UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


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                                    FORM 10-Q

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[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

                 For the quarter period ended September 30, 2006

                                       OR

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

                    For the transition period from ___ to ___

                           Commission File No. 0-27654

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                   LONG ISLAND PHYSICIAN HOLDINGS CORPORATION
             (Exact name of registrant as specified in its charter)

                New York                                        11-3232989
      (State or other jurisdiction                           (I.R.S. Employer
    of incorporation or organization)                     Identification Number)

  One Huntington Quadrangle Suite 4C-01
           Melville, New York                                     11747
(Address of principal executive offices)                        (Zip Code)

       Registrant's telephone number, including area code: (631) 454-1900

        Securities registered pursuant to Section 12(b) of the Act: None

           Securities registered pursuant to Section 12(g) of the Act:

                      Class A Common Stock, par value $.001
                      Class B Common Stock, par value $.001

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the past 12 months (or for such shorter period that the issuer was required to
file such reports), and (2) has been subject to such filing requirements for the
past 90 days. Yes [ ] No [X]


Indicate by check mark whether the registrant is an accelerated filer (as
defined under Rule 12b-2 of the Act). Yes __ No [X]

Indicate the number of shares outstanding of each of the Registrant's classes of
Common Stock, as of the latest practicable date: As of September 30, 2006 there
were 1,798 shares of Class A common stock and 4,044 shares of Class B common
stock outstanding.


<PAGE>

                                TABLE OF CONTENTS

                                                                        Page No.
                                                                        --------

PART I    FINANCIAL INFORMATION

Item 1.   Financial Statements

          Consolidated Balance Sheets                                       3
          Consolidated Statements of Operations (unaudited)                 4
          Consolidated Statements of Cash Flows (unaudited)                 5
          Notes to Consolidated Financial Statements (unaudited)          6-9

Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations                            9-14

Item 3.   Quantitative and Qualitative Disclosures about Market Risk       14

Item 4.   Controls and Procedures                                          14

PART II   OTHER INFORMATION

Item 6.   Exhibits                                                         15

SIGNATURES and CERTIFICATIONS                                            16-21


                                       2
<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

                   Long Island Physician Holdings Corporation
                           Consolidated Balance Sheets
                    September 30, 2006 and December 31, 2005

<TABLE>
<CAPTION>

                                                                                             September 30,             December 31,
                                                                                                 2006                      2005
                                                                                             ------------              ------------
Assets                                                                                       (unaudited)

<S>                                                                                          <C>                       <C>
Cash                                                                                         $  1,806,244              $  2,141,929

Premium receivables (net of allowances of approximately
$1,200,000 in 2006 and $1,295,000 in 2005)                                                      4,024,039                 5,280,579
   Reinsurance recoverables                                                                       242,948                   317,413
   Payments in excess of capitation                                                             2,300,000                 2,500,000
   Prepaid expenses and other current assets                                                    1,953,086                 3,583,882
                                                                                             ------------              ------------
     Total current assets                                                                      10,326,317                13,823,803
 Property plant and equipment, net                                                                192,453                   275,447
 Restricted cash and cash investments                                                           6,008,318                 5,911,795
 Payments in excess of capitation, net of allowances of
     $3,000,000 in both 2006 and 2005                                                          10,125,131                11,497,164
                                                                                             ------------              ------------
     Total assets                                                                            $ 26,652,219              $ 31,508,209
                                                                                             ============              ============
Liabilities and Stockholders' Deficit:
   Medical claims payable                                                                    $ 24,745,863              $ 22,416,881
   Public goods payable                                                                         5,210,072                 4,746,035
   Unearned premium revenue                                                                     1,915,103                 1,885,792
   Accounts payable and accrued expenses                                                        2,226,720                 2,495,243
                                                                                             ------------              ------------
     Total current liabilities                                                                 34,097,758                31,543,951
Note payable and accrued interest                                                               3,740,382                 3,599,259
                                                                                             ------------              ------------
     Total liabilities                                                                         37,838,140                35,143,210

Stockholders' deficit:
     Class A common stock, $.001 par value;
          10,000 shares authorized, 1,798 issued
          and outstanding                                                                               2                         2
     Class B common stock, $.001 par value;
          25,000 shares authorized, 4,044 issued
          and outstanding                                                                               4                         4
Additional paid-in capital                                                                     11,478,536                11,478,536
Accumulated deficit                                                                           (22,664,463)              (15,113,543)
                                                                                             ------------              ------------
     Total stockholders' deficit                                                              (11,185,921)               (3,635,001)
                                                                                             ------------              ------------
     Total liabilities and stockholders' deficit                                             $ 26,652,219              $ 31,508,209
                                                                                             ============              ============

</TABLE>


The accompanying notes are an integral part of these consolidated financial
statements.


                                       3
<PAGE>

                   Long Island Physician Holdings Corporation
                      Consolidated Statements of Operations

<TABLE>
<CAPTION>

                                                                       Three months ended                 Nine months ended
                                                                         September 30,                       September 30,
                                                              -------------------------------       -------------------------------
                                                                  2006               2005               2006              2005
                                                              ------------       ------------       ------------       ------------
                                                                          (unaudited)                           (unaudited)
<S>                                                           <C>                <C>                <C>                <C>
Revenue:
  Premiums earned                                             $ 23,597,389       $ 28,739,170       $ 70,476,990       $ 88,092,117
                                                              ------------       ------------       ------------       ------------
Expenses:
  Medical services expense                                      22,731,293         26,028,260         66,231,667         76,629,431
  Commissions expense                                            1,204,801          1,199,373          3,585,325          3,668,466
  General and administrative expenses                            2,621,972          3,191,229          8,354,530          9,671,934
                                                              ------------       ------------       ------------       ------------
  Total expenses                                                26,558,066         30,418,862         78,171,522         89,969,831
                                                              ------------       ------------       ------------       ------------
Operating loss                                                  (2,960,677)        (1,679,692)        (7,694,532)        (1,877,714)
   Investment and other income                                      58,251             75,041            144,866            152,504
                                                              ------------       ------------       ------------       ------------
   Loss before income taxes
       and minority interest                                    (2,902,426)        (1,604,651)        (7,549,666)        (1,725,210)
Benefit (Provision) for income taxes                                  (701)             1,791             (1,254)             6,241
Minority interest in  loss
     of subsidiary                                                      --            523,856                 --            564,449
                                                              ------------       ------------       ------------       ------------
   Net loss                                                     (2,901,725)        (1,082,586)        (7,550,920)        (1,167,002)
                                                              ============       ============       ============       ============

   Basic and diluted income per share                         $    (496.70)      $    (185.31)      $  (1,292.52)      $    (199.76)
   Basic and diluted weighted average shares                          5842               5842               5842               5842

</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.


