SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: April 23, 1999
ACADIA NATIONAL HEALTH SYSTEMS, INC.
(Exact Name of Registrant as Specified in its Charter)
COLORADO
(State or Other Jurisdiction of Incorporation)
0-28976 010509781
(Commission File Number) (I.R.S. Employer Identification Number)
95 Park Street, Lewiston, Maine 04240
(Address of Principal Executive Offices) (Zip Code)
(207) 777-3423
(800) 274-9185
(Registrant's Telephone Number, Including Area Code)
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INFORMATION INCLUDED IN THIS REPORT
ITEMS 1 THROUGH 4, 6 THROUGH 9 NOT APPLICABLE.
ITEM 5. OTHER EVENTS.
(i)
ACADIA NATIONAL HEALTH SYSTEMS, INC.
AGING SCHEDULE OF ACCOUNTS RECEIVABLE
SEPTEMBER 30, 1998 AND DECEMBER 31, 1998
<TABLE>
<CAPTION>
AT SEPTEMBER 30, 1998 TOTAL CURRENT 30 DAYS 60 DAYS 90 DAYS 120 DAYS
<S> <C> <C> <C> <C> <C> <C>
PHYSICIANS-LEWISTON: 65,097.14 54,601.86 10,079.64 415.64 - -
JOBSMART: 228,583.50 153,390.83 37,996.14 10,602.09 7,993.44 18,601.00
KEENE: 39,609.05 39,609.05
WAIVERED: 422,264.68 315,069.50 21,056.38 17,306.73 41,272.77 27,559.30
UNBOOKED A/R: 238,173.41 238,173.41
OTHER: 7,379.48 7,379.48
TOTALS: 1,001,107.26 808,224.13 69,132.16 28,324.46 49,266.21 46,160.30
AT DECEMBER 31, 1998 TOTAL CURRENT 30 DAYS 60 DAYS 90 DAYS 120 DAYS
PHYSICIANS-LEWISTON: 69,734.52 59,567.06 8,456.12 877.55 648.69 185.10
JOBSMART: 161,317.50 119,783.36 18,885.88 9,354.85 6,280.22 7,013.19
KEENE: 45,266.76 39,465.14 5,801.62
UNBOOKED A/R:** 479,501.89 386,586.32 47,459.28 11,743.02 3,881.92 29,831.35
OTHER 1,716.15
</TABLE>
**Unbooked Accounts Receivable represents estimated collections on physician
billings for charges in transit in the system at the end of the month.
The estimated collections are multiplied by Acadia's commission rate and
booked as an account receivable. This is a standard and accepted industry
practice in the medical billing field.
(ii) Reference is made to the press releases issued to the public by the
Registrant on April 12 and 19, 1999, the text of which is attached
hereto as Exhibit 99.1 and 99.2, respectively, including a description
of the events reported pursuant to this Form 8-K.
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INDEX TO EXHIBITS
Exhibit Description
99.1 Text of press release dated April 19, 1999
99.2 Text of press release dated April 12, 1999
<PAGE>
Exhibit 99.1
(BW)(ME-ACADIA)(ACAD) Acadia National Health Systems Acquires Health Business
Group and Appoints Robert H. O'Donnell as Vice President, Business Development
Business Editors and Health/Medical Writers
LEWISTON, Maine--(BW HealthWire)--April 19, 1999--Acadia National Health
Systems, Inc. announced today that it has acquired, for an undisclosed
amount of cash and stock, Health Business Group, a healthcare consulting
company headquartered in Northampton, Massachusetts. HBG provides on-going
practice management services to a broad spectrum of physicians including
radiology, cardiology, pulmonology, internal medicine, family practice and
more. In addtion, HBG has provided consulting services to hospitals and
managed care companies throughout New England.
Founded in 1990 by Robert H. O'Donnell, HBG has been successful in
establishing a solid base of health care clients and earned an enviable
reputation for solving problems within the health care industry.
Mr. O'Donnell has been named Vice President, Business Development at
Acadia. In this position, he will be responsible for building relationships
with physician groups, hospitals and other healthcare organizations. He will
continue to operate out of his office at 5 Strong Avenue, Northampton,
Massachusetts.
Paul Chute, Chairman and CEO of Acadia, believes the addition of HBG and
Bob O'Donnell gives Acadia an important advantage in the highly competitive
medical billing and consulting field. According to Chute, "It isn't everyday
you get the opportunity to add to our management team an executive with Bob's
extraordinary healthcare experience. I am very pleased to be working with Bob
and look forward to his contribution during this important period of Acadia's
growth."
Acadia National Health Systems, Inc. (OTCBB: ACAD) is a publicly traded,
Maine based medical financial and consulting company serving physicians and
medical service organizations. Acadia's goal is to be the innovative leader
in quality, comprehensive, personalized practice management services, quality
assurance and to build long term relationships with clients and affiliates.
Acadia has experienced rapid growth during the past year as professionals of
healthcare organizations discover the value of an association with Acadia as
a medical services company.
CONTACT: Acadia National Health Systems, Inc.
John W. Holt Jr., 207.777.3423
[email protected]
Exhibit 99.2
(BW)(ME-ACADIA)(ACAD) Acadia announces Strategic Alliance With Vision
Healthsource
Business Editors and Health/Medical Writers
LEWISTON, Maine--(BW HealthWire)--April 12, 1999--Acadia National Health
Systems, Inc., announced today that it has withdrawn the letter of intent to
purchase Vision Healthsource of Vienna, Virginia and Madras, India.
"While it was our original intention to acquire Vision Healthsource, we
realized during the due diligence process that we could better accomplish our
business objectives by utilizing Vision Healthsource as a contract agent,"
said Paul Chute Chairman and Chief Executive Officer of Acadia.
According to Chute, "We will continue working toether to achieve our
respective business objectives. However, we beleive it is in Acadia's best
interest at this time to consider all partnering options and we will seek to
establish additional strategic relationships whenever and wherever
appropriate."
Acadia National Health Systems, Inc. with headquarters located in
Lewiston, Maine, offers billing, consulting, software and business systems to
physicians, hospitals and health care providers.
CONTACT: Acadia National Health Systems, Inc.
John W. Holt Jr., 207.777.3423
[email protected]
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACADIA NATIONAL HEALTH SYSTEMS, INC.
/s/ Paul W. Chute
DATE: April 23, 1999 By: PAUL W. CHUTE
Name: Paul W. Chute
Title: Chief Executive Officer
