Financial Capital and Intellectual Capital in Physician Practice Management

Health Affairs

Volumn 17, Issue 4, 1998, Pages 53-74

  Robinson, James C ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

ARTICLE; ECONOMIC ASPECT; ECONOMICS; FINANCIAL MANAGEMENT; HEALTH INSURANCE; HUMAN; MANAGEMENT; ORGANIZATION AND MANAGEMENT; UNITED STATES;

CAPITAL FINANCING; ECONOMIC COMPETITION; HUMANS; MANAGED CARE PROGRAMS; PRACTICE MANAGEMENT, MEDICAL; UNITED STATES;

EID: 0032110573     PISSN: 02782715     EISSN: None     Source Type: Journal    
DOI: 10.1377/hlthaff.17.4.53     Document Type: Article

References (58)

1. J.C. Robinson, "Consolidation of Medical Groups into Physician Practice Management Organizations," Journal of the American Medical Association (14 January 1998): 144-149.
2. L.R. Burns and J.C. Robinson, "Physician Practice Management Companies: Implications for Hospital-Based Integrated Delivery Systems," Frontiers of Health Services Management 14, no. 2 (1997): 3-36; J.C. Robinson, "Physician-Hospital Integration and the Economic Theory of the Firm," Medical Care Research and Review 54, no. 1 (1997): 3-24; B.G. O'Neil and T.B. Manderfeld, Physician Practice Management: Searching for Value (Minneapolis: Piper Jaffray, August 1997); L.C. Marsh and A. Feinstein, Of Minds and Men: Changing Behavior in the New Physician Enterprise (New York: Salomon Brothers, March 1997); American Medical Association, Physician Practice Management Companies: What You Need to Know (Chicago: AMA, 1997); and T.E. Hodapp and J. Rex, Physician Practice Management Outlook, 1998-2002 (San Francisco: BancAmerica Robertson Stephens, December 1997).
3. L.R. Burns and J.C. Robinson, "Physician Practice Management Companies: Implications for Hospital-Based Integrated Delivery Systems," Frontiers of Health Services Management 14, no. 2 (1997): 3-36; J.C. Robinson, "Physician-Hospital Integration and the Economic Theory of the Firm," Medical Care Research and Review 54, no. 1 (1997): 3-24; B.G. O'Neil and T.B. Manderfeld, Physician Practice Management: Searching for Value (Minneapolis: Piper Jaffray, August 1997); L.C. Marsh and A. Feinstein, Of Minds and Men: Changing Behavior in the New Physician Enterprise (New York: Salomon Brothers, March 1997); American Medical Association, Physician Practice Management Companies: What You Need to Know (Chicago: AMA, 1997); and T.E. Hodapp and J. Rex, Physician Practice Management Outlook, 1998-2002 (San Francisco: BancAmerica Robertson Stephens, December 1997).
4. L.R. Burns and J.C. Robinson, "Physician Practice Management Companies: Implications for Hospital-Based Integrated Delivery Systems," Frontiers of Health Services Management 14, no. 2 (1997): 3-36; J.C. Robinson, "Physician-Hospital Integration and the Economic Theory of the Firm," Medical Care Research and Review 54, no. 1 (1997): 3-24; B.G. O'Neil and T.B. Manderfeld, Physician Practice Management: Searching for Value (Minneapolis: Piper Jaffray, August 1997); L.C. Marsh and A. Feinstein, Of Minds and Men: Changing Behavior in the New Physician Enterprise (New York: Salomon Brothers, March 1997); American Medical Association, Physician Practice Management Companies: What You Need to Know (Chicago: AMA, 1997); and T.E. Hodapp and J. Rex, Physician Practice Management Outlook, 1998-2002 (San Francisco: BancAmerica Robertson Stephens, December 1997).
5. L.R. Burns and J.C. Robinson, "Physician Practice Management Companies: Implications for Hospital-Based Integrated Delivery Systems," Frontiers of Health Services Management 14, no. 2 (1997): 3-36; J.C. Robinson, "Physician-Hospital Integration and the Economic Theory of the Firm," Medical Care Research and Review 54, no. 1 (1997): 3-24; B.G. O'Neil and T.B. Manderfeld, Physician Practice Management: Searching for Value (Minneapolis: Piper Jaffray, August 1997); L.C. Marsh and A. Feinstein, Of Minds and Men: Changing Behavior in the New Physician Enterprise (New York: Salomon Brothers, March 1997); American Medical Association, Physician Practice Management Companies: What You Need to Know (Chicago: AMA, 1997); and T.E. Hodapp and J. Rex, Physician Practice Management Outlook, 1998-2002 (San Francisco: BancAmerica Robertson Stephens, December 1997).
