Caremark International Inc. said it has reached an agreement to manage the business side of the Glen Ellyn Clinic, whose 89 doctors serve as many as 60,000 patients in seven west suburban offices.
The doctors won’t be employees of Caremark and will continue to be responsible for all medical decisions made for patients, Caremark said. But the firm–whose physician management service business is growing quickly–will provide new information systems to help the doctors better manage their practice, among other services, said Edward Casas, vice president of mergers and acquisitions for Caremark.
He would not disclose the price of the affiliation agreement with the clinic, which had 1994 revenues of $60 million, according to Caremark.
Separately, Northbrook-based Caremark reported its net income fell 47 percent in the third quarter to $13.6 million, or 18 cents a share, from $25.7 million, or 34 cents a share in the period a year ago.
But profits from its continuing operations rose almost 42 percent to $19.4 million, or 26 cents a share, from $13.7 million, or 18 cents a share a year ago. Revenues rose 32 percent to $606 million from $460 million in the third period last year.
For the first nine months of 1995, Caremark reported a loss of $95.4 million, or $1.28 a share, due to one-time items. It had a profit of $53.3 million, or 71 cents a share, for the first nine months of 1994.
