascular Ventures operates six cardiac diagnostic centers in Florida, Maryland and Texas.
PhyCor posted an 83% increase in net income to $7.7 million, or 19 cents per share, for the quarter ended March 31, from $4.2 million, or 13 cents per share, in the year-ago quarter. Revenues grew 75% to $162.5 million. With a base of 23 clinics, PhyCor's same-clinic revenues increased 17.7% compared with the year-ago period. During the quarter, the Nashville, Tenn.-based company completed acquisitions of clinics in Phoenix; South Bend, Ind.; and Wichita Falls, Texas, adding 154 physicians to its network. PhyCor operates 33 clinics with 2,100 physicians and independent practice associations with more than 6,000 physicians. Its networks manage the care of 577,000 capitated enrollees, and its clinics derive about 30% of revenues from managed-care organizations.
Express Scripts, a St. Louis-based pharmacy benefit-management company, raised net proceeds of about $53 million in a public offering of 1.15 million shares of common stock. The proceeds will be used for general corporate purposes. A syndicate of underwriters, led by Alex. Brown & Sons; Goldman, Sachs & Co.; and Smith Barney, managed the offering. In a secondary offering, NYLife HealthCare Management, a subsidiary of New York Life Insurance Co., sold about 3 million shares of Express Scripts stock for net proceeds of about $140 million. Express Scripts oversees prescription-drug services for about 9 million people. It recently signed an unusual contract with hospital alliance Premier, under which Premier will receive Express Scripts stock when its members reach benchmark participation levels.
The Hunt Cos., a Dallas-based physician search and recruitment firm, has merged with the Euroventure Group, based in Belfast, Northern Ireland. Euroventure is an international consulting firm with offices in Belfast; Glasgow, Scotland; Cape Town, South Africa; Sydney, Australia; Buenos Aires, Argentina; Dubai, United Arab Emirates; Singapore; Toronto; San Francisco; Paris; and London.