Pathfinder Therapeutics update

Pathfinder Therapeutics, the Nashville-based VU spinoff that focuses on open and minimally invasive surgery using image-guided technologies, announced Sloan-Kettering and other universities are participating in clinical trials. The release is here. Related stories here.

UT Med Center, ContinuumRx form JV for pharmacy, infusion

ContinuumRx and the University of Tennessee Medical Center announced a joint venture in East Tennessee for infusion therapy and specialty pharmaceuticals. The release is here.

Bredesen F&A Commis. Goetz departs for Ingenix

Second-term Gov. Phil Bredesen's F&A Commissioner Dave Goetz announced his departure for as-yet undisclosed responsibilities within Ingenix, the healthcare technology subsidiary of insurer UnitedHealth Group that bought Franklin-based AIM Healthcare a few years ago. Goetz has overseen the Bredesen-charter e-Health Council of state government in recent years. That group partnered with AT&T on connectivity, handled physician-office IT initiatives, had a stake in a regional health information exchange in the Memphis area, spawned a new public-private partnership, and more. Online news indicates Ingenix has been battling class-action lawsuits regarding an allegedly faulty database that petitioners say led to reimbursement errors. Prior to serving nearly eight years with Bredesen, Goetz led both the Tennessee Chamber of Commerce & Industry and the Tennessee Business Roundtable. Earlier, he was a Capitol Hill reporter for Nashville's WTVF Channel 5 (CBS). Former Bredesen Revenue Commis. Reagan Farr and ECD Commis. Matt Kisber recently signalled their involvement in Silicon Ranch, a Solar-oriented venture, details of which have not been released.

Cerberus hospital deal approved

The long-anticipated approval of PE player Cerberus' takeover of Boston's Caritas Cristi medical center was approved last week. Boston.com has it. WSJ (sub.) noted the implications this weekend, mentioning Tennessee-based Vanguard, Ardent and Lifepoint as being involved in nonprofit acquisitions.

Pilot, Covenant, Roadside Medical venture partners

Tennessee-based Pilot Travel Centers and Covenant Transportation are among latest partners of Las Vegas-based Roadside Medical LLC, which provides healthcare and limited pharmacy services for truckers in transit. The TFP has a story on the Covenant wellness program. Roadside's site notes their alliance with Pilot. A Knoxville roadside service is open, now.

Johnson City health network adopts Allscripts

Johnson City-based Mountains State Health Network (MSHN) has adopted the Allscripts electronic health records and practice-management offerings, according to a release this morning.

Metro General's Coopwood to the Med

Memphis Daily News reports Dr. Reginald Coopwood, M.D., who heads the Metro hospital authority and its Metro General Hospital at Meharry, has been chosen the CEO of the Regional Medical Center at Memphis (the MED). A Nashville native long associated with Vanderbilt University Medical Center, Coopwood took the Metro position in 2005.

Aegis CDO is Talbert

Pearson Talbert, formerly an executive with HealthSouth and with Ingram & Associates, an affiliate of AIM Healthcare Services, has joined Aegis Health Group as chief development officer for the workplace wellness-oriented company. Release here. Talbert earned his bachelor's in psychology at Sewanee in 1994 and his MBA at the University of Alabama in 1998.

Hospital M&A pipeline gorged

The lingering slump has left many hospitals without strength to continue operations on a status quo basis, making them chum-in-the-water for acquisitive companies. The City Paper-NashvillePost reports.

HealthStream-Quorum pact revealed

Today, not long after an analyst questioned HealthStream's strategy and supposed lack of adequate synergy between learning and research, (quoting the companies' release) "HealthStream, Inc. (NASDAQ: HSTM), a leading provider of learning and research solutions for the healthcare industry, and Quorum Health Resources (QHR), the nation’s largest hospital management company and one of the top 10 healthcare consulting firms in the United States, announced today a partnership that enables both HealthStream and QHR to deliver a wider range of best-in-class solutions to the hospital market. Through the new partnership, QHR will be able to offer hospital clients industry-leading learning and research solutions from HealthStream while, concurrently, HealthStream will be able to offer hospital clients QHR’s proven consulting and innovative education and training solutions."

PsySolutions sells unit to Aetna

Psychiatric Solutions announced today it is selling its employee assistance program business to Aetna for about $70 million.

CFO departs ConnectivHealth

[corrected 10:15 a.m.] ConnectivHealth CEO Scott McQuigg says CFO Bob Kinard (at left) has left for what McQuigg described as another very attractive opportunity, which McQuigg said he was not at liberty to divulge. McQuigg said last week he has not decided whether or not to replace Kinard with a CFO. In February, ConnectivHealth announced it would concentrate solely on its HealthTeacher business. Kinard, who had been with ConnectivHealth more than two years, previously held a series of high-profile posts, including chief corporate development officer for Passport Health Communications, where he spent seven years; director of development for Phycor for 20 months; director of KPMG Health Ventures for nearly six years; plus, three years as an analyst with AmSouth Bank. Kinard earned his MBA at the University of Alabama and his finance degree at Florida State. Kinard also confirmed his departure, but declined at this time to comment on plans for his future career, which has been almost entirely in healthcare.

