Foundation HealthCare acquires stake in US company 99MGMT
Foundation HealthCare has acquired a majority interest in Ninety Nine Healthcare Management (99MGMT), which will continue to operate from its Dallas, Texas headquarters in the US.
Foundation HealthCare CEO Stanton Nelson said: "A 99MGMT physician practice management relationship can yield on average a ten to fifteen percent increase in a physician's revenues net of fees.
"99MGMT allows private practice physicians access to better resources without sacrificing decision making control and autonomy for their practice."
99MGMT provides critical practice management services and other services such as practice operations, payer contracting, revenue cycle management, strategic marketing, electronic health record optimisation.
99MGMT CEO Joel Ciarochi said: "Our people, processes, and strategic planning lead to higher practice revenues by aligning the goals and incentives for patients, physicians, hospitals, employers, and payers.
"The result is higher quality of care at an overall cost savings."
Foundation HealthCare CFO Hugh King said that the acquisition will be accretive to the company's earnings in the initial 12 months upon closing.
The parties have not disclosed the transaction value.
Foundation HealthCare owns four surgical hospitals and ten surgery centres in seven states.