                                       4
<PAGE>

                   Long Island Physician Holdings Corporation
                      Consolidated Statements of Cash Flows
                  Nine months Ended September 30, 2006 and 2005


                                                          Nine months ended
                                                            September 30,
                                                     --------------------------
                                                        2006           2005
                                                     -----------    -----------
Cash flows from operating activities:                (unaudited)    (unaudited)

Net  loss                                            $(7,550,920)   $(1,167,002)
Adjustment to reconcile net loss to net cash
used in operating activities:
     Depreciation                                         88,923         82,167
     Minority interest in income of subsidiary                --       (564,449)
Changes in operating assets and liabilities:
    Payments in excess of capitation                   1,572,033      1,144,256
     Reinsurance recoverable                              74,465         25,738
     Premium receivables                               1,256,540     (2,831,472)
     Prepaid expenses and other current assets         1,630,796       (731,885)
     Medical claims payable                            2,328,982      4,559,086
     Public goods payable                                464,037       (106,099)
     Unearned premium revenue                             29,311        (13,297)
     Accounts payable and accrued expenses and
        accrued interest                                (127,400)      (461,175)
                                                     -----------    -----------
Net cash used in operating activities                   (233,233)       (64,132)
                                                     -----------    -----------
Cash flows from investing activities:
Increase in restricted cash and investments              (96,523)       (65,120)
Purchase of property and equipment                        (5,929)       (73,834)
                                                     -----------    -----------
Net cash used in investing activities                   (102,452)      (138,954)
                                                     -----------    -----------
Net change in cash and cash equivalents                 (335,685)      (203,086)

Cash beginning of period                               2,141,929      1,334,326
                                                     -----------    -----------
Cash end of period                                   $ 1,806,244    $ 1,131,240
                                                     ===========    ===========

The accompanying notes are an integral part of these consolidated financial
statements


                                       5
<PAGE>

                   Long Island Physician Holdings Corporation
                   Notes to Consolidated Financial Statements

1. BASIS OF PRESENTATION

      Background

      Long Island Physician Holdings Corporation (the "Company" or "LIPH") was
formed in December 1994 in the State of New York as a holding company to advance
the delivery of healthcare on Long Island, New York (Nassau and Suffolk
counties). The Company is owned by individual physicians residing in New York
State. The accompanying consolidated financial statements include the activity
of the Company and its majority-owned subsidiary, MDNY HealthCare, Inc.
("MDNY"), an independent practice association-model health maintenance
organization ("HMO"). The Company owns 67% of the stock of MDNY. The Company is
exclusively a holding company whose principal asset is its investment in MDNY
and conducts no operating activities of its own. Catholic Healthcare Network of
Long Island, Inc. ("CHNLI") owns the remaining 33% of the stock in MDNY. MDNY
commenced operations in 1996. At September 30, 2006, MDNY had 26,909 members,
comprised of individuals and families, enrolled in its health maintenance plans
and point-of-service plans.

      The Company is affiliated with LIPH, LLC (the "LLC"), a New York limited
liability company formed in December 1996. Upon the formation of the LLC, the
shareholders of the Company owned all of the membership interests in the LLC.
The assets of the LLC consist of the stock in three independent practice
associations, Island Practice Association, I. P. A., Inc. ("Island IPA"), Island
Behavioral Health Association IPA, Inc. (currently inactive) and Island Dental
Professional Association IPA, Inc. (the "IPAs"). MDNY has entered into various
contractual arrangements (the "Professional Services Agreements") with the IPAs
to arrange for the provision of applicable health care and administrative
services to the Members of MDNY.

      The interim consolidated financial statements reflect all adjustments,
which, in the opinion of management, are necessary for a fair statement of
financial condition and results of operations for the periods presented. Except
as otherwise disclosed, all such adjustments are of a normal recurring nature.
The interim consolidated financial statements have been compiled without audit.
Operating results for the interim periods are not necessarily indicative of the
results that may be expected for the full year. These interim consolidated
financial statements should be read in conjunction with the audited consolidated
financial statements included in the Company's 2005 Annual Report on Form 10-K.
The Company's legal, accounting and other professional costs are funded by MDNY.

      Earnings Per Share

      Basic and diluted income (loss) per share is based on the number of shares
of Class A common stock and Class B common stock outstanding during the period.
At September 30, 2006 and December 31, 2005, the Company had no outstanding
stock options or other common stock equivalents.

      New Accounting Standards

      In September 2006, the FASB issued Statement of Financial Accounting
Standard No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 provides a
definition of fair value, establishes acceptable methods of measuring fair value
and expands disclosures for fair value measurements. The principles apply under
accounting pronouncements which require measurement of fair value. The Company
does not expect the adoption of FAS 157 to have a material impact on its
financial statements.

      In September 2006, Financial Accounting Standards Board ("FASB") issued
FAS 158, Employers' Accounting for Defined Benefit Pension and Other
Postretirement Plans - an Amendment of FASB Statements No. 87, 88, 106 and
132(R) ("FAS 158"). FAS 158 requires an employer that is a business entity and
sponsors one or more single employer benefit plans to (1) recognize the funded
status of the benefit in its statement of financial position, (2) recognize as a
component of other comprehensive income, net of tax, the gains or losses and
prior service costs or credits that arise during the period, but are not
recognized as components of net periodic benefit cost, (3) measure defined
benefit plan assets and obligations as of the date of the employer's fiscal year
end statement of financial position and (4) disclose in the notes to financial
statements additional information about certain effects on net periodic benefit
cost for the next fiscal year that arise from delayed recognition of the gains
or losses, prior service costs on credits, and transition asset or obligations.
The Company offers to the employees a Defined Contribution Plan and therefore
this statement will have no affect to the Company. The Company does not match or
contribute to the Plan.


                                       6
<PAGE>

      In June 2006, the Financial Accounting Standards Board ("FASB") issued
FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN
48"). FIN 48 applies to all tax positions accounted for under SFAS No. 109,
"Accounting for Income Taxes" and defines the confidence level that a tax
position must meet in order to be recognized in the financial statements. The
interpretation requires that the tax effects of a position be recognized only if
it is "more-likely-than-not" to be sustained by the taxing authority as of the
reporting date. If a tax position is not considered "more-likely-than-not" to be
sustained then no benefits of the position are to be recognized. FIN 48 requires
additional disclosures and is effective as of the beginning of the first fiscal
year beginning after December 15, 2006. The Company does not expect the adoption
of FIN 48 to have a material impact on its financial statements.