6. L.R. Burns and J.C. Robinson, "Physician Practice Management Companies: Implications for Hospital-Based Integrated Delivery Systems," Frontiers of Health Services Management 14, no. 2 (1997): 3-36; J.C. Robinson, "Physician-Hospital Integration and the Economic Theory of the Firm," Medical Care Research and Review 54, no. 1 (1997): 3-24; B.G. O'Neil and T.B. Manderfeld, Physician Practice Management: Searching for Value (Minneapolis: Piper Jaffray, August 1997); L.C. Marsh and A. Feinstein, Of Minds and Men: Changing Behavior in the New Physician Enterprise (New York: Salomon Brothers, March 1997); American Medical Association, Physician Practice Management Companies: What You Need to Know (Chicago: AMA, 1997); and T.E. Hodapp and J. Rex, Physician Practice Management Outlook, 1998-2002 (San Francisco: BancAmerica Robertson Stephens, December 1997).
7. L.R. Burns and J.C. Robinson, "Physician Practice Management Companies: Implications for Hospital-Based Integrated Delivery Systems," Frontiers of Health Services Management 14, no. 2 (1997): 3-36; J.C. Robinson, "Physician-Hospital Integration and the Economic Theory of the Firm," Medical Care Research and Review 54, no. 1 (1997): 3-24; B.G. O'Neil and T.B. Manderfeld, Physician Practice Management: Searching for Value (Minneapolis: Piper Jaffray, August 1997); L.C. Marsh and A. Feinstein, Of Minds and Men: Changing Behavior in the New Physician Enterprise (New York: Salomon Brothers, March 1997); American Medical Association, Physician Practice Management Companies: What You Need to Know (Chicago: AMA, 1997); and T.E. Hodapp and J. Rex, Physician Practice Management Outlook, 1998-2002 (San Francisco: BancAmerica Robertson Stephens, December 1997).
8. Press releases from FPA Medical Management: "FPA Medical Management and Foundation Health Systems Enter into Letter of Intent for National HMO Contract" (1 May 1997); "FPA Medical Management Signs Agreement for National Contracts with PacifiCare Health Systems" (21 May 1997); "Aetna U.S. Healthcare and FPA Medical Management Enter into a Long-Term Provider Relationship" (23 June 1997); "FPA Medical Management and Health Partners Announce Merger Agreement" (including contractual agreements with Oxford and WellPoint; 2 July 1997); "FPA Medical Management Signs New Agreements with Healthsource" (9 July 1997); "FPA Medical Management Announces Agreements with Prudential Healthcare and Carolina Health Care Group" (5 August 1997); and "FPA Medical Management Announces Agreement with NYLCare Plans of New Jersey" (29 September 1997).
9. Press releases from FPA Medical Management: "FPA Medical Management and Foundation Health Systems Enter into Letter of Intent for National HMO Contract" (1 May 1997); "FPA Medical Management Signs Agreement for National Contracts with PacifiCare Health Systems" (21 May 1997); "Aetna U.S. Healthcare and FPA Medical Management Enter into a Long-Term Provider Relationship" (23 June 1997); "FPA Medical Management and Health Partners Announce Merger Agreement" (including contractual agreements with Oxford and WellPoint; 2 July 1997); "FPA Medical Management Signs New Agreements with Healthsource" (9 July 1997); "FPA Medical Management Announces Agreements with Prudential Healthcare and Carolina Health Care Group" (5 August 1997); and "FPA Medical Management Announces Agreement with NYLCare Plans of New Jersey" (29 September 1997).
10. Press releases from FPA Medical Management: "FPA Medical Management and Foundation Health Systems Enter into Letter of Intent for National HMO Contract" (1 May 1997); "FPA Medical Management Signs Agreement for National Contracts with PacifiCare Health Systems" (21 May 1997); "Aetna U.S. Healthcare and FPA Medical Management Enter into a Long-Term Provider Relationship" (23 June 1997); "FPA Medical Management and Health Partners Announce Merger Agreement" (including contractual agreements with Oxford and WellPoint; 2 July 1997); "FPA Medical Management Signs New Agreements with Healthsource" (9 July 1997); "FPA Medical Management Announces Agreements with Prudential Healthcare and Carolina Health Care Group" (5 August 1997); and "FPA Medical Management Announces Agreement with NYLCare Plans of New Jersey" (29 September 1997).
