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INVESTMENT IN NON-CONSOLIDATED ENTITIES
12 Months Ended
Dec. 31, 2018
INVESTMENT IN NON-CONSOLIDATED ENTITIES  
INVESTMENT IN NON-CONSOLIDATED ENTITIES

9. INVESTMENTS IN NON-CONSOLIDATED ENTITIES

Ageology

From October 2011 through January 2017, the Company maintained a 25 percent minority interest in Worksmart MD, LLC, also known as Ageology, although it fully impaired its investment during the fourth quarter of 2014. In transactions unrelated to the Company, SkyPoint Ventures LLC (“SkyPoint”), an affiliated entity of the Company’s former chief executive officer, provided funding through loans to Ageology through January 2017. In February 2017, SkyPoint elected to convert its outstanding loans into equity in Ageology, which equated to an approximate ownership of 43 percent. Concurrently, the Company converted its $2,500 in outstanding loans (which the Company had written off during the fourth quarter of 2014) into equity in Ageology, which resulted in the Company having an approximate 22 percent minority interest.

Subsequent to the February 2017, SkyPoint continued to provide funding through loans during the remainder of the year ended December 31, 2017 and into 2018.  The outstanding loans plus accrued interest were then converted into equity in November 2018, which further diluted the Company’s ownership interest to approximately 4.7 percent. Because the Company does not direct the activities that most significantly impact the economic performance of Ageology, management has determined that the Company is not nor ever has been Ageology’s primary beneficiary.

Physician Resource Management, Inc.

In December 2014, the Company invested $3,500 in Physician Resource Management, Inc. (“PRM”) in exchange for a 15 percent equity position. In October 2015, the Company invested an additional $1,459, which increased its equity position in PRM to 19.9 percent. The Company accounted for this investment under the cost method, as the Company does not have significant influence over its operations. In transactions unrelated to the Company, the Company's former chief executive officer personally invested $250 in PRM through December 31, 2016.

During January 2017, PRM completed the planned sale of its primary asset. The Company recorded impairment charges of $286 and $4,659, which are reflected within “Equity loss and impairment of non-consolidated entities,” for the years ended December 31, 2018 and 2016, respectively, to write-down its cost method investment in PRM to net realizable value. PRM was subsequently dissolved in December 2018.