      In September 2006, the SEC issued Staff Accounting Bulletin No. 108,
"Considering the Effects of Prior Year Misstatements when Quantifying
Misstatements in Current Year Financial Statements" ("SAB 108"). SAB 108
provides guidance on how prior year misstatements should be taken into
consideration when quantifying misstatements in current year financial
statements for purposes of determining whether the current year's financial
statements are materially misstated. SAB 108 permits registrants to record the
cumulative effect of initial adoption by recording the necessary "correcting"
adjustments to the carrying values of assets and liabilities as of the beginning
of that year with the offsetting adjustment recorded to the opening balance of
retained earnings only if material under the dual method. SAB 108 is effective
for fiscal years ending on or after November 15, 2006. The Company does not
expect the adoption of SAB 108 to have a material impact on its financial
statements.

      As of December 2005, the Company's financials do not reflect CHNLI's one
third stock ownership in MDNY as minority interest. As a result of the
cumulative operating losses of MDNY, CHNLI's interest in the company was
negative as of December 31, 2005. Negative minority interest is not allowable
under GAAP. Therefore, the Company has recorded the full amount of the operating
losses sustained by MDNY for the nine months ended 2006.

Going Concern and Recent Developments

      The Company's financial statements have been presented on the basis that
it will continue as a going concern, which contemplates the realization of
assets and the satisfaction of liabilities in the normal course of business. The
Company has reported a $7.6 million loss as of September 30, 2006; has a
substantial working capital deficit, and has incurred cumulative losses since
inception and continues to decline in enrollment. Furthermore, the Company has
utilized substantially all of the cash raised in its initial equity infusion in
funding operations and currently does not meet its New York State contingent
reserve funding requirement.

      For the nine months ended September 30, 2006, the Company reported a loss
of $7,550,920. This loss was the result of higher than anticipated medical costs
in 2006. MDNY's medical loss ratio was 94% and 87.3%, respectively, for the nine
months ended September 30, 2006 and for the year ended December 31, 2005. As of
September 30, 2006 and 2005 enrollment was 26,909 and 33,001 respectively.
Catholic Health Services of Long Island, Inc. ("CHSLI"), an affiliate of CHNLI,
on behalf of five catholic hospitals that act as providers to MDNY (the
"Hospitals"), did not renew the respective Hospital subscriber contracts with
MDNY upon expiration thereof on January 1, 2006, resulting in the loss of
approximately 6,000 members. MDNY's negative working capital deficit increased
from approximately $17.7 million at December 31, 2005 to approximately $23.8
million at September 30, 2006. This increase is primarily the result of the
operating losses for the nine months ended September 30, 2006.

      The Company's ability to achieve profitability, and ensure its long-term
survival, depends on MDNY's ability to successfully complete a transaction with
one or more third party investor(s) to recapitalize MDNY and allow MDNY to
develop and market additional, competitive high deductible products that MDNY
currently is prohibited from selling due to its existing licensure and financial
condition. Any such transaction would likely involve the issuance by MDNY of a
controlling equity interest to a new investor and substantial dilution to the
Company and CHNLI, MDNY's existing shareholders. MDNY anticipates that any
acceptable proposal would likely contemplate the issuance to the new investor(s)
of 90% or more or MDNY's outstanding stock. MDNY is considering proposals from
potential equity investors and continues to work with a financial advisor to
effect a potential transaction and implement programs to reduce administrative
and medical costs. There is no assurance that any equity investment will be
completed on terms acceptable to MDNY (or, if necessary, its shareholders) or
approved by the New York State Insurance Department ("NYSID").

      In the second quarter 2005, NYSID conducted a market conduct audit of MDNY
for fiscal years 2002 through 2004 with a primary audit focus on year ended
2004. On July 12, 2006, NYSID issued its Report on Examination as of December
31, 2004. The Report concluded that, as of December 31, 2004, MDNY was insolvent
in the amount of $11,937,000 and its contingent reserve fund was impaired in the
amount of $18,680,000. Based on the Report, NYSID found that the "continued
operation of MDNY in an impaired state represents a hazard to policyholders and
claimants." NYSID directed MDNY to cure


                                       7
<PAGE>

the impairment within 15 days of the letter, failing which the Superintendent of
Insurance might proceed against MDNY pursuant to Article 74 of the New York
Insurance Law, which would govern any court supervised liquidation of MDNY. In
late August 2006 MDNY and NYSID met to discuss the financial condition of MDNY
and the status of potential transactions. MDNY has received no further
communication from NYSID.

Potential Obligations with Respect to New York Market Stabilization Pools

      MDNY is subject to certain state-regulated risk allocation pools
("Stabilization Pools") created by NYSID. The Stabilization Pools are designed
to encourage insurers to remain in or enter the small group and individual
health insurance markets and protect all insurers and health maintenance
organizations ("HMO") in those markets from extreme losses due to open
enrollment of persons for coverage who are very ill or have a history of poor
health. Under NYSID Regulation 146, as amended ("Regulation 146"), certain
insurers and HMOs participating in those markets in New York State are required
either to make payments to or receive payments from the Stabilization Pools
based upon criteria stated in Regulation 146. .

      On July 13, 2005, NYSID notified MDNY as follows:

            "Due to the financially impaired status of MDNY at this time, the
            Insurance Department is not imposing any liability on MDNY for
            payments to the SMC Pools under the Fourth Amendment to Regulation
            146 [citation omitted] for years 1999 through 2004 other than the
            deposits for estimated SMC contributions previously remitted by MDNY
            for 1999 and 2000. However, please be advised that the Insurance
            Department will continue to evaluate MDNY's financial condition and
            its impact on any liabilities under the pools for 2005, and for
            future years."

      The effect of the July 13 notice is to relieve MDNY from liability under
Regulation 146 with respect to 1999 through 2004, to forfeit deposits of
$318,625 and $300,000 made by MDNY with respect to 1999 and 1998, and to leave
open the possibility of liability under Regulation 146 with respect to 2005 and
subsequent years.

