Foundation HealthCare acquired majority interest in Ninety Nine Healthcare Management, a physician practice management company.
Here are five key notes:
1. Physicians founded 99MGMT to serve physicians and patients.
2. 99MGMT will keep its headquarters in Dallas and provide practice management services including operations, payer contracting, revenue cycle management, strategic marketing, electronic health record optimization, human resources and ancillary service development.
3. Partnering with 99MGMT can increase the physician revenues net of fees 10 percent to 15 percent, according to Foundation HealthCare CEO Stanton Nelson. "99MGMT allows private practice physicians to access better resources without sacrificing decision-making control and autonomy for their practice," he said.
4. The financial terms of the transaction weren't disclosed.
5. Foundation HealthCare expects the acquisition to be accretive to the company's earnings in the first 12 months after closing.