Sunday, November 4, 2007

Phoenix Healthcare Corporation, Nashville; RON LUSK

Phoenix Healthcare to become majority shareholder of Mississippi Managed Care Organization, Magnolia Health Plan - SEMCO
Business Wire, Nov 4, 1996
NASHVILLE, Tenn.--(BUSINESS WIRE)--Nov. 4, 1996--Nashville-based Phoenix Healthcare Corporation today announced it has reached a definitive agreement with Quorum Health Resources Inc. of Brentwood, Tenn. to purchase controlling interest in South East Managed Care Organization Inc. (SEMCO), a Jackson-based managed care organization with over 3,800 commercial members.

Phoenix Healthcare is a managed care services company with 42,000 members in Tennessee and $52 million in revenue in 1995. In May 1996, Phoenix Healthcare obtained a license to operate a health maintenance organization (HMO) in 19 Mississippi counties.

SEMCO, initially known as the Jackson Medical Cooperative, was founded in 1993 by over 300 Jackson area physicians. In February 1995 SEMCO aligned with Quorum, the nation's largest manager of not-for-profit hospitals. SEMCO's Magnolia Health Plan currently has a network that includes more than 800 physicians, 28 hospitals (including 14 managed by Quorum) and 23 counties. Other SEMCO shareholders include Mississippi physicians and River Oaks Hospital.

"The core philosophy of Phoenix Healthcare is to develop partnerships with providers and maintain high member satisfaction. SEMCO's physician roots, ownership structure and commitment to customer service creates a natural fit for our organization," said Samuel H. Howard, chairman and CEO of Phoenix Healthcare Corporation.

"Our strategy is to be the leading managed care services organization in the Southeast by keeping health care a local business in each community we serve. By affiliating with a well established network, we are enhancing our presence in Mississippi greatly," he said.

Elizabeth Mitchell, president and CEO of SEMCO, will continue in her current capacity. SEMCO and the Magnolia Health Plan will continue to operate and all current names will be retained after the transaction is consummated.

"Phoenix Healthcare has done an excellent job of delivering care to the Medicaid and uninsured population in our neighboring state of Tennessee. Their involvement will allow SEMCO to offer new products, such as Medicaid, and to develop innovative approaches to medical management for special populations with unique needs," Mitchell said.

Earlier this month Phoenix Healthcare was one of four organizations selected from across the nation by the Health Care Financing Administration (HCFA) to manage a national pilot program for the treatment of Medicare patients with end-stage kidney disease (ESRD). Phoenix and a group of 14 Nashville kidney specialists will implement the pilot in a unique partnership between a managed care company and a specialty physician group practice.

Terms of the purchase were not disclosed. Subject to regulatory approval in Mississippi, the transaction is expected to take 60 days to close and should be complete by Dec. 31, 1996.

Founded in 1993, Phoenix Healthcare Corporation is headquartered in Nashville. The company's Tennessee subsidiary, Phoenix Healthcare of Tennessee, began operations in 1994, focusing on managed care for the Medicaid recipients and uninsured of TennCare(SM), one of the first and most innovative Medicaid managed care programs in the nation. Phoenix Healthcare introduced a commercial health plan in Tennessee in mid-1996. Phoenix Healthcare of Mississippi is based in Jackson. The corporation's growth strategy includes targeted acquisitions throughout the southeastern U.S. and development of niche products for special populations.

CONTACT: Phoenix Healthcare Corporation, Nashville

Cherryl Carlson, 615/298-3666



Elizabeth Mitchell, 601/977-7557

COPYRIGHT 1996 Business Wire
COPYRIGHT 2004 Gale Group


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