      In October 2006, NYSID released the Fifth Amendment to Regulation 146
which outlines a new high cost claim based market stabilization process for
individual and small group policies. This amendment states that there will be no
payments to the pools, or collections from the pools under this Section of the
law for 2005 or 2006. Payments or distributions will be made from the pools in
2008 based upon actual premium and claims data received by the Department for
calendar year 2007. The Department has requested 2005 data for advisory purposes
only. Data for 2006 and all subsequent years is due by January 31 of the
following year. NYSID anticipates releasing estimates to carriers in 2007 based
upon 2006 data. There can be no assurance that NYSID will determine that MDNY
does not have significant payment obligations to the Stabilization Pools with
respect to 2007 and subsequent years. Any definitive determination by NYSID that
MDNY has significant payment obligations with respect to the Stabilization Pools
for such years would have a material adverse effect on the business and
financial condition and operations of MDNY and the Company.

Recovery and Subordination Agreement

      With NYSID's approval, MDNY, Island IPA and CHSLI, entered into a Recovery
and Subordination Agreement (the "Recovery and Subordination Agreement"), dated
July 12, 2001 and effective January 1, 2002. The Recovery and Subordination
Agreement provides, among other things, as follows: (i) Island IPA is required
to pay the Island Debt pursuant to a Repayment Plan whereby Island IPA is
obligated to withhold, and remit to MDNY, 5% of all payments due to Island IPA
participating providers (the "IPA Withhold"), MDNY will make claims payments to
Island IPA or its participating providers on a fee-for-service basis, MDNY is
required to pay Island IPA a $1.50 per member per month network access fee, and
Island IPA is required to pay to MDNY the net revenue it receives from sources
other than MDNY; (ii) until the Island Debt is repaid, Island IPA, Island IPA's
participating providers and the Hospitals agreed (a), in the event that MDNY
becomes insolvent (pursuant to a court approved order or admits its inability to
pay its debts), to subordinate their rights to payment by MDNY of outstanding
claims (including IBNR) to all other outstanding claims in an amount equal to
the amount of the then outstanding Island Debt, and (b) that, after payment of
third party claims, the claims of Island IPA and its providers will be
subordinated to the claims of the Hospitals; and (iii) the amount of the Island
Debt outstanding from time to time will be carried on the financial statements
of MDNY as an admitted asset. The aggregate amount owed by MDNY to the
subordinating parties in the form of medical claims payable was approximately
$15.7 million and $14 million as of September 30, 2006 and December 31, 2005,
respectively.

      MDNY recognized an initial receivable of approximately $23.2 million,
which represented actual claims paid in 2001 to Island IPA participating
providers with dates of service prior to January 1, 2001. As of September 30,
2006 and December 31, 2005, the Island Debt was $12.4 million and $14 million
respectively. Island Debt is recorded net or a reserve of


                                       8
<PAGE>

$3,000,000 which represented the difference in the amount owed to MDNY compared
to the amount of claims subordinated in medical claims payable at December 31,
2005. As a result of the operating losses through the nine months ended
September 30, 2006, the claim lag has increased and the result is that a larger
amount IPA and CHSLI claims remain outstanding against the Island debt as of
September 30, 2006. MDNY will continue to evaluate the adequacy of the reserve
in 2006. The $1.6 million reduction of the Island Debt since December 31, 2005
is the result of the IPA Withhold paid for the nine months ended September 30,
2006. As of September 30, 2006 and December 31, 2005, no payment by MDNY to
Island IPA for network access fees has been made or will be required to be made
to Island IPA. In addition, Island IPA has not received any income from other
sources as of September 30, 2006 and December 31, 2005 respectively.

      On September 16, 2005, NYSID advised MDNY that NYSID had determined that
MDNY should have reported approximately $17.6 million of payments in excess of
capitation ("Island Debt") as a non-admitted asset, and that the resulting
reduction in net worth resulted in MDNY having an insolvency in the amount of
$12,666,791 as of June 30, 2005. NYSID directed MDNY to make every effort to
collect, in cash, the outstanding amount of the Island Debt as soon as possible
but no later than December 31, 2005 and requested that MDNY provide a plan, by
September 30, 2005, detailing the steps MDNY would take to collect the
outstanding balance. In November 2005 NYSID reiterated its position that the
Island Debt should be not be reflected as an admitted asset but extended the
payment due date to June 30, 2006. MDNY continued to withhold 5% of the IPA
provider claims in repayment of Island Debt in 2005. In response to NYSID's
concerns, Island IPA agreed to increase the withhold percentage to 10% effective
January 1, 2006.

      In a letter dated May 8, 2006, NYSID reiterated its position that the
Island Debt should be reported as a non-admitted asset and further directed MDNY
to file amended statutory reports reflecting this revision. The revised negative
statutory net worth at December 31, 2005 was $13,770,000.

      According to the NYSID Final Report, the composition of MDNY's Board of
Directors does not comply with Part 98-1.11(f) of the Administrative Rules and
Regulations of the New York State Department of Health ("NYSDOH"), which
requires that at least 20% of MDNY's directors must be enrollees of MDNY. The
NYSID Final Report recommends that the requisite number of "enrollee
representatives" be elected to MDNY's Board of Directors. Upon any closing under
the Stock Purchase Agreement among LIPH, MDNY, and CHNLI, it is anticipated that
MDNY's Board of Directors would include the requisite number of enrollee
representatives.

Stock Purchase Agreement among LIPH, CHNLI and MDNY

      The Company, MDNY and CHNLI entered into a Stock Purchase Agreement dated
as of December 31, 2004 so as to allow CHNLI to exit as an MDNY shareholder. The
Stock Purchase Agreement provides for LIPH to purchase from CHNLI all shares of
Class B common stock of MDNY owned by CHNLI, and for CHNLI to contribute to the
capital of MDNY, and for cancellation, a Subordinated Note dated December 18,
1997 made by MDNY in favor of CHNLI in the original principal amount of $1.4
million, together with all interest accrued thereon (the "Section 1307
Contribution"). Upon the closing of such purchase, LIPH will be the sole
stockholder of MDNY. Conditions to closing under the Stock Purchase Agreement
include, among other things, the termination of existing agreements and certain
financial adjustments among the parties and their affiliates.

      In consideration of the sale, assignment and transfer of the Class B
Shares and of the Section 1307 Contribution, LIPH will pay CHNLI a closing
payment of $10.00. As additional consideration, LIPH will pay to CHNLI 20% or
15% of the net amount of cash and the fair market value of all securities and
other property paid by an acquiror and received by LIPH in respect of its equity
interest in MDNY upon any sale to a third party by LIPH of its stock in MDNY or
of all or substantially all of MDNY's business (through a sale of stock or
assets, or a merger, consolidation or similar transaction) that is consummated
prior to December 31, 2007 or 2008, respectively, but not to exceed $4.5 million
in the aggregate (the amount of CHNLI's equity investment in MDNY).