11. Press releases from FPA Medical Management: "FPA Medical Management and Foundation Health Systems Enter into Letter of Intent for National HMO Contract" (1 May 1997); "FPA Medical Management Signs Agreement for National Contracts with PacifiCare Health Systems" (21 May 1997); "Aetna U.S. Healthcare and FPA Medical Management Enter into a Long-Term Provider Relationship" (23 June 1997); "FPA Medical Management and Health Partners Announce Merger Agreement" (including contractual agreements with Oxford and WellPoint; 2 July 1997); "FPA Medical Management Signs New Agreements with Healthsource" (9 July 1997); "FPA Medical Management Announces Agreements with Prudential Healthcare and Carolina Health Care Group" (5 August 1997); and "FPA Medical Management Announces Agreement with NYLCare Plans of New Jersey" (29 September 1997).
12. Press releases from FPA Medical Management: "FPA Medical Management and Foundation Health Systems Enter into Letter of Intent for National HMO Contract" (1 May 1997); "FPA Medical Management Signs Agreement for National Contracts with PacifiCare Health Systems" (21 May 1997); "Aetna U.S. Healthcare and FPA Medical Management Enter into a Long-Term Provider Relationship" (23 June 1997); "FPA Medical Management and Health Partners Announce Merger Agreement" (including contractual agreements with Oxford and WellPoint; 2 July 1997); "FPA Medical Management Signs New Agreements with Healthsource" (9 July 1997); "FPA Medical Management Announces Agreements with Prudential Healthcare and Carolina Health Care Group" (5 August 1997); and "FPA Medical Management Announces Agreement with NYLCare Plans of New Jersey" (29 September 1997).
13. Press releases from FPA Medical Management: "FPA Medical Management and Foundation Health Systems Enter into Letter of Intent for National HMO Contract" (1 May 1997); "FPA Medical Management Signs Agreement for National Contracts with PacifiCare Health Systems" (21 May 1997); "Aetna U.S. Healthcare and FPA Medical Management Enter into a Long-Term Provider Relationship" (23 June 1997); "FPA Medical Management and Health Partners Announce Merger Agreement" (including contractual agreements with Oxford and WellPoint; 2 July 1997); "FPA Medical Management Signs New Agreements with Healthsource" (9 July 1997); "FPA Medical Management Announces Agreements with Prudential Healthcare and Carolina Health Care Group" (5 August 1997); and "FPA Medical Management Announces Agreement with NYLCare Plans of New Jersey" (29 September 1997).
14. Press releases from FPA Medical Management: "FPA Medical Management and Foundation Health Systems Enter into Letter of Intent for National HMO Contract" (1 May 1997); "FPA Medical Management Signs Agreement for National Contracts with PacifiCare Health Systems" (21 May 1997); "Aetna U.S. Healthcare and FPA Medical Management Enter into a Long-Term Provider Relationship" (23 June 1997); "FPA Medical Management and Health Partners Announce Merger Agreement" (including contractual agreements with Oxford and WellPoint; 2 July 1997); "FPA Medical Management Signs New Agreements with Healthsource" (9 July 1997); "FPA Medical Management Announces Agreements with Prudential Healthcare and Carolina Health Care Group" (5 August 1997); and "FPA Medical Management Announces Agreement with NYLCare Plans of New Jersey" (29 September 1997).
15. Robinson, "Consolidation of Medical Groups;" Marsh and Feinstem, Of Minds and Men; G. Moerschel and P. McGuinnis, MedPartners (Chicago: Chicago Dearborn Company, December 1996); MedPartners, Inc., Prospectus for Common Stock (Public Equity Offering, New York Stock Exchange, October 1996); E.E. Kroll and K.B. Murphy, FPA Medical Management (New York: Furman Selz, November 1996); G.I. Wilson and C.S. Russ, FPA Medical Management (New York: Lehman Brothers, November 1996); E. Wiberg and S. Ameer, FPA Medical Management (New York: UBS Securities, July 1996); B.S. Bader, "Case Study: HealthCare Partners Medical Group," Health System Leader 1, no. 6 (1994): 14-22; and J.C. Robinson and L.P. Casalino, "Growth of Medical Groups Paid through Capitation in California," New England Journal of Medicine (21 December 1995): 1684-1687.
