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Article: PhyCor continues to shrink, post losses.(loses Advantage Care HMO)(Brief Article)
- Article from:
- Modern Healthcare
- Article date:
- November 20, 2000
- Author:
CopyrightCOPYRIGHT 2000 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PhyCor, a beleaguered physician practice-management company, isn't having much luck with its managed-care and hospital businesses either.
On Nov. 8, the state of Kentucky won court permission to take control of Advantage Care, the struggling, Lexington-based HMO PhyCor purchased about two years ago. The HMO, with about 36,000 policyholders in 55 counties across the eastern part of the state, is expected to close at year-end.
A week later, PhyCor announced the sale of its stake in Straub Clinic and Hospital in Honolulu. The 139-bed hospital will pay $30 million to repurchase assets and shares PhyCor acquired in 1997.
In Kentucky, PhyCor was ...