      The Stock Purchase Agreement remains subject to approval by the Attorney
General of the State of New York and the Supreme Court of the State of New York.
If such approval is granted, it is anticipated that the closing under the Stock
Purchase Agreement would occur concurrently with and be contingent on the
closing of an investment in and restructuring of MDNY, and would require the
renegotiation of certain closing conditions under the Stock Purchase Agreement.


Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations

Statutory Reserve Requirement

      NYSDOH and the NYSID require MDNY to maintain reserves in the form of an
escrow deposit and statutory net worth.


                                       9
<PAGE>

      In June 2005, NYSDOH adopted revised regulations regarding the amount HMOs
and certain other health care organizations must maintain as the contingent
reserve fund. Prior to 2005 the contingent reserve was capped at 5% annually.
Effective December 2005 the amount is capped at 5% of premium for fiscal years
2005 and 2006 and then increases 1% per year over the next eight years to twelve
and one half percent of the HMO's annual premium income. The increase in
reserves is effective for the calendar year 2007. The contingent reserve
requirement is deemed to be met if the statutory net worth of the HMO equals or
exceeds the contingent reserve requirement.

      MDNY for calendar year 2005 and quarter ended September 30, 2006 reported
its contingent reserve at 5% of net premiums which totaled $5.8 million
respectively. As a result of the Island Debt being reported as a non admitted
asset for statutory purposes, negative statutory net assets of MDNY were $13.8
million at December 31, 2005 and $19.1 at September 30, 2006. MDNY is deficient
in maintaining the required contingent reserve fund by $19.6 and $24.9 million
as of December 31, 2005 and September 30, 2006, respectively.

      Effective March 2006, the New York State Department of Insurance
("NYSDOH") requires certain Managed Care Organizations to establish a trust
agreement with a bank insured by the FDIC. The trust must be funded by an amount
equal to the escrow deposit and must be on deposit with the trust by March 31,
2006. The trust agreement must be pre-approved by NYSID. As of December 31, 2005
the escrow deposit was calculated at 5% of MDNY's projected 2006 medical
expenses of $82 million or $4.1 million. MDNY had approximately $5.9 million in
cash and cash equivalents set aside to fund the escrow deposit. MDNY's trust
agreement was approved on May 26, 2006. The trust was funded on October 1, 2006.

      The failure of MDNY to meet reserve requirements, the failure of MDNY or
the IPAs to comply with other existing laws and regulations or a significant
change in such laws or regulations could materially and adversely affect the
operations, financial condition and prospects of the Company and MDNY.

      Meeting the reserve requirements is a condition for continued licensure
and that MDNY's failure to meet the contingent reserve fund requirement could
cause the NYSID or NYSDOH to require more frequent reporting and, if necessary,
require MDNY to develop for approval a corrective action plan to cure the
impairment. However, should NYSID or NYSDOH determine that MDNY is insolvent;
they could issue a Notice of Termination and direct MDNY to perform an orderly
shutdown.

      The following table provides certain statement of operations data
expressed as a percentage of total revenue and other statistical data for the
nine month period ended September 30, 2006 and 2005:

                                                         2006            2005
                                                         -----           -----
Revenues:
Premiums earned                                          100.0%          100.0%
                                                         -----           -----

Expenses:
IPA Medical claims expense                                94.0            87.0
Commissions expense                                        5.1             4.1
General and administrative expenses                       11.8            11.0
                                                         -----           -----
     Total expenses                                      110.9           102.1
     Operating income                                    (10.9)           (2.1)
Investment and other income                                 .2              .2
Net income before income taxes minority
   interest                                              (10.7)           (1.9)
                                                         -----           -----
Provision for income tax expense                            --              --
Minority interest in income of subsidiary                   --              .6
                                                         -----           -----
Net  income                                              (10.7)%          (1.3)%
                                                         -----           -----
Statistical data:
     Enrollment (HMO and POS)                           26,909          33,001
     HMO enrollment                                     25,770          30,838


                                       10
<PAGE>

     POS enrollment                                      1,139           2,163
     Member months                                     238,531         303,899
     *Medical loss ratio                                  94.0            87.0
     **Administrative loss ratio                          16.9            15.1

----------
*     Medical loss ratio- Medical expense and net reinsurance divided by total
      premium

**    Administrative loss ratio-Commission expense and general administrative
      expense divided by total premium

Comparison of three months ended September 30, 2006 and 2005

      Revenues for the three months ended September 30, 2006 were $23,597,389
down 18% from $28,739,170 during the same period in the prior year. Enrollment
totaled 26,909 at September 30, 2006 down 18% from 33,001 at September 30, 2005.
Premium revenues decreased $5,141,781 as a result of the decline in enrollment
offset by low premium rate increases in 2006. Premium yields for the third
quarter increased 2% to $294.68 on a pmpm (per member per month) basis from
$290.09 compared to the third quarter 2005.

      Total expenses for the quarter ended September 30, 2006 were $26,558,066
down 13% from $30,418,862 for the same period in the prior year. This decrease
in expenses is the result of declines in medical costs associated with the
decline in enrollment offset by the increase in medical costs. Medical claim
expense as a percent of premium revenues was 96% for the third quarter 2006
compared to 91% for the third quarter 2005. Medical costs stated on a pmpm basis
increased to $283.87 for the third quarter 2006 from $262.73 during the same
period in the prior year, a 8% increase. This increase in pmpm medical costs is
the result of higher medical costs.

      Commissions as a percent of premium was approximately 5.1% for the third
quarter 2006 compared to 4.2% for the quarter ended September 30, 2005. The loss
of the CHSLI membership effective January 1, 2006 resulted in a higher
proportion of MDNY's remaining enrollment and premium to be generated through
general agents, brokers, and associations. The percentage of premium generated
through brokers and general agents was approximately 100% as of September 30,
2006 compared to 81% at September 30, 2005.

      Total general administrative costs decreased 18% to $2,621,972 for the
quarter ended September 30, 2006 compared to $3,191,229 for the third quarter of
2005. General and administrative costs were decreased as a result of the decline
in enrollment. General and administrative costs stated as a percent of premium
remained at 11.1% for the third quarter 2006 and 2005.

         Net loss for the third quarter of 2006 totaled $2,901,725 compared with
a net loss of $1,082,586 for the third quarter 2005. This loss is the result of
higher than anticipated medical costs in the third quarter. The MLR for the thee
months ended September 30, 2006 was 96% compared to 91% for the three months
ended September 30, 2005.

Comparison of nine months ended September 30, 2006 and 2005

      Revenues for the nine months ended September 30, 2006 were $70,476,990,
down 20% from $88,092,117 during the same period in the prior year. Enrollment
totaled 26,909 at September 30, 2006 down 18% from 33,001 at September 30, 2005.
Premium revenues decreased $17,615,127 as a result of the decline in enrollment
and lower premium rate increases. Premium yields as of September 30, 2006
increased 2% to $295.46 on a pmpm (per member per month) basis from $289.87
compared to the same time period in 2005.

      Total expenses for the nine months ended September 30, 2006 were
$78,171,522 down 13.1% from $89,969,831 for the same period in the prior year.
This decrease in expenses is the result of enrollment declines realized during
the first nine months of 2005. The administrative loss ratio ("ALR") for the
nine months ended September 30, 2006 and 2005 was 16.9% and 15.1% respectively.

      Medical claim expense as a percent of premium revenues was 94% for the
nine months ended 2006 compared to 87% for the same time period in 2005. Medical
costs stated on a pmpm basis increased to $277.66 as of September 30, 2006 from
$252.15 during the same period in the prior year; a 10.1% increase.


                                       11
<PAGE>

      Commissions as a percent of premium increased to 5.1% as of September 30,
2006 from 4.1% at September 30,2005, respectively. The loss of the CHSLI
membership effective January 1, 2006 resulted in a higher proportion of MDNY's
remaining enrollment and premium to be generated through general agents,
brokers, and associations. The percentage of premium generated through brokers
and general agents was approximately 100% as of September 30, 2006 compared to
81% at September 30, 2005.

      Total general and administrative cost for the nine months ended decreased
13.6% to $8,354,530 compared to $9,671,934 for the same time period in 2005.
Administrative cost reductions were put in place during the first quarter 2006
consistent with the decline in enrollment. General and administrative costs
stated as a percent of premium increased to 12% for the nine months ended 2006
compared to 11% for the nine months ended 2005.

      Net loss for the nine months ended September 30, 2006 totaled $7,550,920
compared with a net loss of $1,167,002 for the nine months ended September 30,
2005. This loss is the result of a higher than anticipated medical loss ratio
(MLR) as well as lower premium yields and no enrollment growth for the nine
months ended 2006. As enrollment continues to decline the ability to reduce
administrative and commission costs becomes increasingly difficult for MDNY.

      Liquidity and Capital Resources

      Cash and cash equivalents as of September 30, 2006 decreased to $1,806,244
from $2,141,929 at December 31, 2005. The decrease is directly related to the
timing of the receipt of premium payments and the processing of claim payments.

      MDNY had a negative working capital of $23.8 million at September 30, 2006
compared to a negative working capital of $17.7 million at December 31, 2005.
This increase in negative working capital is primarily related to the losses
sustained through the nine months ended 2006.

      There can be no assurance that the 2006 rate increases together with the
other operating initiatives will produce sufficient cash flows to meet MDNY's
obligations.

Capital Reserves and Liquidity

      Certain matters relating to MDNY's regulatory status, its compliance with
applicable reserve and statutory net worth requirements and liquidity are
discussed above under the caption - "Going Concern and Recent Developments."

      The continued failure of MDNY to meet reserve requirements, the failure of
MDNY or the IPAs to comply with other existing laws and regulations or a
significant change in such laws or regulations could materially and adversely
affect the operations, financial condition and prospects of the Company, MDNY
and the IPAs.

      Meeting the reserve requirements is a condition for continued licensure
and that MDNY's failure to meet the contingent reserve fund requirement could
cause the NYSID or NYSDOH to require more frequent reporting and, if necessary,
require MDNY to develop for approval a corrective action plan to cure the
impairment. However, should NYSID and NYSDOH determine that MDNY is insolvent;
they could issue a Notice of Termination and direct MDNY to perform an orderly
shutdown. The NYSID has not issued any such notice to MDNY.

      MDNY obtained a Section 1307 loan from LIPH, LLC for $1 million in 1997
and another from CHNLI for $1.4 million in 1998. Interest on these loans accrues
at the prime rate and is payable quarterly. These notes which are treated as
capital for statutory purposes are offset by approximately $15.4 of Island debt,
as of September 30, 2006, which is being treated as a non-admitted asset for
statutory purposes At September 30, 2006 MDNY's negative statutory net worth is
$19.1 million compared to the NYSID required net worth of $5.8 million. (Under
Section 1307, the principal and interest are treated as equity capital for
regulatory purposes and are repayable out of free and divisible surplus, subject
to the prior approval of NYSID).

Critical Accounting Policies and Estimates

      The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires the Company to make
estimates and assumptions and select accounting policies that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements, as well as the reported
amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.


                                       12
<PAGE>

      The Company's revenues primarily recognized during the period in which
MDNY is obligated to provide services to subscribers. Premiums collected are in
advance are deferred and recorded as unearned premium revenue in the balance
sheet. Due to the nature of MDNY's business, several of the Company's accounting
policies, primarily relating to costs of claims incurred but not reported and
allowance for doubtful accounts associated with premium and reinsurance
receivables, involve significant estimates and judgments. These accounting
policies have been described in our 2005 Annual Report on Form 10-K.

Factors Affecting Future Results

      Health Insurance Portability and Accountability Act of 1996

      The Secretary of the Department of Health and Human Services, or HHS, has
issued final regulations under the Health Insurance Portability and
Accountability Act of 1996 ("HIPAA"), designed to improve the efficiency and
effectiveness of the health care system by facilitating the electronic exchange
of information in certain financial and administrative transactions while
protecting the privacy and security of the information exchanged. Three
principal groups of regulations have been issued: privacy regulations, security
regulations, and standards for electronic transactions.

      MDNY implemented the HIPAA privacy regulations by April 2003, as required,
and is evaluating the costs of upgrading its systems and procedures to fully
comply with the security regulations by the compliance deadline of April 20,
2005.

      The HIPAA regulations on electronic transactions, which the Company refers
to as the transaction standards, establish uniform standards for electronic
transactions and code sets, including the electronic transactions and code sets
used for claims, remittance advices, enrollment and eligibility. The transaction
standards became effective in October 2002, although covered entities were
eligible to obtain a one-year extension if approved through an application to
the Secretary of HHS. MDNY received this one-year extension through October 16,
2003 from HHS.

