Navigation Links
Phyhealth Enters Agreement with Merrill Lynch to Manage Capital Surplus Funds for Phyhealth Pilot HMO
Date:5/21/2008

MIAMI, May 21 /PRNewswire-FirstCall/ -- Physicians Healthcare Management Group, Inc. (Phyhealth) (Pink Sheets: PHYH), a developer of health maintenance organizations (HMOs) in partnership with physicians, announced today that it has finalized an agreement with Merrill Lynch's Lloyd Lapointe Group to manage the investments of Phyhealth Plan Corporation, Phyhealth's Pilot HMO. Under the agreement, Merrill Lynch will manage the initial $2.5 million capital surplus plus any additional surplus required to meet state regulations on an ongoing basis, subject to Florida State regulations governing qualified investments for HMOs. Merrill Lynch performs the same service for Physhield Insurance Exchange, Phyhealth's exclusive risk retention group.

The $2.5 million capital surplus, to be managed by Merrill Lynch, is held in Phyhealth Plan Corporation, a Phyhealth subsidiary formed in September 2007, which was established in accordance with Florida insurance regulations and standard industry practice to qualify as the applicant for the HMO Certificate of Authority.

Phyhealth's CEO, Robert Trinka, stated, "Merrill Lynch's oversight of these funds will help to strengthen the foundation of our Pilot HMO. We currently work with this same group, which is also responsible for managing the capital surplus account for Physhield Insurance Exchange, and we believe they have both the knowledge and experience necessary to ensure that these funds are managed to earn the highest rate of return, while complying with National Association of Insurance Commissioner's guidelines and Florida state regulations."

About Physicians Healthcare Management Group, Inc.

Physicians Healthcare Management Group, Inc. (Phyhealth) is a developer of community-based health maintenance organizations (HMOs) that are owned and operated in partnership with the participating physicians. Phyhealth Plans are designed to deliver high-quality affordable healthcare by enabling physicians to assume end-to-end management of healthcare for their patients. The Phyhealth model empowers physicians to provide preventive healthcare and proactively manage their patients' general health by aligning incentives amongst the HMO, physician and the patient. Phyhealth intends to offer additional value-added products and services in cooperation with physicians, including medical malpractice insurance, local care facilities and wellness programs, as well as information technologies such as secure electronic medical records.

Forward-Looking Statements

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Physicians Healthcare Management Group, Inc, and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. Additional information is available at: http://www.phyhealth.com.


'/>"/>
SOURCE Physicians Healthcare Management Group, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Phyhealth Concludes $1.5 Million Financing for Launch of Its Pilot Community-Based HMO
2. Phyhealth Submits HMO Applications with Required Federal and State Agencies
3. Phyhealth HMO Applications Accepted by All Required Federal and State Agencies
4. Phyhealth Files Historical Financials With the Pink Sheets and Takes Next Step Toward Becoming Fully Reporting
5. Phyhealth Signs Agreement with Advantica EyeCare to Provide Vision Services for Pilot HMO
6. Phyhealth Appoints Gerald H. Priceman as Medical Director
7. Phyhealth Signs Agreement with Argus Dental to Provide Dental Services for Pilot HMO
8. Dana Corporation, Inc. Enters Into Settlement Agreement With Dana Retiree Committee
9. PainCare Receives $14.4 Million in Cash From Completed Sale of South Florida Ambulatory Surgery Centers
10. Atlanta Falcons Physical Therapy Centers Set to Launch This Fall
11. Navitas Opens New Cancer Rehabilitation Center in Albuquerque in Conjunction With New Mexico Cancer Centers
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... ... 2017 , ... Yisrayl Hawkins, Pastor and Overseer at The House of Yahweh, ... and least understood books in the Holy Scriptures, Revelation. The Book of Revelation paints ... for centuries. Many have tossed it off as mere rubbish, but Yisrayl Hawkins says ...
(Date:10/12/2017)... ... October 12, 2017 , ... First ... compliance program management, will showcase a range of technology and learning solutions at ... (NCAL) Convention and Expo to be held October 14–18, 2017 at the Mandalay ...
(Date:10/12/2017)... ... ... The American College of Medical Informatics (ACMI) will present the 2017 Morris ... of AMIA’s Annual Symposium in Washington, D.C. AMIA’s Annual Symposium is taking ... in the field of medical informatics, this prestigious award is presented to an individual ...
(Date:10/12/2017)... (PRWEB) , ... October 12, 2017 , ... Leading pediatric ... peers in Washington, D.C., for the 49th Congress of the International Society of ... Vice President of the Center for Cancer and Blood Disorders at Children’s ...
(Date:10/12/2017)... FL (PRWEB) , ... October 12, 2017 , ... ... presenting the latest in wound care advancements to physician colleagues, skilled nursing facility ... is titled, "Navigating the Treacherous Waters of Wound Care." , "At many of ...
Breaking Medicine News(10 mins):
(Date:10/4/2017)... , Oct. 4, 2017  South Korean-based healthcare product ... training aide "cprCUBE" on Kickstarter. The device will educate ... cardiac arrests with better efficiency compared to the dated ... real-time feedback on efficacy of the compression for a ... has a goal to raise $5,000. ...
(Date:10/2/2017)... , Oct. 2, 2017  AllianceRx Walgreens Prime, ... formed by Walgreens and pharmacy benefit manager Prime Therapeutics ... new brand, which included the unveiling of new signage ... , as well as at a few other company-owned ... new brand to patients, some of whom will begin ...
(Date:9/27/2017)... -- Commended for their devotion to personalized service, SMP Pharmacy Solutions ... in the South Florida Business Journal,s 50 Fastest-Growing Companies, and ... the national specialty pharmacy has found its niche.  To that ... be honored by SFBJ as the 2017 Power Leader in ... receive his award in October, Bardisa said of the three ...
Breaking Medicine Technology: