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May 12, 2016

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 has acquired a majority interest in Ninety Nine Healthcare Management (99MGMT), which will continue to operate from its Dallas, Texas headquarters in the US.

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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.

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Free Report
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What is the Global Healthcare and Pharma Market Q2 Outlook?

Given the background of high inflation, re-emerging supply chain issues, and the widespread macro-economic implications of the Ukraine conflict, the global pharmaceutical industry is facing an entirely new set of challenges following the turbulence of the COVID-19 pandemic. GlobalData’s World Markets Healthcare (WMH) service has released its latest Q2 forecast. This report incorporates the latest thinking on the opportunities and risks this new environment presents for pharma companies. However, the pharma sector is proving resilient, and we are projecting 4.4% global growth for the year ahead. Yet it remains that the current economic picture is inverting some baseline assumptions from previous quarterly forecasts and altering which markets we expect the key growth levers to derive from. Download our latest executive summary for a snapshot view of what our clients use to formulate winning strategies.
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Enter your details here to receive your free Report.

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