      HHS issued Guidance on July 24, 2003 that it will not penalize a covered
entity for post-implementation date transactions that are not fully compliant
with the transactions standards, if the covered entity can demonstrate its good
faith efforts to comply with the standards. HHS' stated purpose for this
flexible enforcement position was to "permit health plans to mitigate unintended
adverse effects on covered entities' cash flow and business operations during
the transition to the standards, as well as on the availability and quality of
patient care."

      There is a divergence of interpretation as to how the new transaction
standards are to be implemented and as a result, MDNY could face increased costs
and complexity, and a temporary disruption in MDNY's business processes. MDNY is
continuing to make good faith efforts to comply with the standards. At this
time, the Company cannot estimate the potential impact of implementing (or
failing to implement) the HIPAA transaction standards on cash flows and results
of operations.

      Impact of New Accounting Standards

      In September 2006, FASB issued SFAS No. 157, "Fair Value Measurements.".
In September 2006. FASB issued SFAS 158, " Employers' Accounting for Defined
Benefit Pension and Other Postretirement Plans- an Amendment of FASB Statements
No. 87,88,106 and 132 (R). In June 2006, FASB issued SFAS No. 48, "Accounting
for Uncertainty in Income Taxes." In September 2006, the SEC issued SAB 108, "
Considering the Effects of Prior Year Misstatements when Quantifying
Misstatements in Current Year Financial Statements." The impact of the above
referenced accounting standards is discussed in Note 1 to the interim
consolidated financial statements.

      Inflation

      Medical costs have been rising at a higher rate than that for consumer
goods as a whole. The Company believes that MDNY's premium increases, provider
reimbursement arrangements and other cost control measures mitigate, but do not
wholly offset, the effects of medical cost inflation on MDNY's operations.
MDNY's inability to increase premiums could negatively affect MDNY's future
earnings.

      Certain Factors Affecting Future Operating Results

      Certain statements in this Report on Form 10-Q are forward-looking
statements and are not based on historical facts but are management's
projections or best estimates. Such forward-looking statements include but are
not limited to, statements concerning future or prospective results of
operations or financial position, liquidity, health care and administrative
costs, premium rates and yields for commercial business, growth and retention of
membership and development of new lines of business, health care benefits,
provider networks, provider utilization rates, medical loss ratio levels, claims
payment, service


                                       13
<PAGE>

performance and other operations matters, administrative loss ratio levels,
proposed efforts to control health care and administrative costs, impact of
agreements with health care providers and related organizations of providers,
reinsurance coverage for risk-transfer arrangements, enrollment levels,
government regulation such as HIPAA, PBOR, the impact of new laws and
regulation, the future of the health care industry, and the impact on MDNY of
regulatory investigations and examinations. Actual results may differ materially
from those expressed or implied by such forward-looking statements due to risks
and uncertainties, including but not limited to the following: the continued
inability of MDNY to meet applicable reserve and statutory net worth
requirements; the continued decline in MDNY's enrollment; increased regulation
or modification of existing regulations which will increase health care expenses
or require additional or increased levels of statutory reserve requirements;
increased competition in MDNY's markets or a change in product mix will reduce
premium revenue; the ability (or inability) of MDNY to obtain additional capital
necessary for MDNY to compete effectively; health care costs in any given period
may be greater than expected due to general unanticipated increases in health
care costs, unexpected incidence of major cases, national emergencies, natural
disasters, epidemics, changes in physician practices, and new technologies.

      See also the matters referred to throughout Item 1 of the Company's Annual
Report on Form 10K for the fiscal year ended December 31, 2005.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

      In the normal course of operations, MDNY is exposed to market risks
arising from adverse changes in interest rates primarily through its borrowing
activities and minimally through its short-term investments. Market risk is
defined for these purposes as the potential change in the fair value of debt
instruments resulting from an adverse movement in interest rates. As of
September 30, 2006, MDNY's only borrowings were under two promissory notes from
LIPH, LLC and CHNLI, in the original aggregate principal amount of $2.4 million,
which accrue interest at the prime rate. At September 30, 2006, total principal
and interest due LIPH, LLC and CHNLI was approximately $1.5 million and $2.2
million, respectively. A 100 basis point increase in interest rates, applied to
MDNY's borrowings at September 30, 2006, would result in an increase in annual
interest expense and a corresponding reduction in cash flow (were such interest
to be paid) of approximately $24,000. The Company believes that MDNY's exposure
to market risk relating to interest rate risk is not material.

      MDNY has no derivative financial instruments or derivative commodity
instruments, nor does MDNY generally have any financial instruments entered into
for trading or hedging purposes. The Company believes that MDNY's business
operations are not exposed in any material respect to market risk relating to
foreign currency exchange risk or commodity price risk.

Item 4. Controls and Procedures

      Based upon an evaluation under the supervision and with the participation
of the Company's President and Chairman of the Board and its Chief Financial
Officer of the effectiveness of the design and operation of the Company's
disclosure controls and procedures, as of the end of the period covered by this
report, they have concluded that the Company's disclosure controls and
procedures, as defined under rules 13a-15(e) and 15d-15(e) of the Securities
Exchange Act of 1934, as amended, are not effective for gathering, analyzing and
disclosing information in the Company is required to disclose in its periodic
reports filed under such Act.

      LIPH relies on MDNY's financial and accounting staff to meet its SEC
reporting obligations. During 2006, the primary focus of MDNY's staff has been
to complete New York State statutory and internal financial reporting in order
to expedite due diligence review by potential investors in MDNY and facilitate
the potential approval by NYSID of any proposed transaction. In addition, MDNY's
staff has continued to address certain concerns raised by NYSID and NYSDOH
regarding MDNY's reserves and contingent obligations. In light of these demands,
the Company has been unable to ensure the timely completion of its SEC reporting
obligations.


                                       14
<PAGE>

PART II - OTHER INFORMATION

Item 6. (a) Exhibits. The following exhibits to this report are being filed with
this report.

