BUSINESSNews in brief - Oct. 4, 2004Physicians buy Tenet hospital - PacifiCare buys Wis. HMO Physicians buy Tenet hospitalTenet Healthcare Corp. has agreed to sell Midway Hospital Medical Center in Los Angeles to a group of physicians, most of whom are on the medical staff of the 225-bed facility. The physicians' group, Physicians of Midway Inc., will run the hospital as an acute care facility and maintain its emergency department, Tenet said. The sale should be completed after routine regulatory requirements are met. Tenet expects gross proceeds from the sale to total about $10 million. Midway Hospital Medical Center was one of 27 hospitals that Santa Barbara, Calif.-based Tenet said it would sell or divest as part of a restructuring effort announced in January. PacifiCare buys Wis. HMOCalifornia-based PacifiCare Health Systems Inc. announced Sept. 15 that it planned to buy American Medical Security Group, a Green Bay, Wis.-based HMO that sells health insurance products in the small group and individual market, for $502 million. The Wisconsin company's CEO and chair, Samuel V. Miller, is to remain at the helm of the company, which would be a subsidiary of PacifiCare after the deal's scheduled closing next year. The insurer sells products to small businesses and individuals through a network of 32,000 independent brokers in 33 states and the District of Columbia. It had 314,000 commercial PPO members and $714 million total premium revenue in 2003 and has about 1,400 employees. Copyright 2004 American Medical Association. All rights reserved.
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