Raytel closes Heart Center of Towson

Maryland Watch

March 14, 1998

The Heart Center of Towson, a catheterization lab, has closed, Raytel Medical Corp., its owner, announced yesterday.

The lab had four employees.

Raytel, based in San Mateo, Calif., acquired the Towson facility in September as part of its purchase of Cardiovascular Ventures Inc. of New Orleans for $21.6 million. CVI owned eight centers in four states and an 18-physician practice in Florida.

"At the time of the CVI acquisition, we identified the Towson facility and one other as candidates for either closing or restructuring," said Richard F. Bader, chairman and chief executive officer of Raytel.

"Despite our considerable efforts to turn around the facility's performance," the Towson center was still losing money, he said.

Raytel has no other facilities in Maryland.

The company maintains a business in which patients wearing cardiac monitors can send data by telephone, so doctors can check on their conditions. It also is developing a network of "integrated heart centers," which include physician practices.

Raytel stock closed yesterday at $7.75 a share, down 18.75 cents.

Pub Date: 3/14/98

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