16. Robinson, "Consolidation of Medical Groups;" Marsh and Feinstem, Of Minds and Men; G. Moerschel and P. McGuinnis, MedPartners (Chicago: Chicago Dearborn Company, December 1996); MedPartners, Inc., Prospectus for Common Stock (Public Equity Offering, New York Stock Exchange, October 1996); E.E. Kroll and K.B. Murphy, FPA Medical Management (New York: Furman Selz, November 1996); G.I. Wilson and C.S. Russ, FPA Medical Management (New York: Lehman Brothers, November 1996); E. Wiberg and S. Ameer, FPA Medical Management (New York: UBS Securities, July 1996); B.S. Bader, "Case Study: HealthCare Partners Medical Group," Health System Leader 1, no. 6 (1994): 14-22; and J.C. Robinson and L.P. Casalino, "Growth of Medical Groups Paid through Capitation in California," New England Journal of Medicine (21 December 1995): 1684-1687.
17. Robinson, "Consolidation of Medical Groups;" Marsh and Feinstem, Of Minds and Men; G. Moerschel and P. McGuinnis, MedPartners (Chicago: Chicago Dearborn Company, December 1996); MedPartners, Inc., Prospectus for Common Stock (Public Equity Offering, New York Stock Exchange, October 1996); E.E. Kroll and K.B. Murphy, FPA Medical Management (New York: Furman Selz, November 1996); G.I. Wilson and C.S. Russ, FPA Medical Management (New York: Lehman Brothers, November 1996); E. Wiberg and S. Ameer, FPA Medical Management (New York: UBS Securities, July 1996); B.S. Bader, "Case Study: HealthCare Partners Medical Group," Health System Leader 1, no. 6 (1994): 14-22; and J.C. Robinson and L.P. Casalino, "Growth of Medical Groups Paid through Capitation in California," New England Journal of Medicine (21 December 1995): 1684-1687.
18. Robinson, "Consolidation of Medical Groups;" Marsh and Feinstem, Of Minds and Men; G. Moerschel and P. McGuinnis, MedPartners (Chicago: Chicago Dearborn Company, December 1996); MedPartners, Inc., Prospectus for Common Stock (Public Equity Offering, New York Stock Exchange, October 1996); E.E. Kroll and K.B. Murphy, FPA Medical Management (New York: Furman Selz, November 1996); G.I. Wilson and C.S. Russ, FPA Medical Management (New York: Lehman Brothers, November 1996); E. Wiberg and S. Ameer, FPA Medical Management (New York: UBS Securities, July 1996); B.S. Bader, "Case Study: HealthCare Partners Medical Group," Health System Leader 1, no. 6 (1994): 14-22; and J.C. Robinson and L.P. Casalino, "Growth of Medical Groups Paid through Capitation in California," New England Journal of Medicine (21 December 1995): 1684-1687.
19. Robinson, "Consolidation of Medical Groups;" Marsh and Feinstem, Of Minds and Men; G. Moerschel and P. McGuinnis, MedPartners (Chicago: Chicago Dearborn Company, December 1996); MedPartners, Inc., Prospectus for Common Stock (Public Equity Offering, New York Stock Exchange, October 1996); E.E. Kroll and K.B. Murphy, FPA Medical Management (New York: Furman Selz, November 1996); G.I. Wilson and C.S. Russ, FPA Medical Management (New York: Lehman Brothers, November 1996); E. Wiberg and S. Ameer, FPA Medical Management (New York: UBS Securities, July 1996); B.S. Bader, "Case Study: HealthCare Partners Medical Group," Health System Leader 1, no. 6 (1994): 14-22; and J.C. Robinson and L.P. Casalino, "Growth of Medical Groups Paid through Capitation in California," New England Journal of Medicine (21 December 1995): 1684-1687.
