Stipe buys health care company, moving it to McAlester

McALESTER, Okla. (AP) -- State Sen. Gene Stipe has completed the<br>purchase of Health Care Financial Services Inc. and plans to move<br>the company's headquarters from Dallas to McAlester.<br> <br>Stipe

Monday, October 11th 1999, 12:00 am

By: News On 6

McALESTER, Okla. (AP) -- State Sen. Gene Stipe has completed the
purchase of Health Care Financial Services Inc. and plans to move
the company's headquarters from Dallas to McAlester.

Stipe said he and HCFS President Larry Davis are the sole
stockholders in the company, Davis and other management personnel
plan to have their offices in McAlester.

Health Care Financial Services provides financial services for
hospitals and has more than 100 hospital contracts in 30 states,
including Oklahoma, Texas and Arkansas. The acquisition was
completed Friday.

Stipe said the move to McAlester would bring 30 new jobs to the
town and he expects that number to grow. He said that within 18
months there should be at least 46 new local jobs created in
McAlester.

"It will be expanding rapidly," Stipe said.

He estimated the company has about 200 employees in its offices
around the country. It has employees in each of the locations where
there are hospital contracts.

"Bringing HCFS to Oklahoma is a great boost for the McAlester
area, where we have an abundance of qualified people," Stipe said.
"We will be able to do the same work that has been done in Dallas,
but more efficiently."

Stipe said Health Care Financial Services was established in
1987 to provide financial services to hospitals and other health
care facilities.

Stipe said he plans to start moving additional employees into
the McAlester office within the week. He doesn't know how many of
the company's existing employees will be moving from Dallas.

Stipe didn't disclose the purchase price. He said a portion of
the purhase was financed with a loan partly guaranteed by the U.S.
Department of Agriculture's Rural Development Program. The program
secures lower interest rates for loans to create jobs in rural
areas.