[Updated] Clayton-allied Gemino lends capital to Recover Health

[Updated 4:08 p.m.] Edina, Minn.-based Recover Health, a home healthcare services provider, has been sold. The parties, thus far, are not saying who bought it. About all we know is that Gemino Healthcare Finance is lending money to support the whole transaction. Background: In 2007, Nashville's Clayton Associates was named among VCs who joined to create Philadelphia-based Gemino, which was launched with a total $290MM in debt and equity. At that time, Gemino's core investor group reportedly included Atlanta- and Washington D.C.-based EDG Partners LLC, and Laminar Direct Capital, L.P., a member of the D.E. Shaw group, New York. Co-investors included, in addition to Clayton, West LB, BH1 Investments and Fulcrum Ventures. The Gemino specialty fund provides senior loans to healthcare-services providers, with financing typically $500K to $10MM or more, in the form of revolving lines of credit, secured term loans, unsecured term loans and real-estate financing. Today, Gemino announced new lending to Recover Health. Gemino provided a $3MM revolver and a $1.5MM term loan. A Gemino spokesman told VNC this afternoon that he is not at liberty to disclose which company acquired Recover (the acquirer was not among companies named in the release). The spokesman said the acquirer is neither an institutional nor strategic investor, in the traditional sense.

[Updated] Qualifacts creates California presence

[Updated June 28, 4:18 p.m.] Qualifacts Systems Inc., the 2nd Avenue provider of software and services for the behavioral health and human-services sector, announced today it has hired Geoff Fisher (left) as its first full-time sales and service executive for the West. A Qualifacts spokesperson told VNC Fisher will be based in San Diego, where he currently resides. VNC research this afternoon indicates Fisher was previously in a similar role with Sequest Technologies, a Qualifacts competitor; and, earlier, was with MDVIP and Alteer Corporation. He earned his bachelor's in Biology at Virginia Tech. The announcement of Fisher's hire was attributed to Qualifacts VP-Marketing Chris Bair. Gov. Phil Bredesen owns controlling interest in Qualifacts. David Klements is president and CEO. For VNC's previous coverage of the firm and its progress, please visit our site.

Payday for Healthspring CFO

Healthspring reported to the SEC yesterday that new EVP-CFO Karey Witty is slated to earn a $400K base annually, plus a 75 percent annual bonus going forward. Witty received a $250K signing bonus, in lieu of relocation expenses. He'll come aboard not later than July 1. Witty was previously with Valitás Health Services, a private-equity-backed clinical contract and healthcare management services company in St. Louis. Earlier, he served in key financial roles with Nashville-based Heritage Health Systems and Healthwise of America, as well as with St. Louis-based Centene Corporation. Earlier still, he was a senior auditor with Deloitte & Touche. He holds a BBA in Accounting from MTSU. Witty's Healthspring appointment was announced earlier this week. Predecessor Kevin McNamara retired May 31.

Smoke clears with AIM Healthcare no longer independent

For months, it seemed the staff cuts and reorganization and rampant rumors of impending sale at Franklin-based AIM Healthcare Services Inc. had to be leading somewhere. Yesterday, we learned UnitedHealth Group (NYSE:UNH) subsidiary Ingenix, based in Eden Prairie, Minn., acquired AIM Healthcare Services Inc. Terms of the transaction were not disclosed. A recent Hoover's entry reportedly said only that AIM had revenue of more than $60 per year, but some local observers have recently pegged the figure at north of $200MM. The sale is likely to have been for at least twice that amount. Three years ago, NashvillePost.com reported fierce litigation between local rivals AIM and local rival Arbor Healthcare, involving petitions that, among other claims and counter-claims, described AIM management's allegedly rough and intimidating behavior toward those it suspected of wrongdoing. Jim Sohr (at left) has served as president of AIM HealthCare Services, Inc. since its founding in 1995. Prior to co-founding AIM with Williamson County entrepreneur Preston Ingram, Sohr was director of new business development at Hobart/Tafa Technologies, a coatings and robotics company; and, was assistant VP-Operations at Marine Midland Bank, New York. Sohr earned his bachelor's in EE at the Vanderbilt School of Engineering and his MBA at VU's Owen Graduate School of Management.

VUMC's Balser speaks

VUMC's Jeff Balser (at left) says becoming world's first med center to achieve delivery of personalized medicine may be his highest long-term goal, as he succeeds Harry Jacobson as vice chancellor.