        31.1 Chief Executive Officer Rule 13a-14(a)/15d-14(a) Certification

        31.2 Chief Financial Officer Rule 13a-14(a)/15d-14(a) Certification

        32.1 Chief Executive Officer Section 1350 Certification

        32.2 Chief Financial Officer Section 1350 Certification


                                       15
<PAGE>


                                   SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


    LONG ISLAND PHYSICIAN HOLDINGS CORPORATION


By: /s/ PAUL KOLKER, M.D.
    ------------------------------------------
    Name: Paul Kolker, M.D.
    Title: President and Chairman of the Board
    (Principal Executive Officer)


    Date: _______________________


                                       16
<PAGE>

                                  Exhibit Index

Exhibit No. Description


31.1        Chief Executive Officer Rule 13a-14(a)/Rule 15d-14(a) Certification

31.2        Chief Financial Officer Rule 13a-14(a)/Rule 15d-14(a) Certification

32.1        Chief Executive Officer Section 1350 Certification

32.2        Chief Financial Officer Section 1350 Certification


                                       17
<PAGE>


                                                                    Exhibit 31.1

                                  Certification

I, Paul Kolker, Chief Executive Officer of Long Island Physician Holdings
Corporation, certify that:

1.    I have reviewed this Quarterly Report on Form 10-Q of Long Island
      Physician Holdings Corporation;

2.    Based on my knowledge, this report does not contain any untrue statement
      of a material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by this
      report;

3.    Based on my knowledge, the financial statements, and other financial
      information included in this report, fairly present in all material
      respects the financial condition, results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer(s) and I, are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant
      and have:

            a)    Designed such disclosure controls and procedures, or caused
                  such disclosure controls and procedures to be designed under
                  our supervision, to ensure that material information relating
                  to the registrant, including its consolidated subsidiaries, is
                  made known to us by others within those entities, particularly
                  during the period in which this report is being prepared;

            b)    Evaluated the effectiveness of the registrant's disclosure
                  controls and procedures and presented in this report our
                  conclusions about the effectiveness of the disclosure controls
                  and procedures, as of the end of the period covered by this
                  report based on such evaluation; and

            c)    Disclosed in this report any change in the registrant's
                  internal control over financial reporting that occurred during
                  the registrant's most recent fiscal quarter (the registrant's
                  fourth fiscal quarter in the case of an annual report) that
                  has materially affected, or is reasonably likely to materially
                  affect, the registrant's internal control over financial
                  reporting; and

5.    The registrant's other certifying officer(s) and I have disclosed, based
      on our most recent evaluation of internal control over financial
      reporting, to the registrant's auditors and the audit committee of the
      registrant's board of directors (or persons performing the equivalent
      functions):

            a)    All significant deficiencies and material weaknesses in the
                  design or operation of internal control over financial
                  reporting which are reasonably likely to adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial information; and

            b)    Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal control over financial reporting.


Date: ________________________


/s/ Paul Kolker
-----------------------------------
Paul Kolker,
President and Chairman of the Board
(Principal Executive Officer)


                                       18
<PAGE>

                                                                    Exhibit 31.2

                                  Certification

I, Concetta Pryor, Chief Financial Officer of Long Island Physician Holdings
Corporation, certify that:

1.    I have reviewed this Quarterly Report on Form 10-Q of Long Island
      Physician Holdings Corporation;

2.    Based on my knowledge, this Quarterly Report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this Quarterly Report;

3.    Based on my knowledge, the financial statements, and other financial
      information included in this Quarterly Report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the registrant as of, and for, the periods presented in this
      Quarterly Report;

4.    The registrant's other certifying officer(s) and I, are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant
      and have:

            a)    Designed such disclosure controls and procedures, or caused
                  such disclosure controls and procedures to be designed under
                  our supervision, to ensure that material information relating
                  to the registrant, including its consolidated subsidiaries, is
                  made known to us by others within those entities, particularly
                  during the period in which this report is being prepared;

            b)    Evaluated the effectiveness of the registrant's disclosure
                  controls and procedures and presented in this report our
                  conclusions about the effectiveness of the disclosure controls
                  and procedures, as of the end of the period covered by this
                  report based on such evaluation; and

            c)    Disclosed in this report any change in the registrant's
                  internal control over financial reporting that occurred during
                  the registrant's most recent fiscal quarter (the registrant's
                  fourth fiscal quarter in the case of an annual report) that
                  has materially affected, or is reasonably likely to materially
                  affect, the registrant's internal control over financial
                  reporting; and

5.    The registrant's other certifying officer(s) and I have disclosed, based
      on our most recent evaluation of internal control over financial
      reporting, to the registrant's auditors and the audit committee of the
      registrant's board of directors (or persons performing the equivalent
      functions):

            a)    All significant deficiencies and material weaknesses in the
                  design or operation of internal control over financial
                  reporting which are reasonably likely to adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial information; and

            b)    Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal control over financial reporting.


Date: _________________________________


/s/Concetta Pryor
---------------------------------------
Concetta Pryor, Chief Financial Officer
(Principal Financial Officer)


                                       19
<PAGE>

                                                                    Exhibit 32.1

                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

      AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

      In connection with the Quarterly Report of Long Island Physician Holdings
Corporation (the "Company") on Form 10-Q for the period ended September 30, 2006
as filed with the Securities and Exchange Commission on the date hereof (the
"Report"), I, Paul Kolker, Chief Executive Officer of the Company, certify,
pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the
Sarbanes-Oxley Act of 2002, that to my knowledge: (1) The Report fully complies
with the requirements of section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and (2) The information contained in the Report fairly presents, in all
material respects, the financial condition and result of operations of the
Company.


/s/ Paul Kolker
--------------------------------
Paul Kolker,
President, Chairman of the Board
(Principal Executive Officer)


Date: _______________________


      This certification accompanies the above-described Report on Form 10-Q
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except
to the extent required by such Act, be deemed filed by the Company for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended.


                                       20
<PAGE>

                                                                    Exhibit 32.2

                                  Certification

                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

      AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

      In connection with the Quarterly Report of Long Island Physician Holdings
Corporation (the "Company") on Form 10-Q for the period ended September 30, 2006
as filed with the Securities and Exchange Commission on the date hereof (the
"Report"), I, Concetta Pryor, Chief Financial Officer of the Company, certify,
pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the
Sarbanes-Oxley Act of 2002, that to my knowledge: (1) The Report fully complies
with the requirements of section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and (2) The information contained in the Report fairly presents, in all
material respects, the financial condition and result of operations of the
Company.


/s/ Concetta Pryor
-----------------------
Concetta Pryor
Chief Financial Officer


Date: __________________________


      This certification accompanies the above-described Report on Form 10-Q
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except
to the extent required by such Act, be deemed filed by the Company for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended.


                                       21