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Phucor Inc Executive Summary

915 Words4 Pages

Phycor, Inc. provided administrative management services to physician networks and medical groups. The company managed 40 medical groups with more than 2,500 doctors in 21 states and nearly 26,000 physicians through networks in 29 healthcare markets. Through PhyCor's subsidiary, CareWise, Inc., the company provided support and assistance to more than 3.3 million consumers in making decisions about medical care (Austin, 1999).
Phycor was founded in 1988 (Austin, 1999), by former executives of Hospital Corporation of America, Joseph Hutts, Derril Reeves, Thompson Dent, and Richard Wright. These four executives formed the first physicians practice management or PPM company (Austin, 1999). PPM’s created administrative services to help new demands …show more content…

Their model of business when they acquired a practice was to purchase their entire assets for a huge price. Such assets include accounts receivables, equipment, and the real estate. Under the agreement they provide facilities for practices, equipment, managed clinical operations, employed non-physician persons, provide capital for clinics and received a service fee plus percentages of operating income (Burns, L. R., Bradley, E.H., & Weiner, B.J., 2011). With this operational strategy their revenues soared from $1.2 million in 1988, $136 million in 1992, and $240 million in 1994. PhyCor ranked fifth in 1992 on the Fortune’s list of rapidly growing public companies (Burns, L. R., Bradley, E.H., & Weiner, B.J., 2011, p. …show more content…

This led to the downfall of Phycor, Inc. (Burns, L. R., Bradley, E.H., & Weiner, B.J., 2011). Most of the health care companies were bankrupt and were on the verge of shutting down their operations, however, Phycor wanted to take this as a competitive advantage to acquire competitors and other small clinics. Once Phycor announced their offer to buy MedPartners, Inc. their share went down by 10 percent and people lost trust due to their significant strategic and operational strategies (Burns, L. R., Bradley, E.H., & Weiner, B.J., 2011). Both companies were completely different in their key business areas, operations, development and their information systems. They then purchased many leading health care support service corporations, clinics, and other healthcare management companies that lead to

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