West Palm Beach, Fla.-based PhyMatrix signed a letter of intent to acquire a 51% interest and an option to purchase the remaining interest in Melville, N.Y.-based MainStreet Practice Management, which manages independent practice associations with 2,000 physicians in Nassau and Suffolk counties and Queens, N.Y. The IPA is contracted to provide medical services for 30,000 covered lives on Long Island. PhyMatrix will provide risk management and practice management services to MainStreet. Terms weren't disclosed.
Fort Worth, Texas-based ProMedCo Management Co. agreed to acquire certain assets of 21-physician Beacon Medical Group in Harrisburg, Pa., from HealthAmerica, a subsidiary of Coventry Corp. ProMedCo will enter a long-term service agreement with the group. HealthAmerica, which has 260,000 enrollees in the region, will enter a long-term global capitation agreement with ProMedCo covering about 12,000 enrollees.
Atlanta-based Pediatric Physician Alliance signed a letter of intent to acquire the assets of Pediatric Specialists, a six-physician group with offices in Barrington and Crystal Lake, Ill., and enter a 40-year management agreement with the practice.
Birmingham, Ala.-based MedPartners acquired Otolaryngology Consultants of Memphis (Tenn.), which has seven physicians. Terms weren't disclosed.
Coastal Government Services, an affiliate of Durham, N.C.-based Coastal Physician Group, signed a five-year contract to manage emergency medicine at the U.S. Navy hospital in Beaufort, S.C. The contract, which could total more than $10 million if all options are exercised, supports the Department of Defense Tricare Prime managed-care program.
Fort Lee, N.J.-based Affiliated Physicians Network signed a management agreement with 450-physician Colonial IPA, based in Norwich, Conn. The agreement calls for the company to manage the IPA's oncology cases and develop an oncology capitation program. Terms weren't disclosed.