PSS World Medical
Encyclopedia
PSS World Medical, Inc. is an American
distributor of medical products, equipment, billing services and pharmaceutical related products to non-hospital healthcare providers. In 2008, the company celebrated its 25th year in business and was named to Forbes 400 Best Big Companies list for the second time. The organization also ranked number 965 on the 2008 Fortune 1000 list of largest businesses, up from 980 the prior year.
The company, based in Jacksonville
, Florida
, began in 1983 with the physician business, now called the Physician Sales & Service (PSS) division, as a distributor of medical supplies, diagnostic equipment, and pharmaceutical related products to primary care office-based physicians in the United States. According to The Florida Times-Union, "PSS entered the radiology and imaging equipment distribution business by acquiring Jacksonville-based Diagnostic Imaging, Inc" in 1996.
The acquisition of Gulf South Medical Supply Inc. was completed in early 1998 for $661 million and expanded PSSWM's target customer group to include long-term care and assisted living facilities, home health care and hospice providers
According to The Florida Times-Union, Physician Sales and Service Inc. "officially changed its corporate name" in March, 1998 to PSS World Medical Inc. (PSSWM) "to reflect...[the company's] expansion into multiple medical distribution sectors."
Fisher Scientific
announced its intention to buy PSSWM for $746.9 million in June, 2000 to increase its sales of medical products to doctors and nursing homes. Investors did not like the plan, and stock prices for both companies declined. On September 5, 2000, Fisher backed out of the deal and both companies announced that the "transaction is not in the best interest of their respective shareholders."
Diagnostic Imaging acquired California-based Intra-Trade Medical Corp. and QA Processor Service; New York-based Vanguard Imaging; and Florida-based Palm Beach X-Ray Company in 1999 with the expressed hope of raising annual revenue by $45 million. However, PSSWM restructured the company's debt in 2000 and DI lost money for two years. In late 2002, PSSWM announced a $115 million deal to sell its Diagnostic Imaging subsidiary to a venture capital firm that will continue operating the imaging business based in Jacksonville.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
distributor of medical products, equipment, billing services and pharmaceutical related products to non-hospital healthcare providers. In 2008, the company celebrated its 25th year in business and was named to Forbes 400 Best Big Companies list for the second time. The organization also ranked number 965 on the 2008 Fortune 1000 list of largest businesses, up from 980 the prior year.
History
Jacksonville, Florida
Jacksonville is the largest city in the U.S. state of Florida in terms of both population and land area, and the largest city by area in the contiguous United States. It is the county seat of Duval County, with which the city government consolidated in 1968...
, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, began in 1983 with the physician business, now called the Physician Sales & Service (PSS) division, as a distributor of medical supplies, diagnostic equipment, and pharmaceutical related products to primary care office-based physicians in the United States. According to The Florida Times-Union, "PSS entered the radiology and imaging equipment distribution business by acquiring Jacksonville-based Diagnostic Imaging, Inc" in 1996.
According to The Florida Times-Union, Physician Sales and Service Inc. "officially changed its corporate name" in March, 1998 to PSS World Medical Inc. (PSSWM) "to reflect...[the company's] expansion into multiple medical distribution sectors."
Fisher Scientific
Fisher Scientific
Fisher Scientific International, Inc. was a biotechnology company that provided products and services to the global scientific research and United States clinical laboratory markets...
announced its intention to buy PSSWM for $746.9 million in June, 2000 to increase its sales of medical products to doctors and nursing homes. Investors did not like the plan, and stock prices for both companies declined. On September 5, 2000, Fisher backed out of the deal and both companies announced that the "transaction is not in the best interest of their respective shareholders."
Diagnostic Imaging acquired California-based Intra-Trade Medical Corp. and QA Processor Service; New York-based Vanguard Imaging; and Florida-based Palm Beach X-Ray Company in 1999 with the expressed hope of raising annual revenue by $45 million. However, PSSWM restructured the company's debt in 2000 and DI lost money for two years. In late 2002, PSSWM announced a $115 million deal to sell its Diagnostic Imaging subsidiary to a venture capital firm that will continue operating the imaging business based in Jacksonville.