Early this morning, Coventry Health Care Inc. (CVH) announced that it has agreed to acquire Preferred Health Systems, Inc. (commonly referred to as PHS), the wholly-owned health insurance subsidiary of Via Christi Health System, Inc.  PHS is based in Wichita, Kansas. It is a commercial health plan whose beneficiaries include more than 100,000 members for whom it assumes full insurance risk, and 20,000 members for whom PHS provides administrative services. The acquisition of PHS will further widen the customer base of the diversified national managed healthcare company in the Midwestern United States.  The transaction, expected to close in the next 90 to 120 days, will not affect Coventry ’s earnings in the first year.  PHS was incorporated in 1993 following strong support and encouragement from area physicians, St. Francis Regional Medical Center and St. Joseph Medical Center , which merged to form Via Christi Health ...