UniHealth Foundation's nearly two-year search for buyers of its beleaguered physician practice management arm has finally paid off.
Two subsidiaries of UniHealth affiliate UniMed Management Co. have agreed to sell their assets to a division of San Diego-based Premier. The subsidiaries, Miramar Medical Management and Buenaventura Management Co., came to terms with Premier Aug. 27 to sell Buenaventura Medical Group in Ventura, Calif., and Sea View Provider Group in nearby Oxnard, Calif. The deal was announced last week and is expected to close by year-end. No terms were disclosed.
Combined, the two groups employ more than 500 physicians.
UniHealth began looking for a buyer or capital partner for capital-strapped UniMed in 1997 but largely failed to find buyers for the bulk of its assets.
UniMed now has four major medical groups in Southern California and employs about 6,300 physicians.
Premier, an alliance of about 1,700 not-for-profit hospitals, has slowly built up its PPM business since 1996, mostly to support troubled medical groups owned by member hospitals.
Jay Harris, vice president at the San Francisco office of Cain Brothers, which UniHealth retained to seek buyers for UniMed assets, said four parties are bidding on UniMed's biggest group, 2,200-physician Huntington Provider Group in Pasadena, Calif. He declined to name them.