20. Robinson, "Consolidation of Medical Groups;" Marsh and Feinstem, Of Minds and Men; G. Moerschel and P. McGuinnis, MedPartners (Chicago: Chicago Dearborn Company, December 1996); MedPartners, Inc., Prospectus for Common Stock (Public Equity Offering, New York Stock Exchange, October 1996); E.E. Kroll and K.B. Murphy, FPA Medical Management (New York: Furman Selz, November 1996); G.I. Wilson and C.S. Russ, FPA Medical Management (New York: Lehman Brothers, November 1996); E. Wiberg and S. Ameer, FPA Medical Management (New York: UBS Securities, July 1996); B.S. Bader, "Case Study: HealthCare Partners Medical Group," Health System Leader 1, no. 6 (1994): 14-22; and J.C. Robinson and L.P. Casalino, "Growth of Medical Groups Paid through Capitation in California," New England Journal of Medicine (21 December 1995): 1684-1687.
21. Robinson, "Consolidation of Medical Groups;" Marsh and Feinstem, Of Minds and Men; G. Moerschel and P. McGuinnis, MedPartners (Chicago: Chicago Dearborn Company, December 1996); MedPartners, Inc., Prospectus for Common Stock (Public Equity Offering, New York Stock Exchange, October 1996); E.E. Kroll and K.B. Murphy, FPA Medical Management (New York: Furman Selz, November 1996); G.I. Wilson and C.S. Russ, FPA Medical Management (New York: Lehman Brothers, November 1996); E. Wiberg and S. Ameer, FPA Medical Management (New York: UBS Securities, July 1996); B.S. Bader, "Case Study: HealthCare Partners Medical Group," Health System Leader 1, no. 6 (1994): 14-22; and J.C. Robinson and L.P. Casalino, "Growth of Medical Groups Paid through Capitation in California," New England Journal of Medicine (21 December 1995): 1684-1687.
22. Robinson, "Consolidation of Medical Groups;" Marsh and Feinstem, Of Minds and Men; G. Moerschel and P. McGuinnis, MedPartners (Chicago: Chicago Dearborn Company, December 1996); MedPartners, Inc., Prospectus for Common Stock (Public Equity Offering, New York Stock Exchange, October 1996); E.E. Kroll and K.B. Murphy, FPA Medical Management (New York: Furman Selz, November 1996); G.I. Wilson and C.S. Russ, FPA Medical Management (New York: Lehman Brothers, November 1996); E. Wiberg and S. Ameer, FPA Medical Management (New York: UBS Securities, July 1996); B.S. Bader, "Case Study: HealthCare Partners Medical Group," Health System Leader 1, no. 6 (1994): 14-22; and J.C. Robinson and L.P. Casalino, "Growth of Medical Groups Paid through Capitation in California," New England Journal of Medicine (21 December 1995): 1684-1687.
23. Robinson, "Consolidation of Medical Groups;" Marsh and Feinstem, Of Minds and Men; G. Moerschel and P. McGuinnis, MedPartners (Chicago: Chicago Dearborn Company, December 1996); MedPartners, Inc., Prospectus for Common Stock (Public Equity Offering, New York Stock Exchange, October 1996); E.E. Kroll and K.B. Murphy, FPA Medical Management (New York: Furman Selz, November 1996); G.I. Wilson and C.S. Russ, FPA Medical Management (New York: Lehman Brothers, November 1996); E. Wiberg and S. Ameer, FPA Medical Management (New York: UBS Securities, July 1996); B.S. Bader, "Case Study: HealthCare Partners Medical Group," Health System Leader 1, no. 6 (1994): 14-22; and J.C. Robinson and L.P. Casalino, "Growth of Medical Groups Paid through Capitation in California," New England Journal of Medicine (21 December 1995): 1684-1687.
24. Robinson and Casalino, "Growth of Medical Groups;" and Hoechst Marion Roussel, Managed Care Digest Series, 1997: HMO-PPO/Medicare-Medicaid Digest (Kansas City: Hoechst Marion Roussel, 1997).
25. Robinson and Casalino, "Growth of Medical Groups;" and Hoechst Marion Roussel, Managed Care Digest Series, 1997: HMO-PPO/Medicare-Medicaid Digest (Kansas City: Hoechst Marion Roussel, 1997).
26. D.M. Berwick, "Payment by Capitation and the Quality of Care," New England Journal of Medicine 335, no. 16 (1996): 1227-1231.
27. E.A. Kerr et al., "Managed Care and Capitation in California: How Do Physicians at Financial Risk Control Their Own Utilization?" Annals of Internal Medicine (1 October 1995): 500-504.
