Pace Health Management Systems, a West Des Moines, Iowa-based patient-care software company, has filed for a public offering of 2.26 million shares of common stock. The publicly traded company is offering 2.2 million shares in a new financing, and 60,000 are being sold by a company shareholder. Pace said proceeds would be used to finance research and development efforts, expand sales and marketing, and add working capital for general corporate purposes. Pace went public in April 1995 at $5 per share. On July 11, the day before the new offering was announced, shares on the NASDAQ exchange closed at $7.50 per share, up 38 cents.
Physician Support Systems, a Mount Joy, Pa.-based provider of business management services to hospital-based physicians, has signed a letter of intent to acquire the capital stock of privately held Synergistic Systems, a Chatsworth, Calif.-based provider of accounts-receivable and practice-management services to a variety of physician specialties. Terms of the deal weren't disclosed. Physician Support Systems, a publicly held company that trades on the NASDAQ exchange, provides accounts-receivable, financial, administrative, strategic and information-support services.
Visa USA and Hypercom, a Phoenix, Ariz.-based maker of electronic point-of-sale terminals, have formed a new alliance aimed at speeding collection of copayments and deductibles. The Hypercom terminals allow a patient's Visa card to be swiped through and charged for amounts not covered by insurance. "Similar to express check-out in a hotel, the patient's credit card is billed once the balance is determined, and the provider is paid within 48 hours," according to the San Francisco-based credit card company. The new terminals, which eliminate paper forms, are expected to be available through Visa member banks by mid-August. More than 95% of hospitals, 51% of physician offices and 80% of dental offices accept Visa, the company said.
Meditrust said it completed $301 million in real estate investments in the first half of 1996, including $132 million in the second quarter ended June 30. Abraham D. Gosman, chairman and chief executive officer of the Needham Heights, Mass.-based real estate investment trust, said the company expects to exceed its investment goal of $400 million in deals for the year. Meditrust, which has a market capitalization of $2 billion, continues to focus on nursing home and assisted-living investments. Deals completed in the second quarter included $36 million of sale-leaseback financing, $43 million in mortgage financing, $14 million in development financing, and $39 million for ongoing construction and additions. As of June 30, the REIT also had about $189 million in financing commitments for ongoing projects. Meditrust has investments in 376 healthcare facilities in 38 states.
Physician Computer Network, a Morris Plains, N.J.-based provider of medical practice management software, has completed the acquisition of the practice management software business and certain other software businesses of Cusa Technologies, a Salt Lake City-based provider of information systems for physician practice management, credit unions and other industries. The purchase price was $10 million in cash, along with the assumption of certain liabilities and cancellation of debt owed to PCN. With an installed customer base of about 80,000 office-based physicians, PCN's software provides links to hospitals, clinical laboratories, managed-care providers, Blue Cross and Blue Shield plans, and Medicare and Medicaid fiscal intermediaries.