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BUSINESS
July 9, 1986 | ROBERT HANLEY, Times Staff Writer
After more than a year of intermittent merger talks, Maxicare Health Plans Inc. reached an agreement Tuesday to acquire HealthCare USA for about $67 million in cash. The acquisition creates one of the nation's three largest operators of health maintenance organizations and is expected by analysts to be just one in a series of big mergers and acquisitions in an industry beset by cutthroat competition and tighter profit margins. Also on Tuesday, for instance, National Medical Enterprises Inc.
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BUSINESS
March 13, 1989 | LINDA WILLIAMS, Times Staff Writer
Maxicare Health Plans Inc. bought a lot of trouble when it acquired HealthCare USA in 1986. But there was one piece of gold in the package: HealthCare USA's Orange-based Family Health Services Inc., known in some areas as General Med, was making money. Today, Maxicare is dismantling the unit, leaving in its wake bitter employees, many of whom claim that Maxicare is largely responsible for FHS' demise. "This is a classic example of the ills of corporate medicine," said Dr.
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BUSINESS
December 22, 1985 | ROBERT HANLEY, Times Staff Writer
In April, when Greatwest Hospitals Inc. changed its name to HealthCare USA, sold off its hospitals and completed its shift into the health maintenance organization business, it seemed like a new beginning for the company.
BUSINESS
October 9, 1986 | ROBERT HANLEY, Times Staff Writer
Just a week after completing its $67-million acquisition of ailing HealthCare USA, Los Angeles-based Maxicare Health Plans Inc. said Wednesday that it has laid off more than 20% of HealthCare's employees. The layoff of 192 clerical workers employed by Orange-based HealthCare's General Med unit and its Southfield, Mich.-based Independence Health Plan unit--both health maintenance organizations--is expected to save about $6 million a year.
BUSINESS
March 13, 1989 | LINDA WILLIAMS, Times Staff Writer
Maxicare Health Plans Inc. bought a lot of trouble when it acquired HealthCare USA in 1986. But there was one piece of gold in the package: HealthCare USA's Orange-based Family Health Services Inc., known in some areas as General Med, was making money. Today, Maxicare is dismantling the unit, leaving in its wake bitter employees, many of whom claim that Maxicare is largely responsible for FHS' demise. "This is a classic example of the ills of corporate medicine," said Dr.
BUSINESS
May 30, 1986 | ROBERT HANLEY, Times Staff Writer
In an apparent rejection of merger overtures by Maxicare Health Plans Inc., HealthCare USA said Thursday that its "earnings prospects are quite good" and that it reserves its "poison pill" to fight off an unfriendly takeover. HealthCare Chairman Harlan Loomas, in his first official response since learning that Maxicare had acquired an 11.9% stake in HealthCare, said he wanted to "demonstrate the earnings potential" of HealthCare, an Orange-based firm.
BUSINESS
October 9, 1986 | ROBERT HANLEY, Times Staff Writer
Just a week after completing its $67-million acquisition of ailing HealthCare USA, Los Angeles-based Maxicare Health Plans Inc. said Wednesday that it has laid off more than 20% of HealthCare's employees. The layoff of 192 clerical workers employed by Orange-based HealthCare's General Med unit and its Southfield, Mich.-based Independence Health Plan unit--both health maintenance organizations--is expected to save about $6 million a year.
BUSINESS
May 28, 1986 | ROBERT HANLEY, Times Staff Writer
Maxicare Health Plans Inc., the nation's largest investor-owned health maintenance organization, said Tuesday that it has bought nearly 12% of an Orange County HMO and is negotiating to buy the rest. HealthCare USA, the Orange County HMO, declined to comment on the purchase of 11.9% of its stock by Maxicare that was disclosed in statements filed with the Securities and Exchange Commission. The filing confirmed industry speculation of a pending deal between the two HMO firms.
BUSINESS
January 31, 1986 | CARLA LAZZARESCHI, Times Staff Writer
Healthcare USA, which has struggled for the last year to find a solidly profitable business strategy, said Thursday that it expects a "significant" loss in its final quarter and full 1985 fiscal year because of write-offs associated with the disposal of four money-losing units. Harlan Loomas, chairman and chief executive, said the Orange-based company will close dental insurance plans it operates in St. Louis and Chicago and four urgent-care facilities in Southern California.