28. See, for example, O.E. Williamson, "Corporate Finance and Corporate Governance," Journal of Finance 43, no. 3 (1988): 567-591; M.C. Jensen, "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review 76, no. 2 (1986): 323-329; E.F. Fama, "Agency Problems and the Theory of the Firm," Journal of Political Economy 88, no. 2 (1980): 288-307; and B.R. Holmstrom and J. Tirole, "The Theory of the Firm," Handbook of Industrial Organization, vol. 1 (Amsterdam: Elsevier, 1989), 61-133.
29. See, for example, O.E. Williamson, "Corporate Finance and Corporate Governance," Journal of Finance 43, no. 3 (1988): 567-591; M.C. Jensen, "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review 76, no. 2 (1986): 323-329; E.F. Fama, "Agency Problems and the Theory of the Firm," Journal of Political Economy 88, no. 2 (1980): 288-307; and B.R. Holmstrom and J. Tirole, "The Theory of the Firm," Handbook of Industrial Organization, vol. 1 (Amsterdam: Elsevier, 1989), 61-133.
30. See, for example, O.E. Williamson, "Corporate Finance and Corporate Governance," Journal of Finance 43, no. 3 (1988): 567-591; M.C. Jensen, "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review 76, no. 2 (1986): 323-329; E.F. Fama, "Agency Problems and the Theory of the Firm," Journal of Political Economy 88, no. 2 (1980): 288-307; and B.R. Holmstrom and J. Tirole, "The Theory of the Firm," Handbook of Industrial Organization, vol. 1 (Amsterdam: Elsevier, 1989), 61-133.
31. See, for example, O.E. Williamson, "Corporate Finance and Corporate Governance," Journal of Finance 43, no. 3 (1988): 567-591; M.C. Jensen, "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review 76, no. 2 (1986): 323-329; E.F. Fama, "Agency Problems and the Theory of the Firm," Journal of Political Economy 88, no. 2 (1980): 288-307; and B.R. Holmstrom and J. Tirole, "The Theory of the Firm," Handbook of Industrial Organization, vol. 1 (Amsterdam: Elsevier, 1989), 61-133.
32. L.P. Casalino, "Medical Groups and the Transition to Managed Care in California" (Doctoral dissertation, University of California, Berkeley, 1997).
33. Jensen, "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers."
34. S.M. Shortell, R.R. Gillies, and D.A. Anderson, "The New World of Managed Care: Creating Organized Delivery Systems," Health Affairs (Winter 1994): 46-64.
35. PhyCor, "PhyCor Announces Agreement to Acquire MedPartners, Combining Nation's Leading Physician Management Organizations" (Press release, 29 October 1997); and MedPartners, "MedPartners and PhyCor Announce Termination of Merger Plan" (Press release, 7 January 1998).
36. PhyCor, "PhyCor Announces Agreement to Acquire MedPartners, Combining Nation's Leading Physician Management Organizations" (Press release, 29 October 1997); and MedPartners, "MedPartners and PhyCor Announce Termination of Merger Plan" (Press release, 7 January 1998).
37. W.W. Powell "Neither Market nor Hierarchy: Network Forms of Organization," Research in Organizational Behavior 12 (1990): 295-336; J.F. Hennart, "A Transactions Cost Theory of Equity Joint Ventures," Strategic Management Journal 9 (1988): 361-374; and R.G. Eccles, "The Quasifirm in the Construction Industry," Journal of Economic Behavior and Organization 2 (1981): 335-357.
38. W.W. Powell "Neither Market nor Hierarchy: Network Forms of Organization," Research in Organizational Behavior 12 (1990): 295-336; J.F. Hennart, "A Transactions Cost Theory of Equity Joint Ventures," Strategic Management Journal 9 (1988): 361-374; and R.G. Eccles, "The Quasifirm in the Construction Industry," Journal of Economic Behavior and Organization 2 (1981): 335-357.
39. W.W. Powell "Neither Market nor Hierarchy: Network Forms of Organization," Research in Organizational Behavior 12 (1990): 295-336; J.F. Hennart, "A Transactions Cost Theory of Equity Joint Ventures," Strategic Management Journal 9 (1988): 361-374; and R.G. Eccles, "The Quasifirm in the Construction Industry," Journal of Economic Behavior and Organization 2 (1981): 335-357.
40. J.R. Lincoln, "Japanese Organization and Organization Theory," Research in Organizational Behavior 12 (1990): 255-294; M. Aoki, "Toward an Economic Model of the Japanese Firm," Journal of Economic Literature 28 (1990): 1-27; M.L. Gerlach, Alliance Capitalism: The Social Organization of Japanese Business (Berkeley, Calif.: University of California Press, 1992); and A. Saxenian, Regional Advantage: Culture and Competition in Silicon Valley and Route 128 (Cambridge, Mass.: Harvard University Press, 1994).
41. J.R. Lincoln, "Japanese Organization and Organization Theory," Research in Organizational Behavior 12 (1990): 255-294; M. Aoki, "Toward an Economic Model of the Japanese Firm," Journal of Economic Literature 28 (1990): 1-27; M.L. Gerlach, Alliance Capitalism: The Social Organization of Japanese Business (Berkeley, Calif.: University of California Press, 1992); and A. Saxenian, Regional Advantage: Culture and Competition in Silicon Valley and Route 128 (Cambridge, Mass.: Harvard University Press, 1994).
42. J.R. Lincoln, "Japanese Organization and Organization Theory," Research in Organizational Behavior 12 (1990): 255-294; M. Aoki, "Toward an Economic Model of the Japanese Firm," Journal of Economic Literature 28 (1990): 1-27; M.L. Gerlach, Alliance Capitalism: The Social Organization of Japanese Business (Berkeley, Calif.: University of California Press, 1992); and A. Saxenian, Regional Advantage: Culture and Competition in Silicon Valley and Route 128 (Cambridge, Mass.: Harvard University Press, 1994).
43. J.R. Lincoln, "Japanese Organization and Organization Theory," Research in Organizational Behavior 12 (1990): 255-294; M. Aoki, "Toward an Economic Model of the Japanese Firm," Journal of Economic Literature 28 (1990): 1-27; M.L. Gerlach, Alliance Capitalism: The Social Organization of Japanese Business (Berkeley, Calif.: University of California Press, 1992); and A. Saxenian, Regional Advantage: Culture and Competition in Silicon Valley and Route 128 (Cambridge, Mass.: Harvard University Press, 1994).
44. Information on PhyCor comes from the trade press and discussions with leaders at PhyCor, competitor PPMs, and industry observers. Sources at PhyCor included Joe Hutts (president and chief executive-officer), Derrill Reeves (executive vice-president), Fred Ewing (senior vice-president, operations), Ron Loepke (chief medical officer), Glen Marconcini (senior vice-president, managed care), Jess Judy (vice-president, development), Mike Hutchens (vice-president, development), and Carl Whitmer (vice-president, treasurer).
45. See J.D. Ederer and J.M. Rosenbluth, PhyCor, Inc. (San Francisco: Volpe Brown Whelan and Co., June 1997); O'Neil and Manderfeld, Physician Practice Management; Marsh and Feinstein, Of Minds and Men; E.H. Kerns and N.T. Ockers, PhyCor, Inc: Leading Physician Practice Management Company (Baltimore: Alex. Brown, March 1997); J.D. France, R.M. Willoughby, and A.G. Ballou, PhyCor Inc. (New York: Credit Suisse First Boston Equity Research Americas July 1997); and NASDAQ, The Nasdaq Stock Market Corporate Record: PhyCor Inc. (New York: NASDAQ, 1997).
46. See J.D. Ederer and J.M. Rosenbluth, PhyCor, Inc. (San Francisco: Volpe Brown Whelan and Co., June 1997); O'Neil and Manderfeld, Physician Practice Management; Marsh and Feinstein, Of Minds and Men; E.H. Kerns and N.T. Ockers, PhyCor, Inc: Leading Physician Practice Management Company (Baltimore: Alex. Brown, March 1997); J.D. France, R.M. Willoughby, and A.G. Ballou, PhyCor Inc. (New York: Credit Suisse First Boston Equity Research Americas July 1997); and NASDAQ, The Nasdaq Stock Market Corporate Record: PhyCor Inc. (New York: NASDAQ, 1997).