BUSINESS
June 26, 1986 | MICHAEL FEIBUS, Times Staff Writer
HealthCare USA's board of directors on Wednesday rejected a $54-million takeover bid by Maxicare Health Plans Inc. but authorized management to pursue negotiations with the Los Angeles-based health maintenance organization. Harlan Loomas, HealthCare USA chairman, said "the major consideration was the price" for the board members in rejecting the $12-a-share bid.
BUSINESS
October 1, 1986 | ROBERT HANLEY, Times Staff Writer
HealthCare USA's shareholders Tuesday approved the $67-million sale of their company to Maxicare Health Plans Inc. of Los Angeles. Under terms of the $13.50-a-share acquisition, Orange-based HealthCare becomes a wholly owned subsidiary of Maxicare, which becomes one of the nation's largest publicly held health maintenance organizations. The merger, which took effect at midnight (EST), gives Maxicare more than 1 million members.
BUSINESS
July 9, 1986 | ROBERT HANLEY, Times Staff Writer
After more than a year of intermittent merger talks, Maxicare Health Plans Inc. reached an agreement Tuesday to acquire HealthCare USA for about $67 million in cash. The acquisition creates one of the nation's three largest operators of health maintenance organizations and is expected by analysts to be just one in a series of big mergers and acquisitions in an industry beset by cutthroat competition and tighter profit margins. Also on Tuesday, for instance, National Medical Enterprises Inc.
BUSINESS
June 26, 1986
Los Angeles-based Maxicare had offered $54 million for HealthCare USA. Harlan Loomas, chairman and chief executive of HealthCare, an HMO headquartered in Orange, said, however, that his directors have authorized him to "pursue negotiations" with Maxicare, which already owns 11.9% of HealthCare's 5.1 million shares of common stock outstanding.
BUSINESS
June 26, 1986 | MICHAEL FEIBUS, Times Staff Writer
HealthCare USA's board of directors on Wednesday rejected a $54-million takeover bid by Maxicare Health Plans Inc. but authorized management to pursue negotiations with the Los Angeles-based health maintenance organization. Harlan Loomas, HealthCare USA chairman, said "the major consideration was the price" for the board members in rejecting the $12-a-share bid.
BUSINESS
June 24, 1986 | ROBERT HANLEY, Times Staff Writer
After nearly a month of silence between the two companies, Maxicare Health Plans has upped the ante in its bid to take over HealthCare USA with an offer of $12 a share for the Orange-based health maintenance organization. Officials of both companies confirmed Monday that the $12-a-share offer was delivered to HealthCare USA on Saturday. The company's directors will consider the proposal, which expires Friday, at their regular meeting Wednesday, said Harlan Loomas, HealthCare chairman.
BUSINESS
May 30, 1986 | ROBERT HANLEY, Times Staff Writer
In an apparent rejection of merger overtures by Maxicare Health Plans Inc., HealthCare USA said Thursday that its "earnings prospects are quite good" and that it reserves its "poison pill" to fight off an unfriendly takeover. HealthCare Chairman Harlan Loomas, in his first official response since learning that Maxicare had acquired an 11.9% stake in HealthCare, said he wanted to "demonstrate the earnings potential" of HealthCare, an Orange-based firm.
BUSINESS
June 26, 1986
Los Angeles-based Maxicare had offered $54 million for HealthCare USA. Harlan Loomas, chairman and chief executive of HealthCare, an HMO headquartered in Orange, said, however, that his directors have authorized him to "pursue negotiations" with Maxicare, which already owns 11.9% of HealthCare's 5.1 million shares of common stock outstanding.
BUSINESS
May 28, 1986 | ROBERT HANLEY, Times Staff Writer
Maxicare Health Plans Inc., the nation's largest investor-owned health maintenance organization, said Tuesday that it has bought nearly 12% of an Orange County HMO and is negotiating to buy the rest. HealthCare USA, the Orange County HMO, declined to comment on the purchase of 11.9% of its stock by Maxicare that was disclosed in statements filed with the Securities and Exchange Commission. The filing confirmed industry speculation of a pending deal between the two HMO firms.
BUSINESS
May 28, 1986 | ROBERT HANLEY, Times Staff Writer
Maxicare Health Plans Inc. said Tuesday that it has acquired nearly 12% of HealthCare USA since mid-March and is negotiating for the purchase of the rest of the company, confirming industry speculation of a pending deal between the two health maintainence organizations. Harlan Loomas, HealthCare USA's chairman, was notified of the development Friday when Fred Wasserman, Maxicare's chairman, telephoned to say that his company planned to file disclosure statements with the U.S.
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