47. See J.D. Ederer and J.M. Rosenbluth, PhyCor, Inc. (San Francisco: Volpe Brown Whelan and Co., June 1997); O'Neil and Manderfeld, Physician Practice Management; Marsh and Feinstein, Of Minds and Men; E.H. Kerns and N.T. Ockers, PhyCor, Inc: Leading Physician Practice Management Company (Baltimore: Alex. Brown, March 1997); J.D. France, R.M. Willoughby, and A.G. Ballou, PhyCor Inc. (New York: Credit Suisse First Boston Equity Research Americas July 1997); and NASDAQ, The Nasdaq Stock Market Corporate Record: PhyCor Inc. (New York: NASDAQ, 1997).
48. See J.D. Ederer and J.M. Rosenbluth, PhyCor, Inc. (San Francisco: Volpe Brown Whelan and Co., June 1997); O'Neil and Manderfeld, Physician Practice Management; Marsh and Feinstein, Of Minds and Men; E.H. Kerns and N.T. Ockers, PhyCor, Inc: Leading Physician Practice Management Company (Baltimore: Alex. Brown, March 1997); J.D. France, R.M. Willoughby, and A.G. Ballou, PhyCor Inc. (New York: Credit Suisse First Boston Equity Research Americas July 1997); and NASDAQ, The Nasdaq Stock Market Corporate Record: PhyCor Inc. (New York: NASDAQ, 1997).
49. See J.D. Ederer and J.M. Rosenbluth, PhyCor, Inc. (San Francisco: Volpe Brown Whelan and Co., June 1997); O'Neil and Manderfeld, Physician Practice Management; Marsh and Feinstein, Of Minds and Men; E.H. Kerns and N.T. Ockers, PhyCor, Inc: Leading Physician Practice Management Company (Baltimore: Alex. Brown, March 1997); J.D. France, R.M. Willoughby, and A.G. Ballou, PhyCor Inc. (New York: Credit Suisse First Boston Equity Research Americas July 1997); and NASDAQ, The Nasdaq Stock Market Corporate Record: PhyCor Inc. (New York: NASDAQ, 1997).
50. See J.D. Ederer and J.M. Rosenbluth, PhyCor, Inc. (San Francisco: Volpe Brown Whelan and Co., June 1997); O'Neil and Manderfeld, Physician Practice Management; Marsh and Feinstein, Of Minds and Men; E.H. Kerns and N.T. Ockers, PhyCor, Inc: Leading Physician Practice Management Company (Baltimore: Alex. Brown, March 1997); J.D. France, R.M. Willoughby, and A.G. Ballou, PhyCor Inc. (New York: Credit Suisse First Boston Equity Research Americas July 1997); and NASDAQ, The Nasdaq Stock Market Corporate Record: PhyCor Inc. (New York: NASDAQ, 1997).
51. Real estate is a long-term, low-annual-rate-of-return investment and as such is not appropriate for a growth company focused on physician services.
52. Information on the Nalle Clinic is from the trade press and discussions with Ray Fernandez (medical director, Nalle Clinic), Sue Savard (chief executive officer PhyCor of Charlotte), Brad Prechtl (chief financial officer, Nalle Clinic), and Bill Lynagh (medical director, Piedmont Healthcare Alliance IPA).
53. An analysis of leadership and governance changes at the Nalle Clinic can be found in I.M. Rubin and C.R. Fernandez, My Pulse Is Not What It Used to Be: The Leadership Challenges in Health Care (Honolulu: Temenos Foundation, 1991).
54. C.A. Hewitt and K.S. Abramowitz, PhyCor to Acquire MedPartners' Capitation Expertise and Market Position (New York: Bernstein Research, 7 November 1997).
55. J.B. Barney, "Strategic Factor Markets: Expectations, Luck, and Business Strategy," Management Science 32, no. 10 (1986): 1231-1241; and I. Dierickx and K. Cool, "Asset Stock Accumulation and Sustainability of Competitive Advantage," Management Science 35, no. 12 (1989): 1504-1511.
56. J.B. Barney, "Strategic Factor Markets: Expectations, Luck, and Business Strategy," Management Science 32, no. 10 (1986): 1231-1241; and I. Dierickx and K. Cool, "Asset Stock Accumulation and Sustainability of Competitive Advantage," Management Science 35, no. 12 (1989): 1504-1511.
57. D.M. Berwick, "Continuous Improvement as an Ideal in Health Care," New England Journal of Medicine 320, no. 1(1989): 53-56.
58. E.A. Kerr et al., "Quality Assurance in Capitated Physician Groups: Where Is the Emphasis?" Journal of the American Medical Association (16 October 